Accepted by LLOYDS, HALIFAX and BOS CC then Rejected

xlnc99

Everyone seems to be missing the point of this thread - i was mislead!

I only wanted 1 card, not 3! Applied to 3 because everytime i got accepted with a decision after the soft check kept getting declined so tried again then accepted and declined etc

D3xt3r5L4b

So why didn’t you just stop since the cards are all from the same group?

For the purpose of testing I carried out a soft search on these cards for myself and all the results from each entity (Lloyd’s, Halifax) returned the same pre-approved limit on all the cards. 

cajef

xlnc99 said:

Did the application then at the end it said we need to do some further checks. Got my verdict today from all three companies, all rejected!
3 hard searches for no reason. 

How were you misled you were told that further checks would be necessary before a final descion would be made, hard searches are not done for no reason they are always carried out to check whether someone is acceptable for a credit card.

Neil49

xlnc99 said:

Everyone seems to be missing the point of this thread - i was mislead!

I only wanted 1 card, not 3! Applied to 3 because everytime i got accepted with a decision after the soft check kept getting declined so tried again then accepted and declined etc

You seem to be missing the point of the responses to your original post in which you state that you applied for 3 credit cards (all within the same group) in the hope that you might get one.

The moment they saw 3 separate applications through 3 different banks within their group alarm bells would have rung. At that point your chances of getting a credit card reduced to zero in an instant. Whether you were mislead or not the damage has been done.

I don't know how long you will have to wait to reapply but when you do just choose one credit card company and stick to it. 

onlyfoolsandparking

I don't think any of the posters are missing the point although I can (sort of) see your point albeit my conclusion is you have not been mislead, you are not playing the game correctly, soft searches are handy BUT they are not a foregone conclusion (personally I don't trust or use them) they are just a guide for people who may not understand how applying for credit works.
Your mistake (in playing the game) was applying for 3 cards in quick succession, that was like scoring an own goal in the world cup final and you seem to understand how credit cards work so why would you do that??

Any lender or financial institution will always have the upper hand in playing the game as we are wanting to borrow from them. I don't think its as bad as 25-30 years ago when online applications didn't exist and one had to go into branch for borrowing requirements, I remember seeing bank manager for a 4k loan for a car, it was a daunting experience and I had to endure his lecture on financial responsibility for half hour before he eventually approved it, LOL the good old days eh!!

As advised do not apply for anything else till your 'red hot' file cools down, maybe 6-12 months?? 
  

Willing2Learn

Sorry xlnc99, but I think it is you who is missing the point on how soft and hard checks will be applied to your application.  The data you submitted in your credit applications provided evidence to indicate that you did not fall within the lending criteria of the banks to whom you applied.  It definitely is not an outrage.  It might be mildly frustrating.  But definitely not an outrage.

xlnc99

Yes guys i completely understand my mistake was applying for 3 cards at once. However i have mentioned this in this thread numerous times. However that has nothing to do with me being mislead, but maybe of course the rejection (who knows).

Lets just forget the 3 applications for one minute and put that aside. The point is this:

I have a bank with lloyds, club lloyds account. I had a basic account for 5 years and could never upgrade for some reason. Then one day a couple of weeks ago or last week i went online and i clicked upgrade and it upgraded me straight away from a basic to  a club lloyds. No credit checks, done in an instant! 

I thought finally, Lloyds now are satisfied with my credit file enough to upgrade me. So i thought let me apply for a credit card with them as they have good rates compared to what i have now and they already have my credit information on file as i have been banking with them for many years and just did an upgrade. So they enticed me with the soft check

I did the soft check and hey presto i was accepted. They changed the rate slightly but kept the limit i asked for. Now the soft check would have shown my most damaging part of my file which was a default and CCJ from many years ago. Clearly becuase of the time lapsed the effect of this has diminished and lloyds were happy to overlook this and agree to giving me a credit card. Apart from the CCJ and Defaults my file is fine, no missed payments (last one was years ago for one month late), long history, electoral roll etc. open accounts etc etc

So i thought bingo - i hit the jackpot. I then went for the full search and it came back NEGATIVE! 

So only then i did BOS and Halifax and the same thing happened from start to finish! Halifax reduced my limit which is fine but after all that, rejected!

Its heartbreaking to be honest!

Willing2Learn

xlnc99 said:

I did the soft check and hey presto i was accepted. They changed the rate slightly but kept the limit i asked for. Now the soft check would have shown my most damaging part of my file which was a default and CCJ from many years ago. 

I do not **think** that a soft credit check would reveal your credit account conduct (ie defaults, missing or late payments etc).  Maybe someone else who works for a bank could confirm whether my assumption is correct.

Thrugelmir

xlnc99 said:

Everyone seems to be missing the point of this thread - i was mislead!

Banking groups share data. You only have yourself to blame. With 3 concurrent applications you would have tripped a red flag alert. 

xlnc99

I do believe a soft check checks for defaults and CCJ (not sure about missed payments). Reason i believe this is because i have been rejected many times previously through soft checks when my CCJ and Defaults were not as old. However as time has gone by i have been accepted by a few soft checks, the same ones that rejected me. 

Also - i still get rejected by soft checks with companies that have a strict no CCJ or defaults.