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  • FIRST POST
    andipandi1979
    "Agreed in Principle" ?? What does it mean
    • #1
    • 25th Mar 09, 12:21 PM
    "Agreed in Principle" ?? What does it mean 25th Mar 09 at 12:21 PM
    I have recently applied for a loan with the bank and it has been agreed in principle, and I am now awaiting a decision from the underwriter, what does all this mean.

    Also, prior to this loan from the bank I went for finance with a car garage for a new vehicle and it was delcined with black horse, they then decided to take it upon themselves to do more searches without my consent, can these be deleted as i am trying to keep my file quite clean since clearing old debts and defaults within the last 2 years

    Please help, i desperatly need this loan for a car xxxx
Page 1
  • Rafter
    • #2
    • 25th Mar 09, 2:08 PM
    • #2
    • 25th Mar 09, 2:08 PM
    It means that based on the information you have provided so far you application looks ok, but if you have a poor credit history and the detailed seach fails their scorecard that you could still be declined.

    You probably consented to additional searches when you did the black horse application, so getting them deleted will be tough. However, searches don't count against you too much.

    R.
    Smile , it makes people wonder what you have been up to.
  • ~Brock~
    • #3
    • 25th Mar 09, 4:45 PM
    • #3
    • 25th Mar 09, 4:45 PM
    I probably means that you have been accepted based upon what you have told them, but will be subject to proofs of (for example) income, employment, identification etc.
  • Rossa
    • #4
    • 25th Mar 09, 10:25 PM
    • #4
    • 25th Mar 09, 10:25 PM
    The underwriter's job is to assess the risk that you might default on the loan. So even if you get a decision in principle that will only have been based on your bank account profile, income, how long you've lived at your current address, are you on the electoral roll etc. The underwriter will check your credit file and based on the history of your bad debts, may accept your application, accept with a higher rate of interest because of your credit history or decline.

    I'm sorry to say that if you've had a number of searches that can say to some underwriters that you have obviously been declined elsewhere and are desparate to get credit. Saying that it does take some time for all the searches to show up as your records are usually only updated once a month at the agencies such as Experian so in the short term you may be lucky.

    Hope you get the deal.
  • Innocent_Guy
    • #5
    • 29th Mar 09, 8:54 AM
    • #5
    • 29th Mar 09, 8:54 AM
    The underwriter's job is to assess the risk that you might default on the loan. So even if you get a decision in principle that will only have been based on your bank account profile, income, how long you've lived at your current address, are you on the electoral roll etc. The underwriter will check your credit file and based on the history of your bad debts, may accept your application, accept with a higher rate of interest because of your credit history or decline.

    I'm sorry to say that if you've had a number of searches that can say to some underwriters that you have obviously been declined elsewhere and are desparate to get credit. Saying that it does take some time for all the searches to show up as your records are usually only updated once a month at the agencies such as Experian so in the short term you may be lucky.

    Hope you get the deal.
    Originally posted by Rossa
    Searches are compiled on a live database. If you are subscribed to credit expert you will notice that your searches show immediatly or within 24hrs of your application
    Bank Accounts - Barlcays Premier[/B] - 1000 o/d, HSBC - 200 o/d- First Direct - 500
    Credit Cards - [B]Barclaycard 2000 - Silver Card 1300 - Flybe 7500 - HSBC 1000 - First Direct 2500 First Direct Gold 3000
    6 credit accounts closed in 2010!

    Official SOS Club number 001 - Dry until 01.07.10
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