M&S loan and Experian score help please

Dangermouse99

Hi, I've recently applied for my first loan - the M&S 3.6% offer. The loan was just shy of 10k and I was approved but with a different rate of 6.6%.


I was surprised as I've no bad credit to my knowledge. I signed up for Experian Credit Expert and my score is 960 out of 999. The only negative is "You have no settled non-mail order credit accounts."


I assume from reading a little up on it that I've been offered the lesser rate as I've not completed a loan before. Can anybody offer any advice? Is it worth me applying for another loan with somebody else or am I likely to suffer the same result due to the negative?


Also, M&S completed 2 searches on me for my loan application, a few days apart (P1 and P2). Is that normal or should I query that? All feedback is greatly appreciated!

andyfromotley

If youu have read up you will know that your credit 'score' is literally a made up number that means nothing. No lender will ever see it. It is absolutely meaningless.

M&S will have their own criteria for who gets the best rate, which you will never find out. They keep it that way to stop people manipulating their applications. It could be your age, marital status, where you live, eye colour...(ok not eye colour). It could even be that they have given 51% of that tranche of money away at the headline rate so from an profit point of view it makes no sense to offer anyone else the cheapest rate irrespective of their credit history. It is quite annoying but there it is, thats the system we operate in.

You could do a soft search on here using the eligibility calculator and see what your chances are on getting another loan. But crucially this will not tell you what rate you will be offered!! On the plus side its not a terrible rate.

Dangermouse99

Quick update - M&S made a mistake performing 2 searches and they have said will remove one of my searches. If anybody applied for a loan then check they haven't done the same to you as it counts as a negative on your rating/score!

Danni22

This has just happened to me today I called into m&s bank 3weeks ago to apply for a loan sat over an hour then the girl said because it was a Sunday she couldn't give me an answer straight away? And that they would ring me that week! I waited 2weeks and then a rang them to be told that something didn't go through and it was on there part reassuring me it would not affect my credit score! I had to make another appointment which was today (Sunday)I was seen by another girl this time sat for an hour again then at the end she said to confirm everything she had to ring even though I was told this wasn't possible on a Sunday before? I was then told as I had applied for a loan with them 2weeks ago and was refused they would now be giving me an apr of 9.6 instead of 3.4?? I feel I have been robbed of my good credit score all over someone not being able to do there job probably! I said I would not be taking anything with them and that I didn't want to go any further with this loan as my own bank can give me 9.1 apr.
How can I go about getting any information to improve my score again as they can only remove one? When it is there fault in the first place!

Many thanks any help please