Nationwide Soft Search

Mr_Goodkat

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 don't think the soft search allows lenders to see as far back as 2010 so if you have conducted your accounts well since then Nationwide on the soft search would see a good candidate for offering credit facilities to however a full search revealed the two defaults that weren't visible on the soft search and for a building society like Nationwide offering a 0% product two defaults still on file could well have killed it.


You don't lose anything by appealing but two defaults still on the credit file will likely mean this is not possible with Nationwide at least.


Have you had any 0% deals since your defaults? Usually 0% balance transfer and purchase offers are only offered to people with extremely good credit files so can see defaults from 2010 putting off the majority of prime providers when it comes to giving you credit and especially giving you deals!


That score of 860 means nothing - stop paying for Experian it is a waste of money!!

Mr_Goodkat

debtfreein2008 wrote: »

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

Your credit score does mean nothing. I will give you a credit score as often as you want if you send me £14.99 a month but as I like Experian do not provide personal finance products you would be wasting your money giving it to me as you are giving it to Experian.


The contents of your credit report are very important but a number generated by Experian purely to make themselves money means nothing.


You should keep a regular check on the content of your credit files but you do not need to subscribe to these premium services to do that - Noddle is free and statutory reports can be purchased from as little as a couple of quid.


I suspect you have been declined by Nationwide as a full search revealed two old defaults that were not shown on the soft search it is this content of your credit file that is key not made up numbers!

debtfreein2008

I'm keeping an eye on things at the moment because I want to get a mortgage. I have applied for any other credit cards, 0% or otherwise and I wouldn't at the moment but the Nationwide 'soft search' mislead me into think I would be ok - lesson learned! I don't need a credit card but I though I would use for train fares to work and then just pay when I get my expenses, I thought it would serve 2 purposes A) help further build my credit profile and mean I didn't have spend my wages and then wait for our finance office to reimburse me! (this is of course after they have asked me 100 questions about the expenses)!!

jamieprec1979

They do within there process tell you that this is s soft quote which won't affect your credit rating and if you proceed your application will be credit scored, this also is stated before the credit search. This is in my experience of applying

20aday

From what I've read on a previous thread about Nationwide's 'soft search' facility an interest rate of 19.9% (irrespective of limit "offered") will return a declined application.

In fact I think I tried it myself once and was offered £1,200 (or something like that) with the APR of 19.9%. Didn't proceed with the application.

debtfreein2008

Actually what the page says is as the attached. It's a little misleading as it says 'if you accept our quote we will leave a record of our check' It doesn't say we will perform a more through check or such like. http://www.nationwide.co.uk/products/credit-cards/purchase-offer/apply

I also read about the 19.9% thing but read that if the limit was £500 it was almost certainly a decline but higher could be ok.

Anyway, it gets worse, I decided to apply for an Aqua card and thought I will pay off every month and hopefully this will help - I applied for the one that gives you 4 months interest free and it was declined!

I'm honestly not lying when I say I have 2 satisfied defaults from 2010 and no other late payment. I have:

Argos Card £200 limit and owe £50
Very Account £900 limit and owe £227
Loan owe 5k - paid well
O2 contract - paid well
Hitachi credit for furniture - paid well
Bank account - no overdraft
Bank account - says £550 OD against limit of £1200, (Ive actually paid this but Barclays are v slow to up date)!

So Ive screwed up my profile and all for nothing!

MABLE

No help to the OP but out of all the financial institutions I have accounts with I find Nationwide the easiest to borrow from. In my personal experience they seem to throw money at you.

RichL74

debtfreein2008 wrote: »

Actually what the page says is as the attached. It's a little misleading as it says 'if you accept our quote we will leave a record of our check' It doesn't say we will perform a more through check or such like. http://www.nationwide.co.uk/products/credit-cards/purchase-offer/apply

I also read about the 19.9% thing but read that if the limit was £500 it was almost certainly a decline but higher could be ok.

Anyway, it gets worse, I decided to apply for an Aqua card and thought I will pay off every month and hopefully this will help - I applied for the one that gives you 4 months interest free and it was declined!

I'm honestly not lying when I say I have 2 satisfied defaults from 2010 and no other late payment. I have:

Argos Card £200 limit and owe £50
Very Account £900 limit and owe £227
Loan owe 5k - paid well
O2 contract - paid well
Hitachi credit for furniture - paid well
Bank account - no overdraft
Bank account - says £550 OD against limit of £1200, (Ive actually paid this but Barclays are v slow to up date)!

So Ive screwed up my profile and all for nothing!

Again you're missing the elephant in the room that has been pointed out to you before, you have two defaults (settled or not) still on your credit file - this is why you are getting the declines.

Settled or not, it shows the lenders your inability to pay back what you owed at that particular period in time, so in that case they are going to take their offers and run with them.

You haven't screwed any profile up.

If you accept your quote, we'll leave a record of our check on your credit file that other lenders can see.

That bit is the hard check they are on about that you say they dont tell you about - I think you are a bit confused.

The soft search, before you click apply only you can see. They clearly say that 'If you accept your quote, we'll leave a record of our check on your credit file that other lenders can see' Its there in black and white.

What part of If you accept your quote, we'll leave a record of our check on your credit file that other lenders can see dont you understand?

andyfromotley

[QUOTE=debtfreein2008;69382016

So Ive screwed up my profile and all for nothing![/QUOTE]

Hi debt free,

i think you are getting a little overexcited about this.

What impact do you think a credit search is going to have on your credit history? Not much imo. Especially when you compare it to having two defaults on there. these are the problem, not a search by nationwide.

relax, let them defaults drop offand bobs your aunty as they say.

debtfreein2008

The defaults are 5 year old, I didn't expect them to still have such a big impact. Yes some impact but not to this level.

With regards to not understanding - I was mislead by the statement which said 'we will perform a credit check and offer you a quote on that basis.' I wrongly assumed that at that stage the credit check was completed and if you were offered a quote that the check was ok.

There is no elephant in the room - i have 2 defaults, paid in 2010. I was made redundant and also found myself a single parent, (it was a shocking year)! My post was never about why nationwide declined me!