Moneysupermarket.com

as400

Utilizing Equifax "Our smart search will show you the cheapest loans based on your individual credit score! (No record or ‘footprint’ will be left on your credit history)"

Am not sure exactly how they can get your credit file and not leave a footprint??

But are they saying they can more or less find a lender or lenders who will lend to you a set amount of money?....do they take into account the other usual things for example how long you have been in your job/are you on the phone/length of time on the electoral role etc.....do you think they have access to the credit scoring guides used by financial institutions or do they just submit your application to who ever will pay them the most commission and hope for the best?

Do they guarantee acceptance?....I mean they are working on commission from the lenders so presumably will only recommend an institution that WILL lend to you?

Anybody used this method?

Rafter

Not sure quite how they have done it.

Given that the lenders don't use the Equifax score but use their own 'scorecard' for each applicant with different weightings, as you say the moneysupermarket system in no way guarantees acceptance.

Personally I am always careful with using moneysupermarket. Unlike moneyfacts or this site, they are not impartial and give higher priority to the products that pay them the highest commission.

I used it and both companies I applied to turned me down at their advertised APR when I refused to take the overpriced payment protection insurance.

In the end I went with my own bank who, while not being quite as competitive on rate offered me the amount I wanted, without repayment penalty and without the hard sell on the insurance.

I think the key is to be realistic about your own credit footprint when applying for a loan.

My problem is that despite a good income, own house etc I have loads of credit cards from using intro offers so my file looks a bit 'littered'.

R.

MSE_Martin

I quite like the Smart Search - i've been nagging for them to do it for a while. The idea is it gives a rough calculation of your abilitiy to gain credit rather than using your data. You answer some questions and it tells you which is most likely to work. The result while not perfect is better than going in blind.

However if you go via the link in the article - as opposed to going in direct it excludes secured loans - i refused to link through to something that mixed the two together

martin

grumbler

MSE_Martin wrote:

I quite like the Smart Search - i've been nagging for them to do it for a while. The idea is it gives a rough calculation of your abilitiy to gain credit rather than using your data. You answer some questions and it tells you which is most likely to work. The result while not perfect is better than going in blind.

Is this search the same as "Credit Quotation" search as described in this post?

MSE_Martin

No if you try it you'll see - it's a step below the zopa search - so there's no search on your file. You do it without entering any personal details - try it and you'll see

maforduk

I'v gone to the webite and i'm confused.
I have a credit score of roughly 750! (Poor) with Experian, I have notices of correction on the file now though.
I want to get a life of balance transfer card to help sort my finances out but get refused...how come MANY people keep on getting card after card after card yet I can't get one to help clear debts?
Martin, can you help?