"We're processing your application" - Halifax on a 'pre-approved' balance trf card

lobsta100

Sorry for the 2nd thread in a day!

So I just applied for the Halifax no fee 20 month 0% balance transfer card after seeing I was pre-approved. The Halifax system also showed I was pre-approved subject to ID checks.

I have filled out all the online forms but have now received an email to say:

"We're processing your application and we'll contact you by email within 4 working days when we've reached a decision."

Is this normal? Especially when it said I was pre-approved and told me my credit limit online. Is this just the ID checks?

Now worried I have got the search on my file and will end up with no approval and negative impact!

[Deleted User]

Ys, it's normal.

They need to run credit checks to see if they can accept you, and under what terms.

If you're rejected, it's just one search - nothing to worry about.

lobsta100

Deleted_User wrote: »

Ys, it's normal.

They need to run credit checks to see if they can accept you, and under what terms.

If you're rejected, it's just one search - nothing to worry about.

Thanks - I was just hoping with the pre-approval and fact after putting in all my info they had confirmed my credit limit and asked for bank details for direct debit etc that all was sorted!

[Deleted User]

It depends what you were pre-approved for.

Usually it's pre-approval for a lower rate - which doesn't mean you're gauranteed the card just because of this

lobsta100

!!! wrote: »

It depends what you were pre-approved for.

Usually it's pre-approval for a lower rate - which doesn't mean you're gauranteed the card just because of this

I was pre-approved for the headline terms: rate and length

[Deleted User]

lobsta100 wrote: »

I was pre-approved for the headline terms: rate and length

OK - so that's not a pre-approval of acceptance then.

You'll need to wait and see

Ben8282

Pre-approved means NOTHING especially if the pre-approval is from a CRA website. How can you be pre-approved before you have completed an application? The card issuer will not know anything about you - salary, employment status etc which are very important in their decision making. Also, unless you are an existing customer, the card issuer will have no idea of what information is contained in your credit files unless they have done at least a soft search which they will not have done.
Having said that, the fact that when you made your application and were given a credit limit would strongly indicate that the application was successful and the e-mail was just a generally worded response. Unless you have reason to believe that something terrible will be discovered during any final checks, I wouldn't worry too much.

lobsta100

Just to provide an update and warning for anyone finding themselves in the same situation in the future.

Despite having been "pre-approved" for the Halifax BT card via MSE Credit Club, where I had put in my salary, dependents and employment info, and Halifax confirming the credit limit I would be getting, I received an email today to say they had rejected my application.

I decided to risk another and go for the Virgin Money card (longer 0% period, slightly higher BT fee) and they have accepted me, albeit with a lower £10,000 limit.

Annoyed as I will now have that Halifax 'smear' against my credit file but little I can do!

[Deleted User]

There is no "smear" - just a hard search. Hardly detrimental.

As already stated you weren't pre-approved for acceptance so now foul was done here.

Well done on the Virgin Card though.

Ben8282

lobsta100 wrote: »

.

Despite having been "pre-approved" for the Halifax BT card via MSE Credit Club, where I had put in my salary, dependents and employment info, and Halifax confirming the credit limit I would be getting, I received an email today to say they had rejected my application.

When MSE Credit Club start to issue credit cards and lend money then their third part opinion might mean something.

[Deleted User]

Ben8282 wrote: »

When MSE Credit Club start to issue credit cards and lend money then their third part opinion might mean something.

Quite. Just been talking to a former colleague who told of a situation not unrelated to this one. He looked for a BT transfer card via the MSE Credit Club. This came back with Sainsbury's Bank credit card with a 100% acceptance. He has an impeccable credit history, age early 30s, very well paid stable job, stable address, two credit cards with total 15.5k limit and just under 10% utilisation, no other borrowing apart from an easily-manageable mortgage. His intention was to transfer a small balance of £1100 to the new card, close one of his other cards and use the new card as his main card when the balance was paid off, which he thought he would do over a three month period. Anyone like to hazard a guess at what credit limit they offered him?