How Likely: Noddle / ClearScore 90-95% Chance of Loan Approval

LJB290

I have looked at my Noddle and Clearscore accounts and they state that if I applied for loans at various banks, I would likely be approved 90 - 95%.

My question is: How true is this?
I don't want to apply and not be approved and damage my credit score with a hard search.
What are people's experience of getting the deal that is on offer?

My credit score is okay - between good and excellent.
My husbands isn't. His is fairly poor.
I can only assume that his score impacts on my own. Has this been taken into account by Noddle and Clearscore when they say I am 90% likely to get a loan.

Your thoughts are very much appreciated.

Thank you

Oakdene

I dont know how true or accurate they are but the MSE eligibility checker is usually pretty good & doesnt leave a mark on your credit history as it is a soft search https://www.moneysavingexpert.com/eligibility/loans-calculator/

LJB290

Thanks for that.
I've checked and I have 95% chance so I guess, that's pretty good?

Oakdene

Pretty good indeed, the only other thing to note is if you do a eligibility check for a loan & Sainsburys (for example) offer you 95% chances & they say they may not offer you the headline rate once you do a full application.

DCFC79

LJB290 wrote: »

Thanks for that.
I've checked and I have 95% chance so I guess, that's pretty good?

But its just what Noodle and clearscore say, they aren't lenders, they have no idea how the lender will rate you.

Making 1 application wont hurt, your score is only seen by you and you only.

If you don't get the headline rate don't get disheartened by it, its just the lender offering you that rate.

LJB290

I always forget that the credit score is only seen by me and not lenders!
The sites make it out to be such an important number!

DCFC79

LJB290 wrote: »

I always forget that the credit score is only seen by me and not lenders!
The sites make it out to be such an important number!

The score that's given is how the reference agencies view your report.

Your report could look fine but get a variety of scores from the 3 agencies.

Pixie5740

The CRA bases their credit scores on your credit history. Lenders on the other hand take into account affordability and past dealing with them (this can go back further than 6 years) as well as your credit history.

When Clearscore says you have a 90% chance of getting a loan what that really means is that 90% of people with a credit history similar to yours who have applied to that lender have successfully received a loan which may or may not be at the representative APR.

Your husband's credit files can only effect yours if you have joint financial products with him. The fact that you are married does not financially link you.

LJB290

Thanks for explaining.
We do have join financial products - mortgages, credit cards etc.
This will obviously impact more negatively than I thought.