10% approval for credit card

Gingerbertie

Hi

I have just completed a 'soft search' for a balance transfer credit card.

It said there was a 'weak chance/10% chance' of approval

Does this mean there is a 10% chance of ME being approved or 10% of everyone who applies get approved?

Thanks

Ebe_Scrooge

That's a 10% chance of YOU being approved.


Remember, though, the soft search can only ever be a rough guide. The number of times we hear on this board "It said I had a 60% chance yet I was declined" or similar.

guesswho2000

Ebe_Scrooge wrote: »

That's a 10% chance of YOU being approved.


Remember, though, the soft search can only ever be a rough guide. The number of times we hear on this board "It said I had a 60% chance yet I was declined" or similar.

This. Always take these soft searches with a pinch of salt.

For example, my last search showed my chance of acceptance for the BA Amex as 20%, Noddle said 60%...I thought I'd apply anyway and was approved.

20aday

Yes, definitely take the "Soft Search" tool with a pinch of salt.

MSE said I had a 1 in 10 chance (or something like that) of being accepted for a Santander 123 CC.

They accepted me, at the advertised APR with a limit of £2,400....

B19JON

As others have said.. take it with a pinch of salt.
I had a 0% chance of getting an Amex... thought I'd try anyway and got approved instantly.

catwoman73

Remember, though, the soft search can only ever be a rough guide. The number of times we hear on this board "It said I had a 60% chance yet I was declined" or similar.

That just shows the lack of understanding of the poster. A 60% chance of acceptance is a 40% chance of being declined, ie quite likely. With those odds, if 10 people apply for the card, 4 won't get it.