Capital One approved then declined

cymruchris

MissBetty2019 said:

ThriftyMister said:

I'd suggest you send a Subject Access Request to both CIFAS and N.Hunter to check the data they have on you.

This is often the cause of a "late in the day" decline, or the withdrawal of an offer. 

Thanks. I will do that. Just odd that I have received two emails to tell me “my card is on the way” only to be declined. Capital one are meant to be calling me today so hopefully will get an answer 

So do you now have a Cap One card in your possession? 

[Deleted User]

cymruchris said:

Do you have any particularly adverse history on your credit files? Even if it's a long time ago? 

The soft search they do doesn't get to see ALL of your credit file history - so it may be that when they completed the hard check - and after going through everything, an anomaly came up and they declined the application, however that should have happened before you got the 'your card is on the way' email. 

what is the difference between the data a soft search shows and a hard search?

I was told by experts that they were one and the same in that regard.

Also, logically to me it seems unfair that a lender would be able to see information on your credit file that you yourself cannot access. Don't think the financial regulators would approve such an environment. Borrowers should be given fair treatment in the market and a chance to view their own information with a view to improve what they feel needs improving.

[Deleted User]

MattMattMattUK said:

ThriftyMister said:

I'm not sure why N.Hunter and CIFAS records don't cause insta-declines but it's possible that these agencies aren't able to provide instant responses, which is why lenders have to say that the application could still be refused depending on the results of fraud checks. 

As far as I am aware, checks with the CRAs are instant and done at the point of application, for both successful and unsuccessful applications. Where as checks with the anti-fraud agencies are not instant and only conducted against "approved" applications.

MattMattMattUK said:

ThriftyMister said:

I'm not sure why N.Hunter and CIFAS records don't cause insta-declines but it's possible that these agencies aren't able to provide instant responses, which is why lenders have to say that the application could still be refused depending on the results of fraud checks. 

As far as I am aware, checks with the CRAs are instant and done at the point of application, for both successful and unsuccessful applications. Where as checks with the anti-fraud agencies are not instant and only conducted against "approved" applications.

checkmyfile.com allows provides you with a view of your credit file held at all three major CRAs as well as Crediva.

It also shows you CIFAS data and pulls it instantly. Nothing from national hunter I don't think, but it definitely indicates if any red flags pertaining to fraud are linked to your file.

born_again

Adams18 said:

Also, logically to me it seems unfair that a lender would be able to see information on your credit file that you yourself cannot access. Don't think the financial regulators would approve such an environment. Borrowers should be given fair treatment in the market and a chance to view their own information with a view to improve what they feel needs improving.

You can view your data from your credit file. What you can not view or get information is each lenders internal criteria & risk appetite at any time.

What is odd is why OP has gone for Capital One when they say they have a good credit history... Rather than a cheaper mainstream provider.