Nationwide Credit Card Quote Issue

Ignition

Just a heads up regarding the Nationwide credit card soft-search quote.

I have done it and was quoted 15.9% APR, the representative, and a 5.5k credit limit.

The full search came back as a decline.

I am unsure if it's a glitch in the matrix as I haven't seen anyone else have a quote like that and see it rejected but have made Nationwide aware and they are looking into the quotation system.

Thanks.

Etccarmageddon

that's naughty as it will now have a negative effect on your credit file.

onthefencepost

That's really harsh tbh!

I was quoted 15.9 @ £2000 - i have had adverse credit and i really wanted to do a soft search with a main stream credit card.

Out of interest does holding a nationwide current account assit towards getting there credit card?

mistakehappens

i think it may be a glitch in the system, give a call to their customer service for the credit cards. As i once applied for their credit card online in the early morning hours and it declined my application. When i rang them the next day they informed me that the system was down and it never credit searched me and that was true upon checking my report.

Also, i have seen numerous threads where the quote comes up as £1000 with high 20s interest rate then it will most likely a decline.

PeacefulWaters

A soft search system can never guarantee an outcome for when a full application is made.

Doctor_Duke

It is only a quote it is quite clear that the offer you get is subject to a full credit check. This can result in a decline. To be honest any soft search quotation is only an indication not a commitment to lend.

[Deleted User]

PeacefulWaters wrote: »

A soft search system can never guarantee an outcome for when a full application is made.

Does a soft search not check the credit file at one agency (e.g. Call Credit?).

I thought most soft searches were done via C/C, with the full app being Experian/Equifax (depending on company).

THEN a decline applies only if adverse at Exp/Eq is identified....?

Otherwise, what is the point of a soft search???

I recently got declined for N/Wide, quoted £1,250 @ 19.9% - I've read 19.9% is decline - BUT why not just say decline? Why bait people into a full search?

A soft search should have picked up my adverse and straight declined? Why offer £1,250 (which they say is based on my salary) why not decline?

I can't comprehend their view that it's based (quote from N/Wide: ) *ONLY* on my salary - if that's the case, with no adverse, I could afford a lot more than £1,250 so should have been offered say 5k soft search then decline, I'd understand that.

£1,250 and decline I can't get my head around - either they knew about my bankruptcy and were scoring down, or they didn't (in which case why did I get so low (Bear in mind they gave me 4k years ago as a student too, when my income certainly wasn't good!).

Not bitter that I didn't get it - didn't expect to - just can't understand what's gone on or why cases like the OP's have happened!

warmsnow

I applied for Nationwide select credit card this afternoon. I am another one in that bucket of soft search positive and second credit search decline.

I hadn't checked my credit score in ages so I went on Experian and signed up for the free trial. It came back as 989 out of 999!

My situation is a bit funny though, I'm mid thirties, not working so I put myself down as "homemaker" as my wife is the current "breadwinner"

I have decent income from our lodgers, but the soft search credit limit offer was ridiculous, maybe 26% of the income I entered. I also have a ridiculous mortgage and two existing credit cards with hardly any balance on.

Given the time elapsed since OP, I suspect Nationwide are quite happy with their selection systems, and focused on some profitability metric rather than quality of credit risk. My guess on me is probably the existing credit availability and low balance. I'm told that homemakers tend to be great borrowers so I doubt its that!

Both the soft search and the second one was on the Experian report.

Ignition or Someset La3, did either of you get any further update from Nationwide?

creditscoremeansnothing

warmsnow wrote: »

I applied for Nationwide select credit card this afternoon. I am another one in that bucket of soft search positive and second credit search decline.

I hadn't checked my credit score in ages so I went on Experian and signed up for the free trial. It came back as 989 out of 999!

My situation is a bit funny though, I'm mid thirties, not working so I put myself down as "homemaker" as my wife is the current "breadwinner"

I have decent income from our lodgers, but the soft search credit limit offer was ridiculous, maybe 26% of the income I entered. I also have a ridiculous mortgage and two existing credit cards with hardly any balance on.

Given the time elapsed since OP, I suspect Nationwide are quite happy with their selection systems, and focused on some profitability metric rather than quality of credit risk. My guess on me is probably the existing credit availability and low balance. I'm told that homemakers tend to be great borrowers so I doubt its that!

Both the soft search and the second one was on the Experian report.

Ignition or Someset La3, did either of you get any further update from Nationwide?

What??? Your reading far too much into it.

Nationwide don't want your business, deal with it and move on. You have plenty of available credit on your other cards so just use those.

RichL74

Its 'definitely' those ten points on your fictional credit 'score' that has made Nationwide not want to offer you a card...

Doctor_Duke

Nationwide are very clear that a full application credit search will be made following a quotation and this can result in a decline. That's the risk with their system but it is clearly shown. I'm not defending them but I don't think you would have any recourse.