is it worth trying to get a better rate?

ice_babe

Also sainsburys say on there web site

"Price Promise - if you're offered a better rate on a like-for-like loan elsewhere, we'll beat it"

So surely they cant then penalise you for get another couple of quotes?

Fairway871

My Credit report states " Quotation searches (including those made via price comparison websites), unrecorded enquiries, identity verification checks and credit report applications are shown on your copy of your report but are not seen by lenders and are not taken into account when making credit decisions"

However, Sainsburys say in their blurb that making several applications can affect your credit rating. In my case I applied to Sainsburys, who approved my loan, and to M & S, who approved the loan. I declined both offers because they increased the rate, but it would seem that my credit rating could be affected. This appears perverse to me. Does anyone know if this unacceptable situation can be reversed. ( and yes, I know, I should have read the small print.)

The best advice apparently is, if you are not sure about the product, then first ask for an quotation before making a full application. I would suggest that if, like me, you want to find the lowest APR for a loan, then do not make an online application and get an indication from the lender before making the application. That way any credit score enquiries will not appear on your credit record seen by potential lenders.

ice_babe

Quick update, Loan came through yesterday. Paid of all our credit cards and closed the accounts :j

lifebeginstoday

Don't forget about residual interest, if its the first time they have been paid off completely there will still be interest added on next month. So don't assume the balance is zero.

ice_babe

lifebeginstoday wrote: »

Don't forget about residual interest, if its the first time they have been paid off completely there will still be interest added on next month. So don't assume the balance is zero.

I found out about that when I paid them of and closes them. Will make sure I check the statements next month :beer: