When does PRE-APPROVED actually mean it ?

NoviceAngel

Hi All,

Your thoughts and wisdom are required.

I’m coming to the end of a 0% deal with M&S, so I was shopping around for another 0% deal and thought I’d use the Virgin Money card eligibility checker.

I was delighted to find it’d been pre approved and the automated system then pre filled in the information that I’d already given them so I went ahead.

At the end, I was surprised because I received a message that they would now review the information, fair enough.

A few days later I then received an email to say that Virgin had declined my application! :mad:

They pointed me to the usual credit reference agencies. I checked my file and score on all of them and can’t see any reason for refusal. As an example I am lucky enough to have a 999/999 rating on Experian.

Apart from a bruised ego, I understand that it’s up to Virgin to decide who they issue credit cards to. My major gripe is why PRE-APPOVE the application in the first place, and know doubt when the subsequent ‘hard’ search was made that has now damaged my chances of obtaining another card elsewhere.

Does anyone know might have happened? All info given to them for both soft and hard searches were accurate and I have an excellent credit score and report.

I don’t think it’s at all fair to pre approve and then subsequently refuse an application.

Regards,

NoviceAngel

[Deleted User]

All applications are subject to a final check..

But a single search has little impact on your ability to get credit, any more than your credit score is a factor in lending.

Don't be too concerned about it and move on.

NoviceAngel

Deleted_User wrote: »

All applications are subject to a final check..

.....

So that’s how they can justify it!

Thanks for the reply.

[Deleted User]

Yes

It’s in the print when you apply that it’s subject to full and final checks.

And as you’ve now learnt your credit score means absolutely diddly in the real world.

Nasqueron

Q) I have a 999 Experian score but got refused credit, why?
A) Because the score is meaningless and nobody sees it except you, nor do they base decisions based on it.


Check your records on all 3 CRAs (look at Noddle and ClearScore too) and see if there is anything untoward on them that might have caused the rejection.


Also consider your salary, available credit, amount of debt (in all forms) and there might be a reason why you were rejected such as having too much debt - if you have multiple cards or a high debt to income ratio you might need to look at the debt free pages and post a SoA to help budget.

18cc

It doesn't mean anything it is simply a marketing ploy to get you to apply

A4445

This has happened to me. According to experian I’m pre approved for a MBNA Card the MBNA site says I’m not eligible. I have closed a card recently perhaps you have to wait 6months before you can re apply. They are not accurate.

NoviceAngel

A4445 wrote: »

This has happened to me. According to experian I’m pre approved for a MBNA Card the MBNA site says I’m not eligible. I have closed a card recently perhaps you have to wait 6months before you can re apply. They are not accurate.

The slight difference here is that my pre approval was on Virgin’s Own website, not on Experian.

Thanks for all your replies all very helpful, I realise that a credit score doesn’t mean a thing or indeed Pre-approval.

What I didn’t mention in my earlier post is that I do have three different issue regular savers with Virgin with around £9k across all three and they all mature over the next few months.

You would have thought that they would have checked the accounts I had with them, obviously that doesn’t make any difference either!

For the cost of a stamp, I’ll be writing to them saying I’ll be moving my money out when they mature, not as though it would make any difference anyway.

I’ve now successfully just been given a Santander Everyday credit card with a good £7k limit so I don’t need Virgin anymore.

Cheers

NoviceAngel

A4445

NoviceAngel wrote: »

The slight difference here is that my pre approval was on Virgin’s Own website, not on Experian.

Thanks for all your replies all very helpful, I realise that a credit score doesn’t mean a thing or indeed Pre-approval.

What I didn’t mention in my earlier post is that I do have three different issue regular savers with Virgin with around £9k across all three and they all mature over the next few months.

You would have thought that they would have checked the accounts I had with them, obviously that doesn’t make any difference either!

For the cost of a stamp, I’ll be writing to them saying I’ll be moving my money out when they mature, not as though it would make any difference anyway.

I’ve now successfully just been given a Santander Everyday credit card with a good £7k limit so I don’t need Virgin anymore.

Virgin won’t care if your going to move your money.

I get this in work, customers have been declined for a product and say they are going to move there savings. Unfortunately if the system says no it’s no if they want to move away we literally say I’m sorry to hear that and move on to the next customer. Credit is not a right.

Emily_Joy

NoviceAngel wrote: »

What I didn’t mention in my earlier post is that I do have three different issue regular savers with Virgin with around £9k across all three and they all mature over the next few months.

You would have thought that they would have checked the accounts I had with them, obviously that doesn’t make any difference either!

Regular savers are store - only (at least recent ones) and credit cards are online-only. These two systems are completely separate and a store can't help with credit cards whatsoever. Even online savers and credit cards are separated in case of Virgin Money.

NoviceAngel

Emily_Joy wrote: »

Regular savers are store - only (at least recent ones) and credit cards are online-only. These two systems are completely separate and a store can't help with credit cards whatsoever. Even online savers and credit cards are separated in case of Virgin Money.

Yes, mine were the last of the on-line variety.

It might have something to do with the takeover from Yorkshire/Clydesdale who knows ?