Lloyds Loan my personal rate 24.9%

MABLE

Every time LLoyds update their systems each month my personal loan rate varies considerably. It has gone from 5.9% up to 24.9%. When I have spoken to the respective bank they said it is based on a number of factors. I have never had a cheque, dd or standing order returned unpaid. I have checked my credit file with Experien and Equifax and everything seems fine. I have been at my present address over 5 years. However being the tart I am I have had about 12 searches in the last 12 months for various credit cards for stoozing purposes. Could this have affected my score and if so would you anyone suggesting cancelling my unused credit cards.

jonesMUFCforever

Please explain further - do you have a loan are you just going in to ask what rate you would be offered? A personal loan is fixed for the term once it has been opened.
Having a lot of credit on credit cards may well affect your credit rating becaus a bank does not know that you will not max out every one of them and do a bunk!

asandwhen

I have the same problem with Lloyds - My experian credit score on credit expert is 960 (high) - A few weeks ago lloyds wrote to me offering me a loan of £10000 at 6.4% the next wek they sent me a ltter offering £7500 at 19.9% - i called and asked them about it and they said that my personal score with lloyds was 3 (very good) but then changed to a 5 the next month (average) when asked why she stated that because I had used my overdraft limit for a longer amount of days that month and would likely go back to a 3 in a few months time.

Sam_Bee

Mable, I've thanked you as you've got me re-looking at what Lloyds offer.

They have an 'Apply online' loan selector, and I'm looking for a loan. I checked with this, and it quoted me 12.9% no matter how much / how long. This annoyed me as I've been with them 22 years as my main account with no problems and only ever teething monetary problems.

I checked elsewhere and I got offered 10.7% with a rude idiot at Northern Rock "No, I don't want PPI, i'm not due to die in the next week, neither are my family, stop pretending to check with your supervisor that it's OK that I don't take it by putting me on hold when I know all your doing is swearing at me as your commission is rapidly going downhill". But either way wasn;t going with Lloyds.

Check today, my % is now 6.4% for same amount and nothings changed on my account!! So will tie that up. Better still it's online so all you do is untick the PPI box and not deal with some idiot trying to mis-sell me something!

Moral of the day: Everything Lloyds does is withour rhyme or reason!

mrmajika

Lloyds system updates each month with a new 'risk band' around the 25th of each month.

The rate offered is calculated by how you have ran your account in the past. From what I gather, external credit reference agency data is not all that important.

MABLE

mrmajika wrote:

Lloyds system updates each month with a new 'risk band' around the 25th of each month.

The rate offered is calculated by how you have ran your account in the past. From what I gather, external credit reference agency data is not all that important.

Since posting I have been told my risk band is has gone from 3 to 9. However I understand if you use the overdraft facility this can have an affect. My overdraft limit is £7000 only use it when transferring money around and that is only for a couple of days. 9 is the worst possible rating. I rang LLoyds and could not understand why this has happened.

MABLE

Sam_Bee wrote:

Mable, I've thanked you as you've got me re-looking at what Lloyds offer.

They have an 'Apply online' loan selector, and I'm looking for a loan. I checked with this, and it quoted me 12.9% no matter how much / how long. This annoyed me as I've been with them 22 years as my main account with no problems and only ever teething monetary problems.

I checked elsewhere and I got offered 10.7% with a rude idiot at Northern Rock "No, I don't want PPI, i'm not due to die in the next week, neither are my family, stop pretending to check with your supervisor that it's OK that I don't take it by putting me on hold when I know all your doing is swearing at me as your commission is rapidly going downhill". But either way wasn;t going with Lloyds.

Check today, my % is now 6.4% for same amount and nothings changed on my account!! So will tie that up. Better still it's online so all you do is untick the PPI box and not deal with some idiot trying to mis-sell me something!

Moral of the day: Everything Lloyds does is withour rhyme or reason!

I have been with LLoyds for about the same period of time and have never defaulted in anyway. I checked my rate again today still at 24.9%. I have had loans with them in the past and I have always paid them off very promptly. However good to hear you got a decent rate in the end.