Marks & Spencer - Misunderstanding of Loan Rates

stusid44

I just applied for a Loan at their headline 3% APR rate. Letter came through 3 days later advising they will do it at 6%. This is despite me having an Experian Credit score of 991 (Reduced by 8 points recently due to (I expect) the Loan application)


I am not at all happy, and M&S have said 'it was a computer decision'.


I want this removing from my credit score. Is this possible if I complain?

motorguy

3% APR is their typical APR, not their guaranteed rate.

Providing they give that rate to 51% of people, then its the typical APR.

DCFC79

stusid44 wrote: »

I just applied for a Loan at their headline 3% APR rate. Letter came through 3 days later advising they will do it at 6%. This is despite me having an Experian Credit score of 991 (Reduced by 8 points recently due to (I expect) the Loan application)


I am not at all happy, and M&S have said 'it was a computer decision'.


I want this removing from my credit score. Is this possible if I complain?

First of welcome to MSE.

Secondly your credit score despite being 991 is of no use to lenders, they see the history. The fact you were offered 6% is really good, its not what you were after nor is it extremely high like 20%.

Your application would have been put through a computer to determine the rate to offer.

What would you like to complain about ?

Its pretty standard for all lenders to state that the rate of 3% is given to 51% of people, then its the typical APR.

Pixie5740

stusid44 wrote: »

I just applied for a Loan at their headline 3% APR rate. Letter came through 3 days later advising they will do it at 6%. This is despite me having an Experian Credit score of 991 (Reduced by 8 points recently due to (I expect) the Loan application)


I am not at all happy, and M&S have said 'it was a computer decision'.


I want this removing from my credit score. Is this possible if I complain?

Really? Yet another thread from someone who a) doesn't understand representative APR and b) cannot use the search function on the forum.

You applied for the loan therefore the search showing on your credit file is an accurate entry. You cannot have it removed just because you didn't achieve the representative rate.

If Experian rate you so highly (I hope you are not paying for that [STRIKE]marketing tool[/STRIKE] score) perhaps you should ask them to lend you some money.

foxy-stoat

stusid44 wrote: »

I just applied for a Loan at their headline 3% APR rate. Letter came through 3 days later advising they will do it at 6%. This is despite me having an Experian Credit score of 991 (Reduced by 8 points recently due to (I expect) the Loan application)


I am not at all happy, and M&S have said 'it was a computer decision'.


I want this removing from my credit score. Is this possible if I complain?

Credit score is irrelevant.


The loan is not on your credit score, only the search which cannot be removed, it will be of no consequence though to your future credit applications unless you plan on applying a few times.


You can complain but you will not get very far.


You can, however, vent your anger on here, but it will not achieve anything.


PS, 6% isn't a bad rate ya know !

tykesi

Oh bless...

ReadingTim

If your credit score could be determined by whether or not you complain, that 999 number you once had and are clearly so proud of would mean absolutely nothing. As such, it's largely meaningless, as you've found out.

Your credit history however, is important, so needs to be correct and complete. You applied for a loan, so it should show that application. Why should this statement of fact be omitted?

iolanthe07

Did you not understand what 'headline rate' means? It is the rate offered to 51% of successful applicants. It wasn't offered to you because you fall into the other 49% category, and actually 6% isn't too bad.Your credit score is a meaningless number dreamed up by agencies who aren't actually going to lend you any money. You have absolutely nothing to complain about.

PeacefulWaters

I'm meant to be nice to newcomers. Even those who can't read information clearly available prior to applying for a loan.

Credit subject to status to UK residents only. To apply you must have an annual income of at least £10,000 and be aged 18 or over. Customers who do not meet our normal lending criteria may be offered a loan at a different APR. This will depend on your personal circumstances. The maximum APR you could be offered is 18.6%.

Shakin_Steve

He can't even spell his name.:rotfl:

Sorry

Shakin_Steve

No...really...sorry. Uncalled for. A bit funny, though.