APR 2x Expected - Guaranteed to beat alternative?

-Jonski-

Hi All,

I've just had Sainsburys approve a personal loan for me at 6.8% APR, despite me expecting much closer to the representative 3.4%. (999 Experian Score)
They have told me if I send them a better quote by another provider, they'll guarantee to beat it.

I'm tempted to do so, but what would the implication be for my credit score applying for two large loans within a few days?

Any help much appreciated. -JS

CLAPTON

-Jonski- wrote: »

Hi All,

I've just had Sainsburys approve a personal loan for me at 6.8% APR, despite me expecting much closer to the representative 3.4%. (999 Experian Score)
They have told me if I send them a better quote by another provider, they'll guarantee to beat it.

I'm tempted to do so, but what would the implication be for my credit score applying for two large loans within a few days?

Any help much appreciated. -JS

why does it matter?
are you planning to make many more credit applications?
searches only affect credit worthiness for a year max.

-Jonski-

Not in the next year, possibly a mortgage in 18 months or so.

Thanks Clapton, do applications stay on the credit file just not affect new products?

CLAPTON

-Jonski- wrote: »

Not in the next year, possibly a mortgage in 18 months or so.

Thanks Clapton, do applications stay on the credit file just not affect new products?

the fact of a credit check is shown on your report (not the result) for 12 months
too many in a short time might be unfavourable