Sainsburys Loan Granted at 9.2%

Nicolafrances

Hi
Applied for a loan this morning with Sainsburys as they are showing the cheapest at 2.8%. Was granted the loan at 9.2%. I have a few questions that people may be able to help me with.


My credit score is very good and I had a 90% chance of receiving the loan, according to this site.

• Anyone successfully challenged a rate and had it reduced before signing?
• What's my chances of getting a cheaper rate elsewhere now there is a hard search on my credit file
• If I wait and try again how long before my credit score bounces back? I have a notion it's 3 months but could be wrong.

Thanks
Nicola

DCFC79

Nicolafrances wrote: »

Hi
Applied for a loan this morning with Sainsburys as they are showing the cheapest at 2.8%. Was granted the loan at 9.2%. I have a few questions that people may be able to help me with.


My credit score is very good and I had a 90% chance of receiving the loan, according to this site.

• Anyone successfully challenged a rate and had it reduced before signing?
• What's my chances of getting a cheaper rate elsewhere now there is a hard search on my credit file
• If I wait and try again how long before my credit score bounces back? I have a notion it's 3 months but could be wrong.

Thanks
Nicola

Your credit history is what has been taken into account, the score no one can see.

It's all down to your current debts if any and if banks view your credit worthiness. Other factors are taken into account.

May have been 90% chance but still a 10% chance you wouldn't get the headline rate.

[Deleted User]

Your credit score goes unseen by anyone but you, so that is of no concern.

You're very unlikely to successfully appeal against the rate as it is mostly risk based. Another application wouldn't be the end of the world, but I would stop after that. Repeated applications can make you look desperate and lenders won't know how many of the other apps will materialise into loans.

[Deleted User]

I suppose it depends on how much and for how long to know if 9.2% is a good deal or not.

Pixie5740

You had a 90% chance of being accepted for a loan, not a loan at the headline rate. The headline rate is offered to 51% of successful applicants so it seems you are one of the 49%.

No idea what your chances of getting a better rate elsewhere are, who do you bank with as they are probably your best bet?

Nicolafrances

thanks guys.