Card Eligibility Discrepancy

Taylorette

Having never had a credit card (due to it always being instilled in me that credit cards = you appear "bad" with money), I'm gathering some info on how best to build my credit history with one. I used Clearscore's eligibility checker which returned a handful of pre-approved cards. I then used MSE Credit Club's eligibility checker, which returned a 0% eligibility rating for all "bad credit" cards, some of them being the same as those on Clearscore. Strangely, Credit Club also returned a 95% approval chance for Amex cashback cards.

I'll also be checking what my bank has to offer as well as the individual lending companies' sites, but I was wondering why there would be such a vast difference in eligibility on both sites? For one to say you're guaranteed approval and the other say say you have absolutely no chance seems odd to me, but as I say I am still learning the ins and outs!

[Deleted User]

They use different criteria and have different lenders contributing.  It depends on what companies want what sort of customers and at what price.

Taylorette

Deleted_User said:

They use different criteria and have different lenders contributing.  It depends on what companies want what sort of customers and at what price.

That makes sense, but as I say a lot of cards/companies are the same. Chrome, for example, is pre-approved on Clearscore but showing as 0% chance of approval on CC. 

[Deleted User]

It's the same issue.

Sandtree

You have to remember that the eligibility checkers, when they are not on the credit card company's site is based on MSE or Clearscore or whatever website you are looking at's estimation, it doesnt come from the credit card company itself. Now all will claim they've worked closely with the credit card to get it as accurate as possible but the very fact that  you are seeing large differences suggests the level of engagement may not always be that high.

If I was very cynical I would also question if the referral fee that the sites receive if you click through to apply has any influence on the relative percentages but I am sure everyone is above that kind of activity

D3xt3r5L4b

Use the eligibility checker on the lenders website - not a website that earns commission for applications

Taylorette

Very interesting. Thanks all for your insight. As D3xt3r5L4b says, it just shows it's always wise to do direct checks before making any applications. I imagine a lot of people are caught out by not doing so.

funkycredit

The Amex Platinum is a great card for cashback - I was showing 0% chance on Amex own site but applied and was accepted after referral. 2 and a bit months later - limit trebled and I've opened the gold card too with a £2k limit and although I won't get bonus points, it's the 2x free lounge passes that made me apply. 

So even a 0% chance isn't really 0% once they review it. For reference, my credit profile is fine and I've ample available credit and earn a high income however I've a lot of searches (22 hard searches on Experian / 7 on Equifax) - as I open a lot of new accounts to get interest etc on savings. But my point is, I ignore eligibility checkers as they're just a soft search. Apply out of hours if you want a referral (that way at least a human looks over things and they're generally better than computerised decisions in my experience)! 

Taylorette

funkycredit said:

The Amex Platinum is a great card for cashback - I was showing 0% chance on Amex own site but applied and was accepted after referral. 2 and a bit months later - limit trebled and I've opened the gold card too with a £2k limit and although I won't get bonus points, it's the 2x free lounge passes that made me apply. 

So even a 0% chance isn't really 0% once they review it. For reference, my credit profile is fine and I've ample available credit and earn a high income however I've a lot of searches (22 hard searches on Experian / 7 on Equifax) - as I open a lot of new accounts to get interest etc on savings. But my point is, I ignore eligibility checkers as they're just a soft search. Apply out of hours if you want a referral (that way at least a human looks over things and they're generally better than computerised decisions in my experience)! 

Interesting - thank you. The Amex Platinum does look good. According to their own checker it's an 8.5/10 for me. I'm thinking it's better for me to apply/use a "guaranteed" card to begin with to build some credit history and improve my chances of being accepted for such cashback cards. At least that way if I was to be rejected I still have something to continue using in the meantime. 

funkycredit

I'd try Amex. Seriously. Lack of credit isn't the same as bad credit. Try it and see. A single search won't hurt. 

Taylorette

funkycredit said:

I'd try Amex. Seriously. Lack of credit isn't the same as bad credit. Try it and see. A single search won't hurt. 

Really? Surely if I'm rejected I'm essentially setting myself back a good 6 months before I should apply for something else?