accepted for a loan by company you have had no past connection with

dosser_2

anyone out there with any experience of this?
what was the loan amount?

dosser :xmassmile

angelica

I've got a loan from Liverpool Victoria and I never heard about them before I started to use this site. The amount was £20.000, APR 5.9% (I have a very decent salary).

The_Boss

Angelica, may I ask some questions.

What is your salary?
Did they do a credit search through Equifax or Experian?
Do you know what your credit score?

I ask these as I am looking for a loan and Liverpool Victoria is someone I was looking at.

dosser_2

Angelica

did you have any loan history on your credit report before you applied?

angelica

The Boss,

My net income is about £2.750 a month. Btw they asked me to send them proof of my income.

According to Martin's table Liverpool Victoria uses both (or actually all three)

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1129725802,83707,

Unfortunately I don't know my credit score (it should not be very high as I have a lot of debts ), I think I was just lucky because at the same time Tesco refuses to give me a loan with APR of 6.3%.

The_Boss

Interesting. I'm not paying too much attention to the table, as I called three companies on there that it said use Equifax, and two said they use Experian as well. The other I went through said they used Equifax but used Experian

Credit rating isnt all about debt though - obviously you earn a lot so it could be cleared easier than someone like me who earns less. Its about making regular repayments so I guess you are fine if you were accepted.

I'm going to steer clear of loans for the moment, but thanks for the info.

angelica

Oh yes, dosser
I had a loan and handful of credit cards on my credit report

dosser_2

Angelica


was your first loan paid off or still outstanding?
how long had you had it for?

angelica

dosser,

the purpose of LV loan was to repay more expensive one, I am pretty sure that it still was on the credit history file at the moment of my new application

Catch_A_Fire

Dosser,

I don't think many lenders will discriminate too strongly against applicants with little or no previous association with them. It's a competitive market and lenders turning away people on the basis that they don't already bank with them would be ignoring a massive section of the market! If you have had a previous loan with a company they may assess you with a degree of leniency but at the end of the day they are only interested in making money. If you fit their criteria you will be offered a loan, if you don't you won't. If you're still concerned about this, apply to one of the lenders spending money on advertising, they'll be least likely to discriminate in this way too agressively.

HTH

dosser_2

anyone else out there with any experience?

ps no theories please!