Nationwide soft loan search

chris198

Hi Everyone,

Ive been thinking about applying for a loan and tried nationwides soft search to see whether I am likely to be accepeted as far as i am aware they pretty much see the same info as a hard search. The rate they have offered me for £9500 is 14%. Does this mean I am likely to be accepted? I have no ccjs and the only black mark I have is a 5 and a half year default. However I have 3 or 4 active accounts that give an excellent credt history one of which was my car finance of 10k which i have never missed apayment on in 3yrs. Also a credit card account that has never been late etc...obviously the reason for the loan is to consolidate both together any help will be great.

Thanks

BugsyBrowne

chris198 wrote: »

Hi Everyone,

Ive been thinking about applying for a loan and tried nationwides soft search to see whether I am likely to be accepeted as far as i am aware they pretty much see the same info as a hard search. The rate they have offered me for £9500 is 14%. Does this mean I am likely to be accepted? I have no ccjs and the only black mark I have is a 5 and a half year default. However I have 3 or 4 active accounts that give an excellent credt history one of which was my car finance of 10k which i have never missed apayment on in 3yrs. Also a credit card account that has never been late etc...obviously the reason for the loan is to consolidate both together any help will be great.

Thanks

Its a tough one as 14% is quite high especially as most of the forum including myself got quoted around 8% and the other thing is although you've been making payments on time nationwide will still see you've had money problems in the past hence the default.

No one on here can give you a definate answer but working out your total debts compared to your income makes it easier.

chris198

Thanks for your input my salary is £28k and I comfortably have around £900 left over each month, just wanted to look at consolidating the two as the interest payments are quite high. I understand the default thing too, do they see the default when they perform the soft search?

Thanks

BugsyBrowne

What you total debts?

chris198

Hi i have £5.5k left to pay on car finance and £2870 on credit card.

BugsyBrowne

chris198 wrote: »

Hi i have £5.5k left to pay on car finance and £2870 on credit card.

So that would mean with that loan from nationwide that would take your total debt to 18k on a 28k salary.

You may struggle to get accepted TBH as lenders generally don't like lending when debts exceed 50% of salary.

If you don't have any searches on your credit file it may be worth taking a risk as one search shouldn't have to much impact.

chris198

Guess I will try abd test my luck, I might go and see my bank first. Just for clarification do you know if they actually see that you have a default on your record when they perform the soft search?

BugsyBrowne

chris198 wrote: »

Guess I will try abd test my luck, I might go and see my bank first. Just for clarification do you know if they actually see that you have a default on your record when they perform the soft search?

Not 100% sure but everyone gets a nationwide soft quote limit APR etc with defaults or not but I would hazard a guess when you hit apply that may well flag up but once again I'm not 100% sure.

droiderm

I am pretty sure that a "soft search" only sees public information.
I don't even think that they can see things at previous addresses.

Happy to be corrected on that though.

Cash_Flow

droiderm wrote: »

I am pretty sure that a "soft search" only sees public information.
I don't even think that they can see things at previous addresses.

Happy to be corrected on that though.

You are corrected

A soft search is the same as a full credit search but it does not leave a footprint on your credit file.

chris198

I have read also on here that soft search,s don't take into account defaults etc. Some people say they do and others say not!