Amazing credit rating but silly rates...help!

markeddie

Hey,

So i just applied to my bank for a loan of 15K and was given the apr of 19% !?!? Ive been refused on Zopa as well.

Checked my credit rating with Equifax and its Excellent coming in at 935.

Any ideas why the banks etc arent giving me a good rate ? I dont have any outgoings (homeowner with no mortgage), good salary, two credit cards that i always pay off..... should surely be a model candidate.

Any help of views would be great.

Cheers ,
M

geoffky

Because your credit rating is not worth the paper it is written on...its not used by banks.
It is used to get people to pay to look at it..get the idea?

CLAPTON

how much do you earn?

KingElvis

Yeah the "credit scores" given to you by the likes of Experian are about as much use as a fart in a jacuzzi. They are inacurate, misleading and I would say bordering on the modern version of snake oil.

Obviously something in your past has spooked your bank into giving you that quoted APR...probably current debt vs income ratio, missed payments or bounced DDs

markeddie

Hmm food for thought. I have no debt, earn around 20k gross. I have noticed that there are two british gas late payments on file. But over 10 months ago. I must admit i do pay bills a touch late :-) Maybe thats it. Credit score is 4 off perfect.

May have had a bounced DD a while back for virgin media ?!?! Would that show ??!?

Cheers all

~Brock~

markeddie wrote: »

May have had a bounced DD a while back for virgin media ?!?! Would that show ??!?

It might not show on your credit report but your bank would know about it because it would have been them that kindly bounced the DD on your behalf !

malcolmffc

You're trying to borrow more than what you earn net in a year. Te banks see you as high risk, and are pricing the interest rate accordingly. TBH I'm surprised they didn't just flat turn you down.

Hazzinho

Credit reports don't take into account earnings £15k on £20k gross salary you won't get a better deal than that. You will almost certainly get turned down for credit after you get this loan. debt over 50% of an annual wage is quite a big negative with most lenders.

Bravehearted_2

*Pauses for laughter*

Late payments and bounced DDs =/= amazing credit rating.

opinions4u

Checked my credit rating with Equifax and its Excellent coming in at 935.

there are two british gas late payments on file. But over 10 months ago. I must admit i do pay bills a touch late

So even though you pay bills late, your credit rating is excellent. What a load of tosh these ratings are!

i just applied to my bank for a loan of 15K and was given the apr of 19%

If you don't always pay your bills on time, I'd be surprised if you can get better than this.

sharpy2010

wushuangpu wrote: »

Oh,i see that

Yes, and I've just seen that you've been reported for spamming!