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Nationwide Loan soft search

Zenboor
Zenboor Posts: 50 Forumite
So I got a quote for a £10000 loan over 5 years and the computer came back with 6.2%

Clicked on the apply button and got a rejection message immediately.

A little bit disappointed as I would have though the soft search would come back with a much higher rate if my credit profile is so poor?

What is the point of these soft searches?! :mad:

Comments

  • Foxy-Stoat_3
    Foxy-Stoat_3 Posts: 2,980 Forumite
    What details did you input to get the rate of 6.2%?
    "Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!
  • Zenboor
    Zenboor Posts: 50 Forumite
    Foxy-Stoat wrote: »
    What details did you input to get the rate of 6.2%?

    Not sure what you mean by what details?

    I was truthful when I completed the online form. I was already logged into my online banking so most of the personal details were already filled in.

    I assume the 6.2% rate quoted was based on information obtained from my credit file so if I had entered misleading information then surely it would have either given a higher rate or declined to give a quote?
  • andyfromotley
    andyfromotley Posts: 2,038 Forumite
    Did you do it in the middle of the night? I think Nationwide has trouble giving quotes between midnight and 8am.

    Otherwise ring them? It seems a little odd.
    £1000 Emergency fund No90 £1000/1000
    LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
    !
  • Zenboor
    Zenboor Posts: 50 Forumite
    Did you do it in the middle of the night? I think Nationwide has trouble giving quotes between midnight and 8am.

    Otherwise ring them? It seems a little odd.

    No, I applied around 5PM yesterday.

    I will give them a ring but I doubt they will change their mind.
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