Nationwide Credit Card Application

I am a Nationwide member.  I tried to apply for their credit card.  The eligible checker said I will be declined for a card, but at the same time, the offer said my credit limit will be £75k at 24.9% if accepted.  

This is confusing. Should I go ahead with the full application?  Any chance it will be accepted even if the eligibility checker says otherwise?

Comments

  • WillPS
    WillPS Posts: 3,049
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    Depends how much you want it and how much you care about a hard search, I guess. There must be a reason a full application is offered even when a provisional decline has been shown.
  • lhwrandal said:
    The eligible checker said I will be declined for a card, but at the same time, the offer said my credit limit will be £75k at 24.9% if accepted.
    £75K sounds awfully high for a UK credit card for "ordinary" people.  Where did this offer come from - are you sure it was genuinely from Nationwide?  I'd recommend you tread carefully, and verify the source before you click on any links you may have been sent.
  • Olinda99
    Olinda99 Posts: 1,190
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    no it will not be 75k.
  • lhwrandal said:
    The eligible checker said I will be declined for a card, but at the same time, the offer said my credit limit will be £75k at 24.9% if accepted.
    £75K sounds awfully high for a UK credit card for "ordinary" people.  Where did this offer come from - are you sure it was genuinely from Nationwide?  I'd recommend you tread carefully, and verify the source before you click on any links you may have been sent.
    I am sorry.  It was a typo.  It should be £7.5k, not £75k.  The quote came from inside internet banking, so I am sure the source was legit.
  • lhwrandal said:

    I am sorry.  It was a typo.  It should be £7.5k, not £75k.  The quote came from inside internet banking, so I am sure the source was legit.
    Ah right, that sounds more reasonable.
    I can't say for certain, but I suspect that the offer you saw was just a generic advertisement for one of their products.
    lhwrandal said:
    The eligible checker said I will be declined for a card, but at the same time, the offer said my credit limit will be £75k at 24.9% if accepted.  


    That's the important part.  How it works is that a lender will advertise a product, and give an illustration of the indicative rates - which they have to offer to 51% of successful applicants.  So 51% of successful applicants in this example will be offered a card with a limit of £7.5K and an APR of 24.9%.
    Not all applications will be successful, and of those that are, not all will be offered the advertised T&Cs.
    If the eligibility calculator indicated that you're unlikely to be accepted then it's probably not worth applying.
    lhwrandal said:
    Any chance it will be accepted even if the eligibility checker says otherwise?
    Yes, there's a chance - the eligibility checker only looks at a small subset of your credit data, whereas a hard search (performed if you make an application) will look at all available data.  But a lender's own eligibility checker, whilst by no means foolproof, tends to give a slightly better indication than a generic third-party checker.  And whilst one hard search in isolation is neither here nor there, there's little point in applying if the indications are that you're likely to be rejected.


  • If you have a current account with them then they will be getting a monthly feed from the CRAs and will use this in conjunction with your account management to make offers - they don't come from thin air.

    Unless you have a pressing need for credit e.g. re-mortgage then one single credit card application should only make a negligible difference to your credit profile.

     
  • FredTrump said:
    If you have a current account with them then they will be getting a monthly feed from the CRAs and will use this in conjunction with your account management to make offers - they don't come from thin air.

    Unless you have a pressing need for credit e.g. re-mortgage then one single credit card application should only make a negligible difference to your credit profile.

     
    I opened the Nationwide account not long ago for the switch offer.  In that case, maybe I should use the account for a bit first to build some track record before I apply for the credit card.
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