Nationwide Soft Search

debtfreein2008

Hi

Anyone had a similar experience to this? I want a 0% card and was offered a quote of zero for 15 months and then 19.9 thereafter. I'm ok with this because after the 15 months I won't use!

On the soft search it says 'during your application were able to check your credit history and give you a no - obligation quote. This wont affect your credit rating.' So I was offered £3000 as a limit and assumed that my credit history was therefore ok for them and hit proceed. DECLINED!

So I'm furious because I would never of conducted a hard search if the soft search text did not give the impression of pre acceptance. What exactly IS the point of the soft credit search then?!!

I just called to complain and the girl I spoke to didn't even know they had a soft search facility! She went off to speak to someone else who couldn't speak to me directly because they're not trained to speak to customers!! The message relayed was that Experian declined me! When I pointed out that Experian do not make credit decisions she got all flustered.

I know they wont change the decision but Im so angry and I'm going to complain to the FOS about this soft search because I think its a total waste of time and misleads people into thinking they will be accepted and then thus they apply, get declined, their credit score goes down and they cant apply anywhere else!

Mr_Goodkat

Calm down!!


A soft search is exactly that, a quick check of some basic details on your credit file without leaving a footprint but does not have access to the entire credit file that a full search that leaves a footprint does.


Based on the information available on the soft search Nationwide have decided they are willing to offer the credit facility to you at that level and rate.


The full credit check has obviously shown something not available in the soft search that has meant they are not willing to offer the credit facility to you.


I would get a copy of you Experian credit file (the statutory report) not the subscription service or score (you could use the free trial if not used before). See if the credit file is correct, if it is not then look at having it corrected and consider if there is anything on there that might make you unattractive are too high risk to lend to.


If there is nothing incorrect on there and nothing to indicate a possible reason for decline at full search stage then it may be worth appealing to the Nationwide as they may reconsider based on your appeal.


It is one credit search, yes it might impact on a meaningless number the likes of Experian and Equifax sell but as they don't lend money it's not very importuning other than costing people money!!


One search will have very little impact on the overall health of a credit file.


If Nationwide will not reconsider and you have no other applications in the last six months an application elsewhere will not be reviewed much differently to not having that one search from Nationwide but check your files first ideally with all three companies to see if there is anything wrong or anything likely to be causing a problem.


A complaint to regulators etc would be pointless!

debtfreein2008

Ha ha, I am pretty angry about this!

I subscribe to Experian and whilst my score is only 860 all my credit is green but I do have 2 settled defaults from 2010, (will come off in May next year).

I'm annoyed not by the decline but by the pointless soft search as I don't understand the point of doing this. Your explanation makes sense but perhaps Nationwide need to also be clearer.

Also annoying as Ive seen people accepted at same rate for lower limits!

Ive asked someone to call me back and I might appeal if I can.

Candyapple

debtfreein2008 wrote: »

Ha ha, I am pretty angry about this!

I subscribe to Experian and whilst my score is only 860 all my credit is green but I do have 2 settled defaults from 2010, (will come off in May next year).

I'm annoyed not by the decline but by the pointless soft search as I don't understand the point of doing this. Your explanation makes sense but perhaps Nationwide need to also be clearer.

Also annoying as Ive seen people accepted at same rate for lower limits!

Ive asked someone to call me back and I might appeal if I can.

I think therein lies your problem. Nationwide are pretty strict when it comes to their lending products and I would expect if you were applying for their 0% card your credit history would need to be impeccable.

Your credit "score" means nothing.

debtfreein2008

I'm not confused about the reason for the decline, I appreciate the defaults are still having some effects, e.g. I wouldn't apply for an M&S card. My post was about the soft search and how it misleads people to think they will be accepted and then you're not! If you don't meet the criteria then decline at that point or don't have a soft search because its nonsensical. Zopa can carry out a soft search and accept or decline at that point, why not Nationwide?

debtfreein2008

And whilst people say 'your credit score means nothing' well clearly it does or else I would've been accepted!

glentoran99

yes had exactly the same problem, and even applied for less of a credit limit than they offered

debtfreein2008

I've raised a complaint because its not clear and its not fair. I've also asked them to remove the hard search from my credit file. I would never have applied had it not been for the wording that we perform a credit check and give you a quote based on that!

tomxlisa

I had the same problem was offered £500 clicked next and straight decline, no defaults or anything on my files.

debtfreein2008

Ive read a few of your posts today including how you were declined for a 'poor credit' card. Have you checked CIFAS and N Hunter? In order to find out what they have against you you would need to send a SAR and £10 but if you have nothing then I would suspect there is something in the background. I at least understand that 2 small defaults that are 5 years old can have a catastrophic effect on ones life!

Mr_Goodkat

tomxlisa wrote: »

I had the same problem was offered £500 clicked next and straight decline, no defaults or anything on my files.

Seem to remember it has been said before on here that £500 limit and almost 20% interest indicated rate on Nationwide soft search is most likely a decline and not to bother.


It is probably not an automatic decline but pretty close especially if a full search shows more issues!