Are eligibility checkers accurate?

hershberns

Hi,

Before applying for a credit card, I always first check my eligibility on MSE's eligibility calculator, then, whichever card Martin says I'll be able to get, I go to their website and use their eligibility checker.
Sometimes, MSE says that I'm eligible, but the company's checker says I'm not. Sometimes MSE says I'm not eligible, but the company says that I am. That is understandable, as they are two separate companies. (But does anyone know why it's like that? )

Here's my query; I've asked friends and family, and lots of them told me that they have had the same issue.
Sometimes I do a check on MSE, and they tell me I'm approved (100%) for a specific card, so I do a soft check on the company's site, they tell me that I'm (also 100%) pre-approved, and they can even go and tell me an estimated credit limit, but after I submit the application and they do a full check, it gets declined with no apparent reason. I've got quite a good credit score, and it happens even on cards that I haven't applied for in the last 6 months, or any other reason that can affect my getting approved.

My question is, WHY? why does it happen? Are there some nuances that the company can only see after the full credit check?

Have you also had it? Can you explain?

Willing2Learn

I take what an 'eligibility checker' says with a pinch of salt. They are about as useful as a 'credit score'!!!

Whether an application is successful or not depends on the data held in your credit files (plus the data submitted in the application).

If you are being declined then there might be some negative data in your files. Have you checked the data for accuracy with the three CRAs? Or maybe you have a 'thin' file...or maybe you are not on the Electoral Register...

And welcome to the forum hershberns

hershberns

This is what I'd like to know, which data is submitted in the credit check that is not seen on the soft check?

And no, there is no negative data in my credit files whatsoever.

Willing2Learn

hershberns wrote: »

This is what I'd like to know, which data is submitted in the credit check that is not seen on the soft check?

A soft check is done based on a just a few questions that you answer (minimal data). A credit check is based on all the data held in your credit files, added to the data you submit in your credit application. In addition, when a full check is done, you are scored against the card issuers independent lending criteria and policies.

[Deleted User]

It's as accurate as a soft check can be - everything is subject to a full credit check upon application

hershberns

So basically the soft check will only check if I have the financial ability to afford the card, while the full check will look at my "credit score" as well? It's not so, because people with a poor credit history will fail even the soft check.

My main question is: what info do they see on the soft check vs. the full search

Willing2Learn

Your 'credit score' is not looked at and is not used by lenders. It is all done based purely on the available data held in your three credit files, added to the data you provided in your application. Your 'credit score' is just a marketing tool. A lender will 'score' you against their criteria, as stated.

[Deleted User]

hershberns wrote: »

So basically the soft check will only check if I have the financial ability to afford the card, while the full check will look at my "credit score" as well? It's not so, because people with a poor credit history will fail even the soft check.

My main question is: what info do they see on the soft check vs. the full search

No one sees the made up score and rating.
And Google is your friend for your question: https://lmgtfy.com/?q=hard+search+vs+soft+search&iie=1

hershberns

hershberns wrote: »

Here's my query; I've asked friends and family, and lots of them told me that they have had the same issue.
Sometimes I do a check on MSE, and they tell me I'm approved (100%) for a specific card, so I do a soft check on the company's site, they tell me that I'm (also 100%) pre-approved, and they can even go and tell me an estimated credit limit, but after I submit the application and they do a full check, it gets declined with no apparent reason. I've got quite a good credit score, and it happens even on cards that I haven't applied for in the last 6 months, or any other reason that can affect my getting approved.

My question is, WHY? why does it happen? Are there some nuances that the company can only see after the full credit check?

Thanks for your reply, but the question is still not answered

[Deleted User]

What question? The reason why you're declined?

Your "quite a good credit score" is about as useful as a chocolate teapot in lending decisions.

It could be any reason - customer criteria not matching, affordability, previous bad-debt history, multiple applications within an XX month period to a particular lender.

It's commercially sensitive information and no one will ever know why.

hershberns

!!! wrote: »

It's commercially sensitive information and no one will ever know why.

That's why I asked the question on the forum, in hope that someone out there does know the reason, and would like to share that information.

Also why the soft check does go through,and the full check not