Halifax Credit Extra - New Internal Credit Scoring System from Halifax

dazzaofdagenham

So what is this meant to do ?

General_Grant

dazzaofdagenham said:

So what is this meant to do ?

Alert Halifax to a customer whom they can further encourage to take out credit?

(excuse my cynicism)

Alex9384

Is it a new feature? I've been using it for almost a year.

Alex9384

Deleted_User said:

This isn't any more of a view on their internal scoring system than the fake score you get from credit agencies, it's just a pretty picture to encourage you to take out financial products with them. Their actual scoring system will still be hidden and still be the ultimate arbiter of whether they lend to you or not, after a proper credit check

Normally yes, but not in the case of Halifax.
If you are already a customer, they don't run new hard search when you apply for a new product.
I opened a current account with them back in 2018. That was the only time they hard-searched me. Since then I applied for an overdraft - no search. I increased the overdraft twice over the last year - no search. I applied for a Halifax credit card in May - no hard search. I opened a second Halifax current account 2 months ago - no hard search. Not a single hard search on any of my credit files. Only the one from 2018. Halifax is great in this respect. Probably Lloyds works the same way.

northwalesd

Alex9384 said:

Is it a new feature? I've been using it for almost a year.

I've no idea how 'new' it is, I'd never seen it before, but A) I primarily login to the app, rarely through a browser (and I can't see any way of accessing the feature in the app) and not being interested in an overdraft I wouldn't open that part of the menu. I'd never seen it until @xlnc99 pointed it out.

Also, if you have been using it for almost a year, why does it not seem to be working properly even now?

block10

Deleted_User said:

This isn't any more of a view on their internal scoring system than the fake score you get from credit agencies, it's just a pretty picture to encourage you to take out financial products with them. Their actual scoring system will still be hidden and still be the ultimate arbiter of whether they lend to you or not, after a proper credit check

Also if it was a true internal score, it would have to reflect scoring accross the Halifax/LBG/MBNA group. I have products with all three companies.

funkycredit

block10 said:

Deleted_User said:

This isn't any more of a view on their internal scoring system than the fake score you get from credit agencies, it's just a pretty picture to encourage you to take out financial products with them. Their actual scoring system will still be hidden and still be the ultimate arbiter of whether they lend to you or not, after a proper credit check

Also if it was a true internal score, it would have to reflect scoring accross the Halifax/LBG/MBNA group. I have products with all three companies.

Not sure how it all works internally. I've got 3x Hfx Rewards & 1x club Lloyds. I pay £1500 monthly into each and leave it a few days then spend / move it again. 

Yet on Halifax my loans offered are high with lowest APR yet on Lloyds it's capped at £10k. I do have an unused £2k OD facility on the Club Lloyds & one Halifax account. 

So pretty identical but Lloyds loan only allows £10k whereas Halifax allows £25k. Both say highly likely if I apply (don't need or want one - I just tested it to see the difference). 

Alex9384

block10 said:

Also if it was a true internal score, it would have to reflect scoring accross the Halifax/LBG/MBNA group. I have products with all three companies.

Interesting thing is that I'm pre-approved for Lloyds credit cards and a second Halifax CC, but I did an eligibility check for MBNA and it said they can't offer me a credit card (I was pre-approved for MBNA too, about a half year ago).

Alex9384

I wonder whether my current new debt on American Express may be affecting this.
I want to spend £2000 in the first 3 months, to get back £100 in the form of cashback and my statement balance for this month is over £900. Previous month almost £600 (the only Amex payment I did so far). My income is relatively low, so it might look like I suddenly got into some problems? But I pay the Amex balance off in full, of course. I did the eligibility check for Lloyds cards this month (after I switched my current account to them in October), I was pre-approved. Just a couple weeks later, same month, I checked MBNA and was declined. Is it likely that I would now be declined Lloyds cards as well? Don't wanna do eligibility checks every month, even if it's just soft searches.

superM

I think MBNA is diffirent, they dont offer current account so relies fully on credit check.  From experiance never had a credif search done for Lloyds or Halifax credit card. 
I requested a SAR from Lloyds recently and noted underwriter made some notes on my application. The notes I have an MBNA credit card and have done a few BT. They also checked whole Lloyds group to see if any savings was held.
SAR also had information from Internet banking team. It showed user ids from all the group accounts Halifax, Lloyds, BOS and MBNA.