Personal loan

[jonny72]

Why not just ask the Nationwide why they're quoting you 19% when they're advertising 8%, they should tell you whether its due to a poor credit rating or not. Have you asked the bank your current account / mortgage is with?

[Sippo]

Asked my current account/mortgage. I did ask Nationwide and halifax how they can charge that much considering the bank of england rate and they blamed the recession...

I'm thinking credit card at the moment. Virgin seems the best bet.

[Barry Scott]

I know years ago if you had a questionable credit rating or one worse than normal, you could write to Equifax and say that you think there's errors against your file and you want them to review it. They then used to essentially remove all blemishes from your file, leaving a normal credit rating, for 30 days while under review, therefore allowing you to get loans at a better rate. At least that's what my loan selling mate used to tell potential clients when the FSA weren't looking!

[jonny72]

I'm thinking credit card at the moment. Virgin seems the best bet.

If you can't get a decent rate loan due to your credit rating, you won't get a decent rate on a credit card either.

You really need to find out why you're being offered such high rates and not the low ones.

[Samdy Gray]

And the more applications you make the worse it will get.

[4D]

Im just a greedy materalistic old hag!!

Ive been waiting a long time - Ive put in the time so deserve the rewards!

I want a rock so big I cant fit my hand in my handbag - Ideally!

I think your fella should buy you a smaller handbag then 

[Sippo]

And the more applications you make the worse it will get.

See thats the problem. The bank ones are just quotes so no credit checks were done, so thats what I don't understand. If no credit checks were done how can they justify that high a percentage?!

[jonny72]

Something ain't right.

How did you get the quotes? Online? Phone? Branch?

What info did you give?

Can you afford the repayments?

The rates you said they quoted are reserved for people that have got fucked up credit histories, which means a record of late / non-payments and most likely a CCJ or worse.

[Samdy Gray]

See thats the problem. The bank ones are just quotes so no credit checks were done, so thats what I don't understand. If no credit checks were done how can they justify that high a percentage?!

I very much doubt it's "just a quote". If you only did a quote in principle, then it'd be based on their headline rate (the best deal). To do a quote on such a high % the must have done some form of credit check. Have a look at the small print on the quotes you've done.

I would strongly suggest not doing anymore quotes or applications until you've checked your credit file, or you will do damage which could take years to put right.

[Sippo]

Went into the branches. They don't do a credit check as, like sam says, it can damage it. I basically wanted to know how much it would be. So I gave them my name, address etc, they do a poll deed check to make sure your address is correct and work out from the salary.

We can easily afford the repayments, and have never missed a mortgage/loan/credit payment. I did ask why it was so high, and they blamed the recession. They're trying to claw money back.

She'll just have to wait a few weeks see if anything changes. Its just really annoying, because it just doesn't make sense.

[Sippo]

No credit checks were done. There is no small print. Its an 'illustration' of what they can offer.

They'll probably ring me anyway, so I'll ask why when they do.

[michael]

The APR isn't neccessarily a reflection on your credit rating, the amount you apply for is a factor as well: The more you borrow, the lower the rate. £5k is a small loan amount, probably lower than they advertise.

Also the time to repay: The longer you borrow, the lower the rate.

[Sippo]

That is very true Michael. They advertise the 9% if you borrow more than £7500.