Credit card eligibility checker isn't infallible

pete_s_2

No doubt the eligibility checker is A Good Thing, and helpful for some.

I applied for a 0% balance transfer card on the strength of the checker giving me a 70% chance of acceptance, and my 'good' Experian score of 945.

Getting turned down was disappointing, and quite annoying as there's now a declined application on my record. I shall, of course, take this up with the institution concerned - but be aware that the eligibility checker can give a false sense of security.

PeacefulWaters

It was accurate.

It said you had a 30% chance of failure.

RMS2

pete_s wrote: »

I applied for a 0% balance transfer card on the strength of the checker giving me a 70% chance of acceptance, and my 'good' Experian score of 945.

It's only a guideline, you happen to be the almost one in three (30%) that got turned down. Any number of reasons, I bet someone with a really good credit record will get turned down by the 'high risk' cards, because they don't fit the profile.


I used it and it worked for me, but I realise that there is a certain amount of 'luck' involved.

YorkshireBoy

pete_s wrote: »

...there's now a declined application on my record.

No there isn't. There's a credit search on your "record". No-one else will ever know you were declined.

Gadgetnutter

:mad:

This morning, I applied for a 90% chance of approval card online, only to be instantly rejected!!

It does make you question the accuracy of the eligibility checker!!

Fruit_and_Nut_Case

Gadgetnutter wrote: »

:mad:

This morning, I applied for a 90% chance of approval card online, only to be instantly rejected!!

It does make you question the accuracy of the eligibility checker!!

90% chance of approval corresponds to 10% chance of rejection. Similar to the odds of playing Russian roulette.

Gadgetnutter

Hmmm

Well, it certainly calls into question the viability of the checker then doesn't it?

I am unsure how getting declined for a 90% approved card can be defended.
I suppose statistically, you are correct in that there is a 10% chance of refusal, but surely that's the point of the checker?

I would imagine that they NEVER give a 100% approval score, as they do not issue the cards, so 90% is the highest you can get.

Tixy

but surely that's the point of the checker

It in an indicator of which cards you may get accepted for. And as an indicator it is a pretty useful tool.

As an aside the MSE checker only looks at your callcredit and equifax files. It may be that the potential lender used experian, which may well hold significantly different information to the other 2 agencies.

PeacefulWaters

Gadgetnutter wrote: »

Well, it certainly calls into question the viability of the checker then doesn't it?

No. It doesn't.

I am unsure how getting declined for a 90% approved card can be defended.

I like the FA Cup. Especially around January /February time. Bradford's win at Chelsea was special. Matt Smith scoring twice for Oldham against five times champions of Europe, Liverpool. Chesterfield got to the semi-finals of it in 1997.

Unlikely outcomes. But they happen.

I suppose statistically, you are correct in that there is a 10% chance of refusal, but surely that's the point of the checker?

The checker is a guide. Like a form guide in the Sporting Life or on a Football Pools coupon.

It's not a cast iron guarantee.

The CRA behind it doesn't know the exact specifics of the card issuer's underwriting criteria. They don't have access to your internal record with that card provider.

msallen

The checker is certainly not infallible as evidenced by reports on here about people being given a 0% chance but still getting the card.

However the two examples in this thread most certainly do not in any way shape or form indicate this. Are people really so ignorant as to what a 70% or 90% chance actually means?

JKSandy

I view the MSE eligibility checker like the scores CRA provide, ok for a guide but that's it, neither MSE or the CRA's are the lenders.