How accurate is the MSE eligibility checker?

chr412

I've just been quoted a 95%-90% eligibility for several balance transfer cards. I've got £2000 on a Vanquis card, looking to switch it to a less crippling interest rate, decent credit score, and the eligibility is saying I'd likely get it. However, I don't want to go for it and damage my credit score, so how accurate is the tool?

Thanks

grumbler

What sort of answer do you expect to get?
That someone with 95% eligibility wasn't accepted? Of course this happens.
That only 75% of customers with estimated 95% reliability actually get accepted? Nobody has such statistics.

Just apply. One credit search isn't a big deal.

CLAPTON

chr412 wrote: »

I've just been quoted a 95%-90% eligibility for several balance transfer cards. I've got £2000 on a Vanquis card, looking to switch it to a less crippling interest rate, decent credit score, and the eligibility is saying I'd likely get it. However, I don't want to go for it and damage my credit score, so how accurate is the tool?

Thanks

what's the purpose of good credit 'score' if you are afraid to use it?

chr412

CLAPTON wrote: »

what's the purpose of good credit 'score' if you are afraid to use it?

Because if I'm turned down then my chances of the next card are lower, and so on?

CLAPTON

chr412 wrote: »

Because if I'm turned down then my chances of the next card are lower, and so on?

so never ever apply for credit , then you are guaranteed not to be turned down

Zenboor

chr412 wrote: »

Because if I'm turned down then my chances of the next card are lower, and so on?

As far as I know, the general rule is to limit your credit searches to 3 every 6 months.

Having said that, I've had applications accepted with 7 searches in 4 months on my credit files so ultimately it depends on the lender and their acceptance criteria.

Good luck!

stann01

i say go for it.

i did yesterday, i have a vanquis with 3.5k balance.
applied for a barclaycard 0% for 3 years balance transfer.

accepted :j

tomxlisa

stann01 wrote: »

i say go for it.

i did yesterday, i have a vanquis with 3.5k balance.
applied for a barclaycard 0% for 3 years balance transfer.

accepted :j

Did you check the eligibility first?.

audigex

It told me yesterday that I had a 95% chance (or was it 9.5 out of 10? Same difference) and I was instantly accepted... so my anecdotal evidence is that it works

Of course, some people will get turned down, but assuming you've checked your credit record and it has nothing nasty on it, as far as I can tell you're generally okay: the only difference seems to be the limit you're allowed (I was given a £5k limit)

PeacefulWaters

It's 100% accurate.

It always says you might be accepted or you might be declined.

tomxlisa

I get like 20% chance on most of the cards even the bad credit builder cards, I am in the process of building a credit history at the moment though so guessing I have a long way to go.