Virgin Money - misleading credit cards

Shepstone001

Having spent the last 3 years working hard to boost my credit score up to excellent, I decided to be savvy and transfer a credit card balance to a new 0% card.  I researched a few and used the Virgin Money website eligibility checker which said something along the lines of "Good News - you will be approved for one of the following credit cards if you apply"... so I did.  Only to get rejected with a credit score just shy of 100%.  I'm fuming, not least because of the misleading eligibility checker but also because this now knocks my credit rating.  How can they get away with this?  To top if off, trying to get through to speak to anyone is like trying to get bloody from a stone!

Jami74

Shepstone001 said:

I'm fuming, not least because of the misleading eligibility checker but also because this now knocks my credit rating.  How can they get away with this?  To top if off, trying to get through to speak to anyone is like trying to get bloody from a stone!

Don't fume. The credit score is only a made up number (the banks don't see it) and one search for credit won't do it much damage.

I wouldn't bother trying to get blood from a stone either. The person on the other end of the phone probably won't know why computer said no and probably won't be able to change the answer. And even if they did know, they wouldn't tell you as it'll be a bank secret (otherwise you'd just reapply and lie about whichever bit bothered them).

Maybe on the soft search the computer thought you looked good but on the hard search it found something that didn't match exactly what it was looking for in a new customer. It's not personal. Try again elsewhere if you really need a new credit card.

cymruchris

The score you've been working hard boosting is just a vague indication of your creditworthiness - it's not seen by anyone except you. Eligibility calculators on comparison websites use pools of data to compare people that are in a similar position to you financially - and whether they got accepted or declined for a similar card - and if they say you have a 95 percent chance of approval - that still means 5 out of every 100 people that apply with similar circumstances to yours get turned down. Even with 100% chance - or even with pre-approved - it's been known for people to be turned down following the final hard search.

If you've been battling to get yourself up to excellent - does that mean you have historical issues that are long behind you? These could be a factor in a final decision.

There's really nothing to be gained from getting yourself worked up about it - give it a few months and try a different provider. 

The most accurate eligibility checkers are those on the card providers own websites - use one of those next time instead of the generic comparison sites.

[Deleted User]

Your title is misleading as the credit cards themselves are not misleading.

Given that the eligibility checker was run directly by VM themselves, you can complain to them that you think it was unfair

funkycredit

Thing is they do clearly say if your info matches the soft check you'll be approved. So you should be..... 

I tested it last night and had this - but I've got a card so don't need another. 

sonofmerton

not legally binding though. pre-approved should never be taken as gospel. until they say yes 'approved', you have the card and start using it, only then are you 100% officially approved. 

Shepstone001

cymruchris said:

The score you've been working hard boosting is just a vague indication of your creditworthiness - it's not seen by anyone except you. Eligibility calculators on comparison websites use pools of data to compare people that are in a similar position to you financially - and whether they got accepted or declined for a similar card - and if they say you have a 95 percent chance of approval - that still means 5 out of every 100 people that apply with similar circumstances to yours get turned down. Even with 100% chance - or even with pre-approved - it's been known for people to be turned down following the final hard search.

If you've been battling to get yourself up to excellent - does that mean you have historical issues that are long behind you? These could be a factor in a final decision.

There's really nothing to be gained from getting yourself worked up about it - give it a few months and try a different provider. 

The most accurate eligibility checkers are those on the card providers own websites - use one of those next time instead of the generic comparison sites.

Thanks... it's just frustrating.  But I did actually go direct to their website and use their own eligibility checker prior to applying for more assurance, I didn't go via a comparison website.  I think that is why I'm more annoyed.

Shepstone001

funkycredit said:

Thing is they do clearly say if your info matches the soft check you'll be approved. So you should be..... 

I tested it last night and had this - but I've got a card so don't need another. 

this is exactly the same message I received and I followed all of the information and advice on this message when going through my formal application process.  I'm baffled as to how they can say "great news, if you apply for one of our cards you will be accepted" and then decide against their own wording.

cymruchris

Funnily enough I did the same recently - I had a regular Virgin credit card - but noticed the Atlantic card was coming up on the generic checker websites as 100 percent - so I tried the Virgin own one, and got that same message. I also went ahead and applied - and it went to referral - which I thought was strange as it had said I'd get one too. As it happened, 5 days later and after 3 hard searches, they approved it. I then complained to Experian to get the 2 additional hard searches removed, which they've done. 

As you used their own website eligibility checker - it might be worth a letter/email to try and garner an explanation.

funkycredit

cymruchris said:

Funnily enough I did the same recently - I had a regular Virgin credit card - but noticed the Atlantic card was coming up on the generic checker websites as 100 percent - so I tried the Virgin own one, and got that same message. I also went ahead and applied - and it went to referral - which I thought was strange as it had said I'd get one too. As it happened, 5 days later and after 3 hard searches, they approved it. I then complained to Experian to get the 2 additional hard searches removed, which they've done. 

As you used their own website eligibility checker - it might be worth a letter/email to try and garner an explanation.

Were the hard searches done at point of application or separately on a different date (like a day later when underwriter viewed it)? 

My Experian doesn't even show the soft search I did, albeit I never continued as I've got a VM card so just closed the browser. 

Didn't realise you can have multiple cards. I've just got the Cassette style one.  

funkycredit

Shepstone001 said:

funkycredit said:

Thing is they do clearly say if your info matches the soft check you'll be approved. So you should be..... 

I tested it last night and had this - but I've got a card so don't need another. 

this is exactly the same message I received and I followed all of the information and advice on this message when going through my formal application process.  I'm baffled as to how they can say "great news, if you apply for one of our cards you will be accepted" and then decide against their own wording.

Might be worth appealing as you could argue the info that you added matched the info from the soft search which confirmed you'd be accepted; so you applied. 

At least they should remove the search, albeit that won't hurt anyway but it's gotta be annoying when they clearly say if you apply you will be accepted for a card!