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nationwide quote

2

Comments

  • sparky_si
    sparky_si Posts: 20 Forumite
    Pixie5740 wrote: »
    Is an APR of 15.4% lower than the APRs of your current debts?

    Yes they are quite a bit lower
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    That high I would say decline, Tesco would be about 4.5
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • andyfromotley
    andyfromotley Posts: 2,038 Forumite
    chanz4 wrote: »
    That high I would say decline, Tesco would be about 4.5

    How do ya work that out then?
    £1000 Emergency fund No90 £1000/1000
    LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
    !
  • sparky_si
    sparky_si Posts: 20 Forumite
    What gets me is why do they bother giving you an apr if they are going to decline you?

    They could quite easily say I'm sorry unfortunately we can not offer you a loan at this time.

    Makes me laugh
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    To generate that 15.4% APR, Nationwide only performed a soft search it's not until a full credit search is done that Nationwide can decide whether to lend to you or not.

    Given that their headline rate is something like 3.6% APR, the fact your soft search indicated an APR of over 15% would suggest that you're not their ideal customer.
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    andyfromotley wrote: »
    How do ya work that out then?



    previous people experience
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • sparky_si
    sparky_si Posts: 20 Forumite
    Just got a zoos quote for 16000 at 12% which looks good but what are the chances of that?
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    We don't know. Nobody here knows what criteria or risk analysis lenders use to determine whether or not to lend to someone and at what rate. The only way to find out is to apply. Although as mentioned earlier, the fact that you already have over £14k of debt and are looking to borrow a further £16k means that you have to meet the affordability of someone borrowing £30k in total. How does £30k compare with your salary?

    I haven't heard of zoos.

    Edit: Well I've heard of zoos where you can go an see animals but not the lender.
  • della1234
    della1234 Posts: 12 Forumite
    I applied for nationwide loan last week and got refused.
    I am an existing customer already with one loan with them.
    The did a soft search on me and offered me a rate.
    I then applied and got knocked back once they did a full credit check. I have no late payments or anything but a lot of debt, which was what I was wanting to use new loan for. So guessing they saw all the debt an decided I was too risky!
  • sparky_si
    sparky_si Posts: 20 Forumite
    Lol I'm meant zopa! Damn auto correct haha
This discussion has been closed.
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