Eligibility calculator

mirrenritchie2010

Hi, how accurate are these eligibility calculators? I'm getting a 90% score on my credit club and getting totally different scores on mse loans eligibility?

cymruchris

The data used on different eligibility checkers isn't the same. If MSE comes back with a 90 percent chance of you getting a loan with ABC bank - go see if ABC bank have an eligibility checker on their own website - and then try that one. The checkers on the loan/credit card providers own websites are the most accurate.

The third party checkers such as MSE use their own data as part of the eligibility process of previous customers credit files versus acceptances and declines to work out how likely you are to be successful. The bank themselves however know their own exact criteria so are generally much more accurate. Do remember though that even 100% likely/approved/pre-approved or any term similar is still not a guarantee of acceptance. If when they do their full search something comes to light that they don't like - they can still turn you down. (Although it's uncommon, it does happen.)

mirrenritchie2010

On the mse eligibility it's saying 90% chance of a loan, then when I go on my credit club it's saying 0%.

MinuteNoodles

mirrenritchie2010 said:

Hi, how accurate are these eligibility calculators?

They're not. Each lender uses it's own algorithms, eligibility calculators which are not on the lenders own websites (such as the MSE one) merely make a best guess at what lenders look for so it's perfectly possible for the MSE, money supermarket, clearscore etc to say you've 100% chance and then still fail an application.