Personal Finance News
Experian Officially Introduces “No Ding Decline” Card Marketplace
Those hoping to obtain a new credit card but have concerns about their approval may be interested in a new feature from Experian.
About Experian’s “No Ding Decline”:
This week, Experian has officially launched its No Ding Decline feature. Now, customers searching for credit card products in its marketplace will see offers with this option — meaning that, if customers aren’t initially approved, they won’t see a hard inquiry on their credit report. According to Experian, its marketplace is now the only place where consumers can see several of these types of offers from a variety of issuers in one location.
It should be noted that, while the No Ding Decline promise applies to those who may not be initially approved, once an application is approved, some customers may not be able to pass final verification. In these cases, the hard inquiry would still be reporting and, in turn, could impact credit scores.
The official rollout of the No Ding Decline feature comes as the holiday shopping season is in full swing. On that note, a recent Experian survey found that 59% of consumers prefer using credit cards fo holiday shopping. As a result, one-quarter of those surveyed said they were evaluating their current cards in order to select the best one for their purchases. Additionally, 15% intend to open a new credit card this holiday season — which is up four percentage points from a similar 2023 survey.
What they’re saying:
Discussing the idea behind the No Ding Decline feature, Experian’s senior director of Consumer Education and Advocacy Rod Griffin explained, “Typically, applying for credit involves a hard inquiry and your credit scores may dip. This could make it more difficult for those who are seeking to strengthen their credit profile and would like to leverage a credit card to do so.”
Griffin continued, “Now consumers can apply with confidence knowing that if their application is declined they won’t hurt their credit scores.”
My thoughts:
Overall, this sounds like a solid idea from Experian as it really is a shame that those looking to obtain cards are not only denied but could further hurt their credit in the process. Of course, how useful this feature is in practice depends on what cards are actually available. Without seeing a list of options, it’s hard to say for sure whether there are any I’d recommend. Still, if you’re in the market for a credit card and are worried about your approval odds, this No Ding Decline feature may be worth looking into.
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