Has a Natwest Error ruined my Credit Score?

monkeydust_2

I have been working on a Loan deal from Natwest, now when I initially applied I got a rate of 7% which was Ok with me, however I have come back from holiday and it appears they wrongly entered in some details, as a result, so I went back to the branch and they re-keyed (effectively re-applied) for the loan and guess what the rate jumped to 9%. So has my credit score (as I suspect) been ruined by the initial Natwest error to which they admit was their mistake?? Can I claim compensation here or remedy the situation?

Blue_Lou

What kind of details were mistakenly input, was it an an extra zero on your monthly income ? (only kidding..) I am intrigued however, it should not be a problem as long as the original 7% loan is cancelled within 30 days.

monkeydust_2

it was actually move in date to new address - but the point is they could offer me 7% one week and after this when they had to re-apply they came up with 9% ? Would a re-application a week after do this ....

regularsaver1

How long ago was the original application keyed?

The Bank of England has increased interest rates by 0.25% so this may have changed the rates available for loans anyhow

Astaroth

Most lenders will see a series of footprints within a short time span as being from a single application and therefore count them all as one.

As with all things though, each lender has their own scoring system and so there may be some acceptions

monkeydust_2

thanks for the responses - anyway I have asked Natwest to explain ...we shall see.. thinking of getting a quote elsewhere but slightly concerned on the impact of credit score ...grrrrr!

monkeydust_2

just got accepted for 6.1 from Abbey! - no idea what Natwest were playing at.

jamesd

NatWest should not make two searches for one loan. If they have done you can ask them to remove one of them. One exception: it's OK to do a quotation search then a credit search - the first is a quote, the second for the actual loan.