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Barclays (Barclaycard) offers new "Pre-approval" test to see if you qualify for Credit

Last post Sat, Sep 19 2009, 4:33 AM by Curt.. 6 replies.
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  •  Sat, Sep 19 2009, 4:33 AM

    Re: Barclays (Barclaycard) offers new "Pre-approval" test to see if you qualify for Credit

    mrstella0:And also a lie.

    Its not a lie, your interpretation is skewed.

    As anyone who works with a credit system knows, a search footprint may not affect your credit rating, but it DOES affect your ability to get credit. Too many search footprints are automatically seen as a sign of possible fraud by the credit reference agencies and banks.

    Right, its only if there are numerous searches done that it will start to effect your rating, if it is done within minutes of an application, other lenders will see what has happened and a CRA may even remove one or more of the searches from your profile, or combine them for the sake of convenience.

    • Post Points: 5
  •  Sat, Sep 19 2009, 4:29 AM

    Re: Barclays (Barclaycard) offers new "Pre-approval" test to see if you qualify for Credit

    Jalexa:

    mrstella0:

    And also a lie

    "Quotation Searches" are not visible to lenders

    It is visible to yourself when you look at your report, but because it leaves a footprint only, yes, the lender won't see it again when you actually apply...however the footprint itself may be what is of concern to some of the posters here...

    To me its not really anything to worry about, its what is (i think) the main conspiracy crowd of anti-lending philosophy being pushed that lenders access your information too much and what not. Makes no sense to me, but there ya go!

    • Post Points: 5
  •  Fri, Sep 11 2009, 9:34 AM

    Re: Barclays (Barclaycard) offers new "Pre-approval" test to see if you qualify for Credit

    mrstella0:

    And also a lie

    "Quotation Searches" are not visible to lenders

    • Post Points: 20
  •  Fri, Sep 11 2009, 9:31 AM

    Re: Barclays (Barclaycard) offers new "Pre-approval" test to see if you qualify for Credit

    sparky76:

    Interesting...

    Yes, it's a "quotation search" the results of which are used to "price for risk" in the recommendation to apply for a particular card product. It's an interesting idea particularly where the applicant has any concerns about their credit history. Will be really interesting to see if the idea catches on with other issuers.

    • Post Points: 5
  •  Fri, Sep 11 2009, 9:27 AM

    Re: Barclays (Barclaycard) offers new "Pre-approval" test to see if you qualify for Credit

    And also a lie. As anyone who works with a credit system knows, a search footprint may not affect your credit rating, but it DOES affect your ability to get credit. Too many search footprints are automatically seen as a sign of possible fraud by the credit reference agencies and banks.
    • Post Points: 35
  •  Fri, Sep 11 2009, 9:17 AM

    Re: Barclays (Barclaycard) offers new "Pre-approval" test to see if you qualify for Credit

    "Barclaycard is the first credit card company in the UK to use this unique system. A search ‘footprint’ is left on your credit file, to show your information has been accessed, but as this isn’t a formal credit application it won’t affect your ability to get credit in the future."

    Interesting...

    • Post Points: 35
  •  Fri, Sep 11 2009, 5:39 AM

    Barclays (Barclaycard) offers new "Pre-approval" test to see if you qualify for Credit

    They claim to be the first to do so in the UK, but i'm not sure how accurate that is...none the less here it is:

    https://letmechoose.barclaycard.co.uk/

    Saves making an application of the search indicates it won't get approved. Obviously its not 100% accurate but reviews seem good.

    I've never seen any other UK lender provide a similar service but its commonly done in the US by entering in your SSN along with name, DOB, address etc, like with Barclays.

    The only difference is, Barclays don't seem to include National insurance # requirements which is the big difference in the way applications are made both sides of the pond. Lenders rarely require a national insurance number these days in the UK.

    Any thoughts from anyone?

    • Post Points: 20