Credit report for bank loan.

ps10006

i also assumed it may be down to my barclaycard. Hmm yes i will give Experian a call then to see whats what. Do you (or anybody) think that if a wait untill new year and keep going as i am with my payments every month, let the searches drop off and then apply again that i will have any more luck????? i cant get my head around it and its rather disheartening. I may look into appealing against my banks decision also

izools

I would suggest at least having a punt with Zopa and Yes-Secure, as Zopa search Equifax and Yes-Secure search Call Credit.

The overwhelming majority of other lenders search Experian so if you are declined by both any lender you apply to in future won't see the applications made to Zopa and Yes-Secure, so long as they search Experian - as Natwest and Nationwide do

There is no benefit to sticking with your bank irrespective of what is available elsewhere, as you may find that you simply don't fit their criteria and will never be approved - through no fault of your own, you may also be paying more interest that you would elsewhere.

ps10006

Okay i am going to look into Zopa. Rather them than Yes-secure as they dont have great reviews on the internet. Have you dealt with Zopa before? If so what are they like? It seems they only lend to people with 'good' credit ratings.... Also seems like the APR isnt fixed which tells me that after a while the APR will shoot up, never down. P2P lending is a bit of a unknown for me

izools

I've borrowed from Zopa and quite frankly, I rate them above reproach. I've never come across such an enlightened lender with such a great approach to the market.

Because Zopa act as an intermediary not a lender (they have thousands of members like you and I who lend their hard earned to other folks), their credit scoring doesn't have any "ideal customer" or the such like. A lot of banks set up credit scoring that looks more at profitability than risk, Zopa uses good old risk analisys and not profitability indexing.

And no, I don't work for them

ps10006

lol i was going to ask if you work for them. Okay i am going to look into these. So borrower to borrower, could you tell me if there are any nasty hidden suprises when borrowing from these? Or is the loan plan laid out simple for me so i know what i am to be paying every month and for how long just as a bank would...

Thanks

izools

It's better than a bank.

You can make overpayments as and when you please, totally penalty free, or settle up in full early, again totally penalty fee.

They charge an arrangement fee but this is taken into account when they show the APR so totally transparent.

EDIT: You can also check your loan in a very comprehensive manner - shows interest charged and repayments made to date, and also who put what into your loan -



Cool, huh?

KingElvis

Isn't ratesetter another one of these P2P lenders?

I had a look a while back and they were quite good on rates.

Just a thought.

izools

KingElvis wrote: »

Isn't ratesetter another one of these P2P lenders?

I had a look a while back and they were quite good on rates.

Just a thought.

Yep, there's ratesetter, and another one, too, can't for the life of me remember the name though...

Zopa and Yes-Secure are the "Big" ones, though

Oh, the other one is Quakle

Letfromspain

KingElvis wrote: »

Isn't ratesetter another one of these P2P lenders?

I had a look a while back and they were quite good on rates.

Just a thought.

Do you know which CRA ratesetter use?

izools

Experian and Call Credit together, I think.