Nationwide soft quote

wellwhadyaknow

Hello

I was looking for some advice with regards to a soft quote for a loan from Nationwide.

Been offered an APR of 11.9% for a loan and wondered if this means I am less likely to be accepted?

Loan for 11500 to for debt consolidation over 5 years.

My credit score is currently excellent so don't want to go on and do a full search if it's likely to be big fat NO...

Thanks for any advice.

DCFC79

Your credit score has no bearing on what you will be accepted for.

longtermplanner

11.9% if you have an excellent credit record? Ouch! have you looked at 0% or low life time balance rates as an alternative for some of your debt, so you would only need to borrow less?

wellwhadyaknow

longtermplanner wrote: »

11.9% if you have an excellent credit record? Ouch! have you looked at 0% or low life time balance rates as an alternative for some of your debt, so you would only need to borrow less?

Well my credit scores are all excellent with the search agencies thought I take it that doesn't mean a lot does it?

I earn circa 24000 and debt stands at around 11000.

Was looking to consolidate as the big credit card of £6000 is just never going down. Never missed a payment on anything but the balance just stays.

Nobody to blame but myself but was looking to clear it and one other card and loan into one loan.

I take it 11.9% from nationwide is not a good sign then?

[Deleted User]

wellwhadyaknow wrote: »

I earn circa 24000 and debt stands at around 11000.

You're always going to be seen as high risk with a debt/income ratio like that and wanting more. Hence the high rates.

AFK_Matrix

If you already have 11k of debt and your wanting another 11.5k on top of that then I doubt you would get it as combined they pretty much equal your income. Generally lenders will lend about 50% of the persons income. I'd be suprised if you even got the Nationwide loan tbh. I would get on over to the Debt Free Wannabe section and post up an SOA to see where you can save money and pay off the debt quicker.

wellwhadyaknow

AFK_Matrix wrote: »

If you already have 11k of debt and your wanting another 11.5k on top of that then I doubt you would get it as combined they pretty much equal your income. Generally lenders will lend about 50% of the persons income. I'd be suprised if you even got the Nationwide loan tbh. I would get on over to the Debt Free Wannabe section and post up an SOA to see where you can save money and pay off the debt quicker.

Yeah I was thinking the same myself.

Debts are manageable for me so will see if I can pay off the big CC in larger chunks when I can to get the balance down.

Thanks for the advice.

DCFC79

wellwhadyaknow wrote: »

Well my credit scores are all excellent with the search agencies thought I take it that doesn't mean a lot does it?


I take it 11.9% from nationwide is not a good sign then?

The scores mean nothing, lenders dont see them.

The 11.9 is good if thats the best you can get.

themull1

Tesco do a good rate for loans, i got £10000 for 4.5%

27col

If your credit card debt is not going down it is because you are not paying enough to reduce it. Simple really..
In fact, you have answered your own question at #7