Eligibility Checker Discrepancy

matpower_

I want to apply for my first credit card, but have limited credit history so am wanting to be especially careful not to make unnecessary applications. I have no debt so was hoping for a cash back credit card.

When I search for my cashback eligibility, it shows the Aqua Reward card as only having a 20% chance of acceptance for me. However, when I search for a card for those with limited or poor credit, the same Aqua Reward card comes up as having a 95% chance of acceptance. I was wondering if anyone knew which was more accurate, and whether it might be worth me applying for it?

SnowTiger

matpower_ wrote: »

I want to apply for my first credit card, but have limited credit history so am wanting to be especially careful not to make unnecessary applications. I have no debt so was hoping for a cash back credit card.

When I search for my cashback eligibility, it shows the Aqua Reward card as only having a 20% chance of acceptance for me. However, when I search for a card for those with limited or poor credit, the same Aqua Reward card comes up as having a 95% chance of acceptance. I was wondering if anyone knew which was more accurate, and whether it might be worth me applying for it?

Is it the same card? Aqua offers a range of them: http://www.aquacard.co.uk/credit-cards/.

matpower_

It's definitely the same card, the Aqua Reward 0.5% cashback, 34.9% APR card

grumbler

If it's just a 'limited history' without black marks, I think 95% is more accurate than 20% as they say:

Like our other cards, aqua reward helps you improve your credit rating when you manage your finances well, including by staying within your limit and making payments on time.

Anthorn

It's run by computers and computers only know what they're told. So basically we're dependent on the accuracy of information given to the computers originally.

Take for example my recent search for a low rate card on moneysupermarket.com. I got 9.5/10 for MBNA, 9/10 for Lloyds group banks and Virgin money with the rest such as TSB not throwing up any result at all. But for Sainsburys Bank Low Rate Mastercard only 1/10 which makes me a no-hoper for that card. Incidentally, I got the Lloyds Bank card.

We should take into account that these are tools and approximations even though they can nevertheless be useful.

Superscrooge

You have more chance of getting a credit card from Aqua than from most other lenders.

One hard search on your credit file isn't going to have any effect. It's when lots of searches are made in a short space of time that lenders become nervous because it makes it look as though you are desperate for credit

Anthorn

Superscrooge wrote: »

You have more chance of getting a credit card from Aqua than from most other lenders.

Old information. Some time ago NewDay and Aqua entered the middle point in the "almost sub-prime"market. These days a better chance of getting, say, an MBNA card but more difficult than getting a sub-prime card such as those from Barclays, Capital One or even Vanquis. The great strength of Aqua though is human appraisal of applications which because of its nature sometimes causes delays in the application process.

jonesMUFCforever

OP try your bank - they should be able to tell you if you are eligible for one of their cards without a credit search.