Rate setter loan eligble

Goldstar28

Hi all.

I've just done a soft search with Rate Setter and I seem to have been approved with an interest rate of 27.4%.

I'd just like to know if anyone has been approved for their soft search and then rejected once they've applied?

I have one default on my report that won't be removed for another 3 years and that's my biggest worry and regret.

So far done no hard searches or applications apart from 1 credit card last week which I was approved for. (ONLY for emergencies and increasing the credit score.)

[Deleted User]

Goldstar28 wrote: »

I'd just like to know if anyone has been approved for their soft search and then rejected once they've applied?

Yes.

The same is true of all lenders.

Goldstar28 wrote: »

So far done no hard searches or applications apart from 1 credit card last week which I was approved for. (ONLY for emergencies and increasing the credit score.)

Two things here. You have no credit score, only credit history, and you must use the card to build history.

Owning a card but not using it tells lenders you are nervous around credit.

System

Goldstar28 wrote: »

Hi all.

I've just done a soft search with Rate Setter and I seem to have been approved with an interest rate of 27.4%.

It'd be cheaper putting that on a credit card.

foxy-stoat

Goldstar28 wrote: »

I've just done a soft search with Rate Setter and I seem to have been approved with an interest rate of 27.4%.

At least you can dodge that bullet !