Eligibility Checker - MBNA - no instant decision?

m3aty

Hello

I used the MSE eligibility checker to see if I could get a balance transfer card. I have a large balance on an existing card and wanted to move it to an interest free card to pay it off quicker.

The tool gave a 100% chance of acceptance and said I was "pre-approved" for 2 MBNA cards with slightly different offers.

I applied for one by clicking the link from the eligibility checker results but MBNA have said that they cannot make an instant decision and I will hear in 7-10 days. If it was "pre-approved", why would they need this extra time? The details I used on the application are the same as what I entered into the tool.

If there was any doubt to my eligibility, I wouldn't have got the 100% score would I?

It would be disappointing if it was declined.

Thank you

Wilkco123

Soft searches don't contact credit reference agencies, so therefore cannot see your credit history.

There might be something on your credit history which means they need to look at it further manually rather than getting an instant decision.

m3aty

Thank you for the quick reply.

On the tool the message I got was:

"PRE-APPROVED FOR THE CARD AND OFFER SHOWN
You’re pre-approved, so if you choose to apply you don’t need to be credit checked for this product. See the pre-approval FAQ for more info."

And also:

"Will I definitely get the full 0%
If you're pre-approved, yes. Provided you gave us accurate information on the form, you will get the card and offer shown. If you're not pre-approved, you may get a different number of months at 0%, or a different interest rate."

Given that I definitely gave accurate details, it reads as though I will definitely get a card. It even says that once I apply, even though MBNA will do a full credit search, this is just so the application shows on my Credit File and isn't actually used in decision making as its already approved...

ilikewatch

Wilkco123 wrote: »

Soft searches don't contact credit reference agencies, so therefore cannot see your credit history.

Yes they do, the search just isn't visible to lenders. If the eligibility checker didn't check CRA's it would be petty useless as the results would just be based on income, length of time at address and home ownership status - the majority of people would end up being eligible for most cards.

m3aty

Just got an email saying I have been accepted.... With a £500 credit limit. This is much less than the balance transfer I requested but I assume they will just transfer the smaller amount to the card I intended to pay off. I would have thought that the limit offered would have been closer to the limit I put in the eligibility checker and application form but oh well, it's better than nothing:-)

Westminster

It is likely you will get 95% of your limit available for transfer (so £475 in your case)

If you have any Notices of Correction or CIFAS on your CRA files then a manual check will be triggered.

jackjones01

When I applied I was given this message. I called them and the advisor put me on hold for a few minutes then came back and said ive been accepted.

than_prutt

jackjones01 wrote: »

When I applied I was given this message. I called them and the advisor put me on hold for a few minutes then came back and said ive been accepted.

What info did they want to confirm when you called?

jackjones01

Just my name, address and DOB.

He said there was a formatting issue with my address (live in apartment block) and he amended it my apartment number was missing.

Anthorn

MBNA aka Bank Of America. The question is are they bankers or _ankers (fill in the missing letter)

It came as something of a shock that if I applied for a limit increase I would be agreeing to a full credit search. Why? They have already sarched, they have my file and they can update it any time they want. Aqua (New Day) do it a lot. In the meantime I have to suffer a dismal credit limit.

If I didn't know better, I'd say MBNA are running out of money which would explain why they are so difficult with existing and new customers.

[Deleted User]

Anthorn wrote: »

It came as something of a shock that if I applied for a limit increase I would be agreeing to a full credit search. Why?

They'll want to see what other credit you have available. It may have changed since you applied for the card.