Got a high APR decision in principle - where to from here?

Histemic

Hey,
I've got a decision in principle on a loan, it's at a high apr of 27%. I want to find a cheaper deal, but don't want to put in to many applications and affect my credit rating. Which banks are most likely to offer me a lower rate?

I had a credit card for about 18 months which I paid off last year and cut up. Should I apply to there loans department?

Thanks for any help on this.

stephane_2

What does your credit report says?
Are you on electoral roll?
Regular income?
How long with employer?
How long at current address?
Any late payments showing?
Any default showing?
Any other debts?

Histemic

Thanks Stephane!

Not got my credit report.
On the electoral role, but have just changed address and returned to full time employment.

No late payments, defualts for over 10 years. My last credit card was a 15.9% and had £1500 credit limit.

OneLife_OneShot

10 year old defaults won't matter they fall off after 6 years.

DCFC79

Any debts ?

The high apr means you already have debts or your rating on experian isn't the best. Could be length of of time at your address thats the problem.

get a copy of your free report from all 3 CRA's.

There are no specific banks that will offer a lower apr, each lender has they're scoring criteria to score borrowers on which determines what the apr is you get offered. You tried your own bank ?

Treadmill

Try ringing the company that accepted you and seeing if they will offer you a lower rate, I got 10% shaved off a 25% loan offer from In the past, worth a try.

stephane_2

Histemic wrote: »

Thanks Stephane!

Not got my credit report.
On the electoral role, but have just changed address and returned to full time employment.

No late payments, defualts for over 10 years. My last credit card was a 15.9% and had £1500 credit limit.

Having moved to new address & just returned to full time employment is probably the issue & reason for high APR...

Histemic

Thanks for all the help (double for Stephane :-D)

I'll expect a rate similar then and try haggling. I'm going to give the credit card provider a call as well. I'll update this thread when I have.

Thanks again.

BugsyBrowne

Histemic wrote: »

Thanks for all the help (double for Stephane :-D)

I'll expect a rate similar then and try haggling. I'm going to give the credit card provider a call as well. I'll update this thread when I have.

Thanks again.

Who's offered you 27% APR surely not a bank? And I hope its not a google search loan you've applied for.