Tesco loan application process....

Cash_Flow

PROLIANT wrote: »

A search is a search and it does not indicate whether you were accpeted or declined.
As I have found out, the hard way...again, too many searches are damaging.

what he said^^^^^^:D

missk_ensington

I went to 48hour Finance for a loan, and obviously gave permission for a credit search. WHat I didnt know was that they were a brokers and had dished out my details to every dodgy lender under the sun - checked my credit file and 17 credit searches have been done so far!!!! Every day I get ANOTHER email saying "we believe you have been declined for a loan, due to relxed lending criteria we have pre-approved your loan" and then I look at the bottom and the APR is like 29%!!

All I wanted to do was shift my Capital One credit card balance to a loan cos the rate is about to increase from 9% to 15% in April and I figured a loan would be a bit cheaper. Wish id never bothered now, 48hr have completely ruined my credit file and there's nothing I can do about it since they said "we may need to run a credit search is this okay" and of course I gave permission because you have to. At no point was I told I was giving permission for everyone to run a bloody credit search!

stephane_2

If it is full credit search then I would contact 48hrs Finance, having 17 searches will cause real problems for you to apply somewhere else. What about your bank? they don't tend to do credit search, internal score.

missk_ensington

Hi Stephane, I havent tried the bank, I cant really go to them because the only way I can get a loan is by embroidering my employment details which I cant do with Barclays as I have my business banking with them too. Had an approved Tesco loan, (alreadyhave a tesco loan, but have paid half off so went for a top up) but they required additional income checks (I wasnt expecting this as the first time round they asked for no proof of anything) so I had to abandon the application, which was a shame as it was only 8.5%.

Being self employed is a real pain in the !!!! :-(

Ritchie74

missk_ensington wrote: »

All I wanted to do was shift my Capital One credit card balance to a loan cos the rate is about to increase from 9% to 15% in April and I figured a loan would be a bit cheaper.

Are you aware that you can opt-out of the reprice? It will effectively close your account and hence you can no longer spend on it, however you can continue to pay down your current balance at the lower rate. Mimimum payment % and all terms of the account remain the same.

missk_ensington

Ritchie74 wrote: »

Are you aware that you can opt-out of the reprice? It will effectively close your account and hence you can no longer spend on it, however you can continue to pay down your current balance at the lower rate. Mimimum payment % and all terms of the account remain the same.

Hi Ricthie,

No I didnt know this?? The letter I received said I either had to accept it, or repay my entire card and close it (£5,500). Are you absolutely sure? This would be perfect, I dont spend on the card anyway, I have cut it up now.

Thank you, that is very useful information!!!

stephane_2

Credit card providers when they decide to increase your interest must offer you the right to refuse the increase by closing the account, you are still repaying at current rate but unable to use the account again & it does not affect your report as the account will still show as active. You normally have a month to accept. I would contact Capital if I were you & ask why you have not been offered that option.

missk_ensington

stephane wrote: »

Credit card providers when they decide to increase your interest must offer you the right to refuse the increase by closing the account, you are still repaying at current rate but unable to use the account again & it does not affect your report as the account will still show as active. You normally have a month to accept. I would contact Capital if I were you & ask why you have not been offered that option.

Thank you :-) They said I could accept the new rate or 'repay the account and cancel'. I had assumed they meant repay it immediately which I didnt have the money to do - I didnt realise it meant continuing with monthly payments! Think it may have been over a month :mad:

stephane_2

Might still be worth giving them a call, just say you misunderstood them...