A tool from Capital One called QuickCheck lets credit card applicants find out if they'll be approved without damaging their credit rating. Here's how it works.
Applying for a credit card can be a tricky business, especially for anyone with a poor credit rating.
That’s why Capital One’s QuickCheck tool could prove useful. It lets you find out if you’ll be approved for before you even apply, so it won’t affect your credit score.
The lender says you’ll get a response in 60 seconds whether or not you’ll be approved.
To check, you'll first need to answer a few questions about yourself, your income and your living situation.
Capital One will then do a ‘soft search’ of your credit file to deliver the verdict.
Why does this even matter? We explain all.
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Too many searches make lenders nervous
Every time you apply for a credit card or loan, it leaves a mark on your credit report that other lenders can see.
If you have too many of these marks in a short period of time it makes lenders nervous as they’ll think you’re desperately in need of credit that you might be unable to pay back what you owe.
There’s no definitive number when it comes to too many credit searches as different lenders will have different standards, but it’s best to stay on the safe side and avoid a large number of searches in a short period.
That's difficult to do, however, as most lenders won't tell you if you’ll be accepted for a card until you actually complete the application.
This is self-defeating as, the more marks on your credit report, the less likely you are to be approved.
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Slip-ups stick around for a long time
Using a tool like QuickCheck, or our very own Smart Search, could save you from disappointment when you’re applying for a credit card.
Even though lenders are more concerned about your recent activity, multiple searches in a short space of time will stay on your report for six years, which can prove costly.
So If you can reduce the damage now, all the better.
You can set realistic expectations for your borrowing
With QuickCheck, your score will be matched up with the credit cards that you're eligible for, giving you more clarity about your options.
This will help you plan and budget much more effectively in the longer term or at least give you a better idea of what you're eligible for across the market.
Need to know where you stand before you apply? You can check your credit report free for 30 days
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