What is an eligibility rating?

Eligibility ratings are simply an indicator of how likely you are to be approved for the credit service you are looking at. That’s why your eligibility rating differs from search result to search result.

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When you’ve completed a search for a new credit card you’ve likely noticed your search results appear with an eligibility rating next to all of, or most of, the products you’re shown.

Especially if this is the first time you’ve looked for a credit card, you might not know what an eligibility rating is. Simply put, the eligibility rating alongside the product is an indicator of how likely you are to be accepted by the lender for that particular product. That eligibility is based on well your credit information matches with the lenders criteria.

Unlike when you actually apply for credit, a hard credit search is not conducted to determine your eligibility. Your eligibility is determined by matching your data to the lender’s criteria. Credit reference agencies or the lender may be contacted for information about you, so you may see a soft search on your credit report. The benefit of this being done via a soft credit search is that it does not impact your credit score.

The criteria a lender is looking for differs from lender-to-lender, but it’s essentially what they want to see in a customer. It’ll likely include things like:

  • Whether or not you’ve applied for credit recently

  • Your income

  • Your employment status

  • Whether or not you’ve missed any recent payments

  • Your outstanding balance on other credit facilities

To see your eligibility for a credit service, you simply need to conduct a search through Monva. And if you’ve used our service before, we’ll use the information securely stored in your account to pre-populate your search.

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Tags: Credit Cards