Santander 123 Credit Card

mp3duck

Does anyone know the criteria/rules used when determining the likelihood of being accepted for the Santander 123 Credit Card when using the Credit card tool on this site?

It's listed me at 30%.. However, my creditexpert credit rating is the maximum 999, and I have no outstanding credit card/loan dept (although, there is around 4k still showing on credit expert, as Barclaycard are taking their time to update)..

Thanks

john1002

It has been said so many times before the score from experian means nothing a big fat 0, they do not lend and they only have some information but not all that santander have, also experian don't lend you any money so they will not know what santander are looking for, santander credit model will not just look at risk but also profitability, how much money that month they have to lend, lots and lots of data that when you enter your details in the application the computer will decide if its a straight yes or no or refer were a human will look at your application. the moneysaving guide is just that you have a 30% chance, only way to tell is to apply.

john

mp3duck

john1002 wrote: »

It has been said so many times before the score from experian means nothing a big fat 0, they do not lend and they only have some information but not all that santander have, also experian don't lend you any money so they will not know what santander are looking for, santander credit model will not just look at risk but also profitability, how much money that month they have to lend, lots and lots of data that when you enter your details in the application the computer will decide if its a straight yes or no or refer were a human will look at your application. the moneysaving guide is just that you have a 30% chance, only way to tell is to apply.

john

Yes, I know all that.. but, the MSE form must be using some sort of "formula/algorithm" to get to that 30% figure.. and, this is not Santander that's doing it, it's MSE (or moneysupermarket more likely)..I am asking how this 30% figure is worked out, to see if it's using something I can improve..

I know all credit card companies use different criteria to see if the'll lend.. But the soft search forms but apply similar rules to help give the % indications..

Candyapple

There have been numerous threads on here where people have got 90% eligibility for certain cards, applied and then got declined. And then you have people who have had 20-30% chance of acceptance, applied and been successful.

There's no sure fire way of telling, as the poster above stated, all you can do is apply and find out.

mp3duck

Candyapple wrote: »

There have been numerous threads on here where people have got 90% eligibility for certain cards, applied and then got declined. And then you have people who have had 20-30% chance of acceptance, applied and been successful.

There's no sure fire way of telling, as the poster above stated, all you can do is apply and find out.

Thanks.. I've applied, so will wait and see..

Update: Approved... so, it appears that the soft search things are not that accurate..

YorkshireBoy

mp3duck wrote: »

Does anyone know the criteria/rules used when determining the likelihood of being accepted for the Santander 123 Credit Card when using the Credit card tool on this site?

It's listed me at 30%.. However, my creditexpert credit rating is the maximum 999, and I have no outstanding credit card/loan dept (although, there is around 4k still showing on credit expert, as Barclaycard are taking their time to update)..

Thanks

HD Decisions are basing their 'odds' on the fact you have £4K of credit card debt.


Maybe once this is no longer showing on your credit file your 'odds' will improve. Then again maybe they won't.


Re your question, did you read the eligibility checker T&Cs and the Privacy Policy before using it? I'm guessing not, because if you had you'd be able to deduce how they came by those odds.

Yes, I know all that

Then you must have got the 999 score for free?...because if you knew all that you wouldn't pay for it surely?

mp3duck

yes, I got it for free.. I wanted to check that recently cleared debts were correctly showing in my file, and that there were no mistakes..

Candyapple

mp3duck - just out of interest, when you say approved, did you get a screen stating 'Approved' or something similar?

I ask because I applied and was accepted for a 123 card a few weeks back, however the page after pressing the finish button it stated some blurb about thanks for application, Santander will let you know if you have been successful within next 7 days. From reading other threads on here, lots of people have had the same thing i.e Santander don't 'do' instant online acceptance regardless of whether you apply during working hours unless you apply via phone, they write to tell you if accepted/declined.

YorkshireBoy

mp3duck wrote: »

yes, I got it for free..

May I ask how? I wouldn't pay for mine but if I can get it for free I'll have a look at my Experian credit score...purely out of curiosity.

mp3duck

they offer a free 30 day trial.. Just cancel before your 30 days are up..

Nasqueron

YorkshireBoy wrote: »

May I ask how? I wouldn't pay for mine but if I can get it for free I'll have a look at my Experian credit score...purely out of curiosity.

You can get a 1 month free trial, just make sure you cancel it.

Check call credit for free at their Noddle website

You can also get the £2 report on request without needing to subscribe (e.g. if you have used your free trial)