100% Pre approved, and reality NOT!!

lindsayartist

OK so Im ok credit score wise; not bad and not excellent due to 3 moves in as many years. However I did the eligibility calculator and got 2 100% pre approved 0% card offers, 39 months, low transfer fee.

I did the online initial application twice, couldn't be verified (living on a new build doesn't help and I think this is why I couldn't proceed).

So I called the credit card company and was pre approved for a totally crap offer, 0% for 20 months, no guarantee of limit Id asked for. High handling fee.

I freaked out and ditched the application. However I really do need a 0% card.

What should I do next, really confused??!! Dont want to wreck my already luke warm score for a crap offer...Advice gratefully received.

Dobbibill

Your score is irrelevant - your history is what is important.

If the CC company were unable to offer you the best offer they had, is there anything on your report that may indicate why this is?

To accept you for a CC, they will have done a credit search, that is there now and declining the card they are offering will not change this.

Is it not better to take a lesser credit limit and move at least some of the debt to 0%. If 20 months of interest on the amount you could move is more than the handling fee then it is worth considering IMHO

lindsayartist

never missed a payment and history has been good, As stated, just as Ive moved 3 times in 3 years that has affected score. The have done a pre check, not a real check as I declined to take it further; wanting some time to think about it and post on here for advice. It was a soft check like the one on this site; a pre check. I agree; 0% for 20 months better than nothing,

john1002

You don't have a score, what you have is your history! We dont have a right to credit as result they have soft checked you and decided in the information from the credit bureau/s and apllication form was the resultant offer.

It isn't going to change unless you choose another company but make sure you choose one that like this one soft searches otherwise hard searches with no resulting card can also have a negative effect in the eyes of some lenders.

John

20aday

When I've used MSE's "soft search" tool in the past the blurb underneath has said some "poorer scorers" may receive a different offer to the one shown in the results.

Lenders prefer a stable period of residency (from my own experience too) which is most likely why you''ve been offered the 20 month deal over the advertised offer.

Superscrooge

0% for 20 months is quite a long 0% offer. Many people struggle to get ANY 0% offer. What balance transfer fee were they charging?

Candyapple

lindsayartist wrote: »

OK so Im ok credit score wise; not bad and not excellent due to 3 moves in as many years. However I did the eligibility calculator and got 2 100% pre approved 0% card offers, 39 months, low transfer fee.

I did the online initial application twice, couldn't be verified (living on a new build doesn't help and I think this is why I couldn't proceed).

So I called the credit card company and was pre approved for a totally crap offer, 0% for 20 months, no guarantee of limit Id asked for. High handling fee.

I freaked out and ditched the application. However I really do need a 0% card.

What should I do next, really confused??!! Dont want to wreck my already luke warm score for a crap offer...Advice gratefully received.

I must say I've never heard of anyone getting a 100% chance from the MSE eligibility calc.

I'm Pre-Approved. What does that mean?
Some lenders, usually (but not always) ones you already have a banking relationship with, may be happy to pre-approve you for certain credit cards. This pre-approval is based on the information you supply on the eligibility calculator form, your credit file data obtained through the soft search, and (in the cases where you have a banking relationship) information they already hold on you.

When you click through to the lender to apply, you’ll see a normal credit card application page, which’ll say you’re pre-approved, and then you will have to go on and fill in the form like any normal application.

If you then go on to apply for the card, your lender will still make a hard search footprint on your credit file, even if you’re pre-approved. This is to report to the credit reference agencies that you have made a credit application. They’re just not using that hard search to credit check you in this case, as you’re already approved.

It’s worth noting that pre-approval is not a cast-iron guarantee that you’ll get the card. In exceptional circumstances you could be declined for other reasons – the bank still has to carry out some checks for identity and fraud purposes, and there’s a very small chance some will fail on these.

Edit: Just found this thread below, I wonder if there was a glitch yesterday with MBNA and the eligibility checker showing as 100% for everyone?
https://forums.moneysavingexpert.com/discussion/5387649

20aday

Candyapple wrote: »

I must say I've never heard of anyone getting a 100% chance from the MSE eligibility calc.





Edit: Just found this thread below, I wonder if there was a glitch yesterday with MBNA and the eligibility checker showing as 100% for everyone?
https://forums.moneysavingexpert.com/discussion/5387649

It's possible the glitch has been there since New Year's Day.

My landlord was looking for a new credit card and I referred him to MSE's tool; MBNA was at the top of the tree with "pre-approved" in the results.

That was on New Year's Day.

Amykyle30

I went onto the Totally money website and was 100% eligible for the Marbkes card and carried out the eligibility check on their website today and was pre-approved, yet when I submitted the application I was declined. If this is an error with the website can I get it removed?

jonesMUFCforever

Amykyle30 wrote: »

I went onto the Totally money website and was 100% eligible for the Marbkes card and carried out the eligibility check on their website today and was pre-approved, yet when I submitted the application I was declined. If this is an error with the website can I get it removed?

No error and no you cannot have the footprint of a search taken off your credit history.
No eligibility checker can be 100% safe.

One search on your file is not going to be a problem.

Might be a good idea to start your own new thread this is over a year old.