Headline rate 'scam' - M&S Loans

BenjaminClarke

Gaz83 wrote: »

Doesn't matter what you find hard to believe.

Tesco will have looked at the raw data provided by the CRA.

They won't have looked at the score. They aren't even provided with the score. They don't see it.

You are the one who mentioned credit score, not me. Lenders use sites like Experian to check your credit file!! FACT.

burlington6

BenjaminClarke wrote: »

I'm sorry but I find that quite hard to believe. For example, Tesco Bank have ran a check of our credit files. It hasn't changed our scores much because we haven't applied for any other credit in over a year, however, it still shows that they ran a search. Now the next lender might look at that and see it as a warning, "why have Tesco searched this file and not offered them the money? They must have seen something they didn't like so this looks higher risk and therefore we'll charge this customer a higher rate of interest." Or can lenders not see such searches? I understand that each lender has it's own lending criteria but they don't run a credit check for nothing.

:money:...................

It's amazing isn't it, I know nothing about you but from the dozen or so post I assume you're useless with money (you probably blame someone else for this) and have a problem with any business making a profit.

Hard left Labour/Corbyn fan with a problem with anyone who makes a success of their life?

BenjaminClarke

Pixie5740 wrote: »

I find it difficult to believe that people are still gullible enough to think that the credit scores generated by Experian, Equifax and Call Credit (none of whom lend money I might add) are actually used by lenders. They are not.

Lenders use the information in your credit files (they do not use the score) to build a pattern to determine what type of borrower you are likely to be and therefore whether or not they want to lend to you and at what rate. Lenders also base their decision on things such as affordability.

Now I see from your other post that you wanted a consolidation loan. Why do you need a consolidation loan...because you have credit card debt. Why do you have credit card debt...most likely answer is that you've been living beyond your means otherwise you'd have paid the £5k off by now.

OK you obviously work for a bank or something. Let me explain my position because you do not understand. It's you and Gaz that mentioned credit scores, not me. Lenders check your credit file via Experian. FACT! If you have multiple searches for credit on your file it looks worse than if you don't. FACT. So therefore because Tesco misled me with their interest rates I now will suffer the consequences. I am not naive and find it laughable that companies such as Experian are so powerful! You might say they are not but who do you call if you want to check your credit file? Ghost Busters? Stop misleading people! It is important to keep your credit file in order to ensure you are eligible for credit at fair rates. When I first applied for credit a few years ago I was rejected by Nationwide and was told go on Experian and speak to them about how to improve my credit. I did that and a few years later I could get credit. So how you say these websites don't matter if quite baffling. Unfortunately these companies do matter in this money-driven world.

Now on to the loan in hand. If you really want to get personal I'll tell you everything. I earn £20,000 a year; my partner earns £12,000 a year. We do not own a house because we don't want to right now as we are happy where we live, which we pay just £450.00 a month for. We have £21,000 in high interest ISA's and we have £5000 debts over a few credit cards. This is normal. Holiday here and there yes but living out of our means? When we live in a rented house for £450.00 a month? Our council tax is £80.00 a month… You do make me laugh. Our credit card charges us 18% interest and we need to give notice to get to our savings so the simple option was to get a loan. I wasn't going to rush into anything and I had no idea what the interest rates would be. When I went online I was delighted to see 3.4%! I thought that was a fair rate and well worth our while. Turns out that 3.4% isn't real, despite what you believe, it doesn't exist. It's a number plucked from thin air. We were told you can have the money but it'll be 15.8%. You also seem to think I care a lot about this. I don't. I found it interesting that Tesco could do such a thing but thought obviously they didn't want the money, whatever! Doesn't matter. What does matter to me though is the fact it took two weeks for them to inform us and that the search will sit on our files for six months now! I came on here to warn people to be careful when applying for a loan and always to go to your bank first, which I still believe is good advice. I suppose you think all of that is fine though? I bet you are one of these people who save up until the day you die and then wonder why you were never happy in your life time. Seriously, loosen up and live life because you only get one chance! I don’t understand how you and Gaz have so many “thank yous” as you haven’t been helpful to anybody on this post. You have just brought up credit scores that don’t mean anything and not read other people’s posts properly. That is all.

BenjaminClarke

burlington6 wrote: »

:money:...................

It's amazing isn't it, I know nothing about you but from the dozen or so post I assume you're useless with money (you probably blame someone else for this) and have a problem with any business making a profit.

Hard left Labour/Corbyn fan with a problem with anyone who makes a success of their life?

You got one part right. I am actually very good with money. Why does everyone assume that because you want a small personal loan to consolidate other debts that you are bad with money? I also would never blame anyone for anything; I am the complete opposite actually and despise the kind of person you describe. I don't know you but from your small minded posts I reckon you are a hard right Tory boy who thinks everyone gets what they deserve. I bet you believe that people on the street just haven't worked hard enough in their life? You don’t understand that people are different from each other. That is a right-wingers problem. You are all sooo narrow minded. You assume far too much.

I am hard left but that doesn't mean I have a problem with anyone having success. Why would I? I have a problem with multi billion pound companies taking advantage of governments and ordinary people. And if you don’t think they control the government then you are more narrow minded than I thought… Google anybody? Well you my friend are a fool. An ignorant fool. I bet as long as your life is going swimmingly you couldn’t give two hoots about anybody else’s life. Did you know that a company like British Gas could double the wages of their lowest and middle paid employees and it would only have a 1% effect on their annual profits? That is wrong. I am all for profit making. I want success in my life but I don’t believe in exploitation and we are all exploited by big businesses. Even you.

I see now though that I am barking up the wrong tree warning people to be careful when they apply for loans on here. This is the Tory fan club so what chance does an open-minded, liberal, left-winger have?

meer53

I'll give anyone who wants one a credit score for £4 a month, just message me and i'll reply with your credit score straight away.

Why are people so hung up on "improving your credit score " ? A credit score is useless as has been said here many times. But it always falls on deaf ears. If you live within your means, repay what you owe if you borrow, you would never need to "improve your credit score"

I have a mortgage, a car on finance, credit and store cards. I have never once felt the need to check my "credit score" I find it amazing that people actually pay for this service. I also understand how loans work, if it says "representative rate" or "subject to circumstances" it's not hard to understand why they say that is it ? Why are people always amazed when they don't get the lowest rate ?

Yes i'm a "banker" i look at credit files, i don't see "credit scores" but i do see if you have lots of credit or defaults/late payments. You don't need to see your credit file to know that.

BenjaminClarke

meer53 wrote: »

I'll give anyone who wants one a credit score for £4 a month, just message me and i'll reply with your credit score straight away.

Why are people so hung up on "improving your credit score " ? A credit score is useless as has been said here many times. But it always falls on deaf ears. If you live within your means, repay what you owe if you borrow, you would never need to "improve your credit score"

I have a mortgage, a car on finance, credit and store cards. I have never once felt the need to check my "credit score" I find it amazing that people actually pay for this service. I also understand how loans work, if it says "representative rate" or "subject to circumstances" it's not hard to understand why they say that is it ? Why are people always amazed when they don't get the lowest rate ?

Yes i'm a "banker" i look at credit files, i don't see "credit scores" but i do see if you have lots of credit or defaults/late payments. You don't need to see your credit file to know that.

It has been well established that credit scores mean nothing. Just use your eyes to read the posts above. You are obviously an older gentleman too because you have never had to use these stupid sites. The fact of the matter though is that younger people do.

When I was 25 I applied for a mortgage with my partner. It would have been a mistake so I am happy it didn't go through. We applied through Nationwide and were rejected. The mortgage adviser told us that something was showing on my credit file that was stopping us getting the mortgage and in order to find out what we had to contact Experian and either pay for a copy of our credit file or sign up to view it online. So how you can say that credit file agencies mean nothing when the banks tell you to use them to improve credit? It just shows to me that you don't understand the situation. It turned out that it was a credit card debt from my student days that I had neglected to pay (it happens). I paid it and from that moment on been improving my credit. I was rejected for a vanquis credit card at that time but by paying off the credit card debt, taking out a store card and then getting a credit card meant that 5 years later I could get a mortgage if I want.

If you had also taken the time to read other posts you'd see that I am not complaining about not getting the 3.4% advertised. 15.8% is a joke so I tore up the application, simple as that. What I have complained about is the fact it took two weeks and will have a negative effect on my credit file. That's why I came on here to advise people to go to their banks first as they will be faster and more honest with their interest rates.

BenjaminClarke

BenjaminClarke wrote: »

It has been well established that credit scores mean nothing. Just use your eyes to read the posts above. You are obviously an older gentleman too because you have never had to use these stupid sites. The fact of the matter though is that younger people do.

When I was 25 I applied for a mortgage with my partner. It would have been a mistake so I am happy it didn't go through. We applied through Nationwide and were rejected. The mortgage adviser told us that something was showing on my credit file that was stopping us getting the mortgage and in order to find out what we had to contact Experian and either pay for a copy of our credit file or sign up to view it online. So how you can say that credit file agencies mean nothing when the banks tell you to use them to improve credit? It just shows to me that you don't understand the situation. It turned out that it was a credit card debt from my student days that I had neglected to pay (it happens). I paid it and from that moment on been improving my credit. I was rejected for a vanquis credit card at that time but by paying off the credit card debt, taking out a store card and then getting a credit card meant that 5 years later I could get a mortgage if I want.

If you had also taken the time to read other posts you'd see that I am not complaining about not getting the 3.4% advertised. 15.8% is a joke so I tore up the application, simple as that. What I have complained about is the fact it took two weeks and will have a negative effect on my credit file. That's why I came on here to advise people to go to their banks first as they will be faster and more honest with their interest rates.

All I have been told is that I am bad with money, that the banks can offer whatever interest they want and I can do nothing about it and that I am stupid for using Experian.

Good advice people. Good advice.

Gaz83

BenjaminClarke wrote: »

You are the one who mentioned credit score, not me. Lenders use sites like Experian to check your credit file!! FACT.

*Inhales sharply through teeth*

That's some impressive straw-clutching there, champ.

BenjaminClarke

Gaz83 wrote: »

*Inhales sharply through teeth*

That's some impressive straw-clutching there, champ.

So they don't check your credit file through Experian? Please can you be less vague. I thought this forum was supposed to be informative? All I have got from you is that credit scores don't mean anything, which I already knew. That's it. So what are you offering? If nothing then please refrain from posting because you are not helpful.

meer53

BenjaminClarke wrote: »

It has been well established that credit scores mean nothing. Just use your eyes to read the posts above. You are obviously an older gentleman too because you have never had to use these stupid sites. The fact of the matter though is that younger people do.

When I was 25 I applied for a mortgage with my partner. It would have been a mistake so I am happy it didn't go through. We applied through Nationwide and were rejected. The mortgage adviser told us that something was showing on my credit file that was stopping us getting the mortgage and in order to find out what we had to contact Experian and either pay for a copy of our credit file or sign up to view it online. So how you can say that credit file agencies mean nothing when the banks tell you to use them to improve credit? It just shows to me that you don't understand the situation. It turned out that it was a credit card debt from my student days that I had neglected to pay (it happens). I paid it and from that moment on been improving my credit. I was rejected for a vanquis credit card at that time but by paying off the credit card debt, taking out a store card and then getting a credit card meant that 5 years later I could get a mortgage if I want.

If you had also taken the time to read other posts you'd see that I am not complaining about not getting the 3.4% advertised. 15.8% is a joke so I tore up the application, simple as that. What I have complained about is the fact it took two weeks and will have a negative effect on my credit file. That's why I came on here to advise people to go to their banks first as they will be faster and more honest with their interest rates.

Two things.

1) Massive (incorrect) assumption about who i am. You couldn't be further from the truth.

2) Why did you need to check your credit file when you were refused your mortgage ? Had you conveniently forgotten about the debt you never repaid in your youth ? And as for your comment "it happens", well no, actually for most sensible people, it doesn't. If you had paid your credit card as you agreed to do, then you wouldn't have to have "improve your credit score. No bank will ever tell you to use a Credit Reference Agency to improve your credit score.