Preapproved for credit card-being considered?

shopaholicno1

I just applied for my first credit card. I am 31 with a good credit history.
I chose the Virgin credit card as it said I was pre approved. However, at the end it said;

Thank you for applying for a Virgin Credit Card. We are considering your application based on the information you have provided, and will be in touch again soon. You will usually hear from us in the next 7-10 days.

I assumed pre approved meant a definite yes. Is this normal? Am I going be rejected?

[Deleted User]

Perhaps. Perhaps not.

Or perhaps approved with a tiny limit, if it was a genuine pre approval.

Either way, wait and see.

Candyapple

When I applied with Virgin I did the eligibility checker on their website and was pre-approved and when I went through with the application the final page said something along the lines of success and card will be with you in x-amount of days, but basically it was't the message that you got.

If this is your first credit card, it could be that they are running some extra checks on you. If you can, report back to this thread with an update on what the outcome is - it's useful info to refer to others who may be in the same situation as you in the future.

shopaholicno1

I'll definitely report back with an update.

Frustrating if I'm rejected, as I only want it to help my credit score for a mortgage in future, not to make my credit worse!

[Deleted User]

shopaholicno1 wrote: »

I'll definitely report back with an update.

Frustrating if I'm rejected, as I only want it to help my credit score for a mortgage in future, not to make my credit worse!

Your not boosting your score but your credit history.

The score is a meaningless number that no one sees

[Deleted User]

Also, only the search will show, which is the same whether accepted or rejected.

adindas

Candyapple wrote: »

When I applied with Virgin I did the eligibility checker on their website and was pre-approved and when I went through with the application the final page said something along the lines of success and card will be with you in x-amount of days, but basically it was't the message that you got.

If this is your first credit card, it could be that they are running some extra checks on you. If you can, report back to this thread with an update on what the outcome is - it's useful info to refer to others who may be in the same situation as you in the future.

Applied their 0% Interest for 32m on BT with 0.6% fee. Although I have more than 10 saving accounts with them they are still asking me for proof of ID and address. Anyway I sent to them but still wait for the decision.

AllieKat

This has been far oversimplified. Scores aren't meaningless... But the score you buy is very unlikely to be exactly the same model as the one a lender uses.

But you can still improve the scores lenders use. Sadly you'll never see what it is, but if you follow good habits, you'll improve your score in their scoring models.

[Deleted User]

AllieKat wrote: »

This has been far oversimplified. Scores aren't meaningless... But the score you buy is very unlikely to be exactly the same model as the one a lender uses.

But you can still improve the scores lenders use. Sadly you'll never see what it is, but if you follow good habits, you'll improve your score in their scoring models.

And achieve nothing at the same time

DCFC79

AllieKat wrote: »

This has been far oversimplified. Scores aren't meaningless... But the score you buy is very unlikely to be exactly the same model as the one a lender uses.

But you can still improve the scores lenders use. Sadly you'll never see what it is, but if you follow good habits, you'll improve your score in their scoring models.

Scores are meaningless as far as lenders are concerned since they don't see them. The score is just a representation of how your credit report is but it might not be entirely accurate.

DCFC79

shopaholicno1 wrote: »

I'll definitely report back with an update.

Frustrating if I'm rejected, as I only want it to help my credit score for a mortgage in future, not to make my credit worse!

What's on your credit report ?
Any negs ?

Rejections aren't on your report, just the search.