Confused about likelyhood of being accepted

Mildmanneredman

Hello guys

My partner has been looking at getting either a loan or credit card with money transfe deciding on the latter as looking to borrow well undwr 5k. They signed up to credit club, and we ran some searches on there as well as soft searches on money saving expert.

A bit confused though, credit club came up with some cards it said there was a 95% chance of aproval..but on the same page it says you wont get credit if not on the elwctoral roll..well we only just moved and actually moved twice in the last few months, we have registered but wont go on the roll till 3rd december and not sure when this will update on the credit file..so if these soft searches including credit club pull the info from the credit file and bass the results on that, how can mse also state that you wont get credit if not on the roll..literally contradicting on the same page. A freind of ours also just got a mortgage never having been on the roll as they didnt know they had to...all very strange.

When we did the credit card eligabilty check on mse it put us theough to money supermarket the results of which included a 10/10 preaproved on the virgin money card, but when we clicked through to the actual application we noted that in the eligability notes it says you wont be successful if. You dont have a history of borrowing, which my partner basically doesn't, again why are all these good results coming up on soft searches then..?

Partner is the one wanting to apply and our actual circumstances are:

Partner workng full time
Been there 6 years
Earns £26k
Take home 1759 pcm

We have a small child, no childcare costs at present as I am with our child

We also have 1249 pcm coming in through universal credit

So 2999 pcm household net

Rent for our place is 1470

No real credit history, just bank accoubts on there in good standing and a mobile phone contract that ended good standing with a good history. No actual credit..

Bit lost at this point, all the searches seem to indicated my partner should be successful but then the blanket statements seem to suggest otherwise..

Amy thoughts?

Thanks a lot

I know the title is miss spelt, I can't edit it! ����

boo_star

You moving twice in the last few months is going to be a problem.

And you appear to have 1300 pcm after rent? That's either a lot or nothing depending on where you live.

Mildmanneredman

So the credit club and soft searches arent much use?

2999 minus 1470 is 1529 not 1300?


Had no choice with moves unfortunately, landlord sold up, took a temp place, then a new place.

Was at the last place just under a decade dunno if that helps..

Cheers

K80_Black

They can be useful for knowing what sort of card you're likely to get, but you won't know for sure until you apply. Even if they're saying 95%, that's still 5% getting declined for various reasons. The blanket statements are reasons someone might fall into the 5%.

You can still get credit with no history (or else how would you build one?!) and you can still get credit without being on the electoral roll. It's just harder, and you're more likely to be offered worse deals, or be declined outright.

Mildmanneredman

I guess that applies to the 100% preaproved card as well then? Thats what virgin money card is coming up with.

Well, if we apply and get turned down, then I guess the next step will be to get a credit building card, if this is the case and we get declined how long should we leave it before applying for a credit builder?

Thanks

[Deleted User]

As quickly as you can.

If declined for the second card, leave it for two or three months.

Mildmanneredman

So on the application, if it asks how much rent is paid, is it the whole rent or my partners half as it will be their application?

Mildmanneredman

mmmm, so went through mse, sent to money supermarket, then to virgin money site, did the checker through there got 100% preaproved, where it stated point blank you will be accepted instantly if you apply..applied and then it said 7 to ten days for a decision, incredible..so we cant even apply for an alternative one now then as we wont know either way for over a week?..Had a feeling there would be this kind of carry on..

Guess theres nothing much we can do? Guess if they were upfront about it taking at least a week to get a decision theyd get a lot less applications..really dissapointing after taking the plunge.

Mildmanneredman

Partner spoke with virgin, gave some info, they are going to contact in a few days they said.

So I figured I should apply for an aqua card, for credit building, 6 months interest free issnt bad..got aproved on the checker 99 per cent..carried on with the actual application and got accepted, read through the docs, then clicked the electronic signature and clicked to accept the offer..got the following page:

Problem:

Were sorry but something went wrong when we trie
d to process your last action, please try again or come back later..

There was no button to try again later, I refreshed and it just took me to the home page! So now no idea if ive accepted or not, presume I havent but its now ran a hard search for something I cant accept! Struth!

I guess doing it again isnt a good idea?

[Deleted User]

Give them a call to see if they have a record of your application.

Mildmanneredman

Hey Thanks. So I called Aqua this morning, and the application went through, I explained that I had moved twice recently, and the system let me put on 2 previous adresses so I hadnt provided three years and could I add the previous address of a decade long, she said its gone to the underwriter and has been accepted, card will be with me in a few days with £250 starting limit...

Not sure I beleive it tbh, thinking its prob at the underwriter due to the address issue and hasnt actually been accepted as of yet..dont see how it could go to the underwriter last night and be fine this morning..sounded like she didnt really understand..Not received any email..

Thanks