Approval

lisasandy

Hi, just wondering if anyone has experienced this. I used the eligibility toll on this site before applying the for a 0% balance transfer credit card, picked one that the site said was 100% approved/pre-approved for so as not to effect my credit rating, applied and was refused! Which will leave a mark on my credit file. So cross about it and wanted to warn people that this tool is not entirely accurate/safe.

[Deleted User]

Others have experienced it, but that's not important.

There's always a chance of a final decline, but it only leaves a search.

dr_adidas01

lisasandy said:

Hi, just wondering if anyone has experienced this. I used the eligibility toll on this site before applying the for a 0% balance transfer credit card, picked one that the site said was 100% approved/pre-approved for so as not to effect my credit rating, applied and was refused! Which will leave a mark on my credit file. So cross about it and wanted to warn people that this tool is not entirely accurate/safe.

It's only a guide and not 100% guarantee you'll be accepted, its down to what the lender is looking for in a customer, your debt to income ratio could be high or you simply don't fit the customer profile of the lender.

The only mark on your credit file will be a search from the lender you applied to, which isn't that important nor is that imaginary number the CRA's give you.

adamp87

I do think they shouldn’t say 100% preapproved. 

D3xt3r5L4b

There no such things as “marks” on ones credit file

cymruchris

D3xt3r5L4b said:

There no such things as “marks” on ones credit file

Unless you have a marks and spencers card.
It can be frustrating to get the message that you are pre-approved - or highly likely etc etc to get the card - but all are subject to final checks which can result in a decline (It's hidden in the small print). Have you had a look at your credit reference agency files recently to make sure they are up to date and accurate? It might be worth double checking them if you haven't in case there's something lurking there that you are not aware of.

Fingerbobs

adamp87 said:

I do think they shouldn’t say 100% preapproved. 

I agree with this - it is misleading for the eligibility checkers to say you have a "100%" chance of being accepted. The limit should be about 95% or something.

sleepyjones

I've said this before after getting 100% pre-approved then declined.
I did wonder if "comparison sites" like this boost the % numbers to encourage you to apply because presumably they'll get a kick back.
You can check the MSE (or similar) comparison sites and then if the "Santander" card (or whatever) gives you a high approval go and try their own eligibility checker (if they have one).
But I do agree, saying 100% is misleading if you're not in fact 100% pre-approved (no matter what the small print says)