Anyone managed to get the 118118 money credit card?

Highland76

From
https://www.118118money.com/credit-card-faqs/

"HOW DO YOU DECIDE IF MY APPLICATION IS SUCCESSFUL?"

"Application success for the 118 118 Credit Card is based on your credit profile and other publicly available information (e.g. electoral register, county court judgments). The better your credit profile the more likely you are to be accepted as a 118 118 Credit Card customer."

If it could be proved beyond doubt that they weren't accepting applicants with a good credit history, then they could get in serious trouble with the FCA - because they don't seem to be following their own criteria above. But of course how do you prove this...

MABLE

Highland76 said:

MABLE said:

Highland76 said:

Thanks Mable. So i wonder if their eligibility checker has been designed to accept only those with a less than perfect credit history? Also I've noticed you can't proceed to the full application (with hard search) unless you pass their eligibility check. 

TBH I only did it out of curiosity. Did you get the decline email like myself?

Yep, got the same email.

Thanks for that.  Like you  I have an excellent credit history. Never once have I missed payments. When it comes to promo offers I have always paid the balance off at the end. 

NoodleDoodleMan

Was declined based on age.

Even if I'd have qualified on that aspect our good credit rating would have resulted in the bum's rush - we don't fit their preferred customer profile.

Only wanted it for holidays, so no great loss - have other similar "user friendly" credit cards.

phillw

Highland76 said: The better your credit profile the more likely you are to be accepted as a 118 118 Credit Card customer."

Do they define better? From their point of view that would be someone who regularly pays interest, but always pays the money back in the end. That is different from what you would consider better.

floppydisk1

As  their own credit scoring algorithm is closely guarded  secret, there is no way of knowing - I have a VERY strong feeling that we are guessing right though...  It does not say credit history or worthiness, it says credit profile - so kind of getaway clause as paying in full on the dot customer is not  a good credit profile as far as they are concerned. One guy has mortgage, First direct account with 20 k credit limit card, Amex and Halifax Clarity both with 10k limit - yet does not qualify, another guy struggles on zero hr job and 118  accepts him ( or her ) with sky high  £ 700 -in full knowledge that as person struggles already there is a high chance of C. card being maxed out in week and them collecting APR for months to come. As mentioned , it's nigh impossible to prove it : 
 "If it could be proved beyond doubt that they weren't accepting applicants with a good credit history , then they could get in serious trouble with the FCA - because they don't seem to be following their own criteria above. But of course how do you prove this..."  -  as they are clever enough not to put credit history but credit PROFILE....

jet01

Although the algorithms they use to determine who to accept and who to reject are commercially sensitive and therefore not available to the public, do they not have to share this information with the FCA for regulatory purposes? I don’t know if they do or not but if they aren’t subject to external checks of some sort then how would they be able to show that they are complying with relevant legislation such as age/sex discrimination rules. In which case they should come unstuck in the end if they aren’t playing by the rules. 

phillw

jet01 said:

I don’t know if they do or not but if they aren’t subject to external checks of some sort then how would they be able to show that they are complying with relevant legislation such as age/sex discrimination rules. 

I don't think being good at managing your money is a protected characteristic.
In terms of age, I think they might get away with not lending money to old people because they think they might die before paying it back (or before they've made any money out of you).
Not all mortgage lenders will take on someone who will retire before the money is paid back either.

JayMawds82

I got the guaranteed no fees card off them in December 2019. Only got a £500 limit on it (the original). Got it reasonably easily with a middling 550 Experian score.

MABLE

JayMawds82 said:

I got the guaranteed no fees card off them in December 2019. Only got a £500 limit on it (the original). Got it reasonably easily with a middling 550 Experian score.

That's just back pocket money. However you have achieved getting  the card where so many of us have failed.

JayMawds82

MABLE said:

JayMawds82 said:

I got the guaranteed no fees card off them in December 2019. Only got a £500 limit on it (the original). Got it reasonably easily with a middling 550 Experian score.

That's just back pocket money. However you have achieved getting  the card where so many of us have failed.

I spend £1 per month putting money into my Amazon balance per month. Costs me nothing and it reports usage.