Eligibility checker said pre-approved and yet no answer yet

Sniblet

Hello fellow MSE's...

I need some advice; I have just checked the best place to transfer my £3500 from Halifax Credit Card (at 0% until mid April) and decided to go via the eligibility checker for an MBNA card 0%; 32 months; 1.14% fee, as I didn't want a hard search on my credit file.
The result came back as pre-approved so I figured, happy days!!

However, I went through the whole process and submitted my final application and bingo:
I got a box come up that says:
" Unfortunately we're unable to give you an immediate decision on your application; but we will be in touch with you in the next 7-10 business days"
Why is this?

I'm going off my projected income until April this year which I can readily calculate as I'm self employed and know when monies are coming in for jobs I've done.

Would anyone be able shed some light on this as to why it's happened after being so-called pre-approved? I do hope so as I've been cautious from a credit file point of view and it may not pay off so I'm bricking it!! :eek:

Thanks in advance,

Best, S

Candyapple

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.

Nothing you can do now except wait.

Sniblet

Thanks Candyapple.

As it happens they got in touch today to tell me I'm approved; I wonder if it has something to do with being self-employed - this often raises a red flag with lenders despite me being self employed since 1991!
Anyway onward and upward.
Thanks again,

S