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  • FIRST POST
    • stusid44
    • By stusid44 13th Mar 17, 1:46 PM
    • 1Posts
    • 0Thanks
    stusid44
    Marks & Spencer - Misunderstanding of Loan Rates
    • #1
    • 13th Mar 17, 1:46 PM
    Marks & Spencer - Misunderstanding of Loan Rates 13th Mar 17 at 1:46 PM
    I just applied for a Loan at their headline 3% APR rate. Letter came through 3 days later advising they will do it at 6%. This is despite me having an Experian Credit score of 991 (Reduced by 8 points recently due to (I expect) the Loan application)


    I am not at all happy, and M&S have said 'it was a computer decision'.


    I want this removing from my credit score. Is this possible if I complain?
Page 1
    • motorguy
    • By motorguy 13th Mar 17, 1:49 PM
    • 15,662 Posts
    • 8,973 Thanks
    motorguy
    • #2
    • 13th Mar 17, 1:49 PM
    • #2
    • 13th Mar 17, 1:49 PM
    3% APR is their typical APR, not their guaranteed rate.

    Providing they give that rate to 51% of people, then its the typical APR.
    You are not special. You are not a beautiful and unique snowflake.
    • DCFC79
    • By DCFC79 13th Mar 17, 1:51 PM
    • 30,273 Posts
    • 19,151 Thanks
    DCFC79
    • #3
    • 13th Mar 17, 1:51 PM
    • #3
    • 13th Mar 17, 1:51 PM
    I just applied for a Loan at their headline 3% APR rate. Letter came through 3 days later advising they will do it at 6%. This is despite me having an Experian Credit score of 991 (Reduced by 8 points recently due to (I expect) the Loan application)


    I am not at all happy, and M&S have said 'it was a computer decision'.


    I want this removing from my credit score. Is this possible if I complain?
    Originally posted by stusid44
    First of welcome to MSE.

    Secondly your credit score despite being 991 is of no use to lenders, they see the history. The fact you were offered 6% is really good, its not what you were after nor is it extremely high like 20%.

    Your application would have been put through a computer to determine the rate to offer.

    What would you like to complain about ?

    Its pretty standard for all lenders to state that the rate of 3% is given to 51% of people, then its the typical APR.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Pixie5740
    • By Pixie5740 13th Mar 17, 2:01 PM
    • 11,098 Posts
    • 15,362 Thanks
    Pixie5740
    • #4
    • 13th Mar 17, 2:01 PM
    • #4
    • 13th Mar 17, 2:01 PM
    I just applied for a Loan at their headline 3% APR rate. Letter came through 3 days later advising they will do it at 6%. This is despite me having an Experian Credit score of 991 (Reduced by 8 points recently due to (I expect) the Loan application)


    I am not at all happy, and M&S have said 'it was a computer decision'.


    I want this removing from my credit score. Is this possible if I complain?
    Originally posted by stusid44
    Really? Yet another thread from someone who a) doesn't understand representative APR and b) cannot use the search function on the forum.

    You applied for the loan therefore the search showing on your credit file is an accurate entry. You cannot have it removed just because you didn't achieve the representative rate.

    If Experian rate you so highly (I hope you are not paying for that marketing tool score) perhaps you should ask them to lend you some money.
    Last edited by Pixie5740; 13-03-2017 at 2:07 PM.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • foxy-stoat
    • By foxy-stoat 13th Mar 17, 2:04 PM
    • 1,561 Posts
    • 862 Thanks
    foxy-stoat
    • #5
    • 13th Mar 17, 2:04 PM
    • #5
    • 13th Mar 17, 2:04 PM
    I just applied for a Loan at their headline 3% APR rate. Letter came through 3 days later advising they will do it at 6%. This is despite me having an Experian Credit score of 991 (Reduced by 8 points recently due to (I expect) the Loan application)


    I am not at all happy, and M&S have said 'it was a computer decision'.


    I want this removing from my credit score. Is this possible if I complain?
    Originally posted by stusid44

    Credit score is irrelevant.


    The loan is not on your credit score, only the search which cannot be removed, it will be of no consequence though to your future credit applications unless you plan on applying a few times.


    You can complain but you will not get very far.


    You can, however, vent your anger on here, but it will not achieve anything.


    PS, 6% isn't a bad rate ya know !
    • tykesi
    • By tykesi 13th Mar 17, 2:30 PM
    • 1,811 Posts
    • 2,501 Thanks
    tykesi
    • #6
    • 13th Mar 17, 2:30 PM
    • #6
    • 13th Mar 17, 2:30 PM
    Oh bless...
    £2017 in 2017 - £5396.83
    • ReadingTim
    • By ReadingTim 13th Mar 17, 2:33 PM
    • 2,147 Posts
    • 3,048 Thanks
    ReadingTim
    • #7
    • 13th Mar 17, 2:33 PM
    • #7
    • 13th Mar 17, 2:33 PM
    If your credit score could be determined by whether or not you complain, that 999 number you once had and are clearly so proud of would mean absolutely nothing. As such, it's largely meaningless, as you've found out.

    Your credit history however, is important, so needs to be correct and complete. You applied for a loan, so it should show that application. Why should this statement of fact be omitted?
    • iolanthe07
    • By iolanthe07 13th Mar 17, 4:22 PM
    • 4,904 Posts
    • 4,620 Thanks
    iolanthe07
    • #8
    • 13th Mar 17, 4:22 PM
    • #8
    • 13th Mar 17, 4:22 PM
    Did you not understand what 'headline rate' means? It is the rate offered to 51% of successful applicants. It wasn't offered to you because you fall into the other 49% category, and actually 6% isn't too bad.Your credit score is a meaningless number dreamed up by agencies who aren't actually going to lend you any money. You have absolutely nothing to complain about.
    I used to think that good grammar is important, but now I know that good wine is importanter.
    • PeacefulWaters
    • By PeacefulWaters 13th Mar 17, 4:52 PM
    • 7,164 Posts
    • 8,818 Thanks
    PeacefulWaters
    • #9
    • 13th Mar 17, 4:52 PM
    • #9
    • 13th Mar 17, 4:52 PM
    I'm meant to be nice to newcomers. Even those who can't read information clearly available prior to applying for a loan.

    Credit subject to status to UK residents only. To apply you must have an annual income of at least £10,000 and be aged 18 or over. Customers who do not meet our normal lending criteria may be offered a loan at a different APR. This will depend on your personal circumstances. The maximum APR you could be offered is 18.6%.
    • Shakin Steve
    • By Shakin Steve 13th Mar 17, 5:16 PM
    • 1,038 Posts
    • 759 Thanks
    Shakin Steve
    He can't even spell his name.

    Sorry
    I came into this world with nothing and I've got most of it left.
    • Shakin Steve
    • By Shakin Steve 13th Mar 17, 5:17 PM
    • 1,038 Posts
    • 759 Thanks
    Shakin Steve
    No...really...sorry. Uncalled for. A bit funny, though.
    I came into this world with nothing and I've got most of it left.
    • robber2
    • By robber2 13th Mar 17, 6:26 PM
    • 273 Posts
    • 217 Thanks
    robber2
    Pity the title of this thread cant be changed; should say 'misunderstanding' rather than 'misleading'.

    Have a read of a few of the stickies and current topics on this site; you can learn a lot about ;
    1, loans interest rates and how they vary (hint; even 6% is a Very good rate) ,
    2, the 'credit score' con that'ss used to extract cash from the gullible,
    3, how and when to complain (and when NOT to),
    4, how to get errors in your credit record corrected (not relevant to your particular issue BTW).

    good luck

    Rob
    • 27cool
    • By 27cool 13th Mar 17, 6:50 PM
    • 249 Posts
    • 193 Thanks
    27cool
    The OP seems to have vanished. I can't think why. Well, perhaps I can.
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