advirtised interest rates on new loan

Nebulous2

Some quick comments:-

Two hard searches shouldn't be an issue in getting accepted. More than that can be, when you should wait a few months before trying again.

Lenders like stability; in address, work, length of holding accounts and on electoral roll. They also like home owners.

The very top of the best buy tables are for the elite, move down a few places, to 3.3% or so and the competition is less intense.

Your bank may know you well, but may not have a good offer, or may have filled their quota for the month, or in other words you're taking a chance with them, as with everyone else.

BoGoF

In reply to your point 1, nobody is saying to take out credit you don't need. Get another credit card, use it for everyday spending then clear it in full every month.

Also, one important fact you haven't shared is your income....big factor when asking for a £20k loan.

Finally, read what you are applying for in future.

foxy-stoat

BoGoF wrote: »

Finally, read what you are applying for in future.

A quote for everyone who as ever signed a credit agreement then asked on here daft questions that they really should of known.

iolanthe07

Each bank will have its own criteria for the rates it offers potential borrowers. For commercial reasons they don't share this, but the ones mentioned in post number 12 must be pretty universal. £20K is a lot for an unsecured loan so loan to income ratio will be important.

smokeandmirrors

Thanks again for all the opinions and advice.
More developments today when I went to my Bank of 5+ years. I had a quick chat with loans adviser and they looked up my account on their system and according to them I scored pretty high. They said it was well above average in fact they said it was in the top of the range they would regularly see and it looked good, so that I should get a good % rate offer based on my account profile from 3%. So he filled in my requirements and details and pressed the magic button and …….
Wow computer says 10% (nice jump there imo for a bit of shopping) I think he was as supprised as I was. Anyway awkwardly they suggested I try to look at my credit score through clearscore to see if there is anything outstanding address it and then come back and try again next month as the computer forgets everything that happend in the previous month "nice to meet you have a great day bye ! " and out the door.
SO back to sq 1

[Deleted User]

Ignore their advice on checking your score, obviously. But do check your file through Clearscore if they use Equifax.

jonesMUFCforever

smokeandmirrors wrote: »

Thanks again for all the opinions and advice.
More developments today when I went to my Bank of 5+ years. I had a quick chat with loans adviser and they looked up my account on their system and according to them I scored pretty high. They said it was well above average in fact they said it was in the top of the range they would regularly see and it looked good, so that I should get a good % rate offer based on my account profile from 3%. So he filled in my requirements and details and pressed the magic button and …….
Wow computer says 10% (nice jump there imo for a bit of shopping) I think he was as supprised as I was. Anyway awkwardly they suggested I try to look at my credit score through clearscore to see if there is anything outstanding address it and then come back and try again next month as the computer forgets everything that happend in the previous month "nice to meet you have a great day bye ! " and out the door.
SO back to sq 1

Yes you are back to square one but that is now 2 lenders who will lend to you but not at the rates you think you deserve.
You need to choose whether to accept the higher rate that 2 lenders have offered or save up for whatever the money is required for.

smokeandmirrors

Yes you are back to square one but that is now 2 lenders who will lend to you but not at the rates you think you deserve.
You need to choose whether to accept the higher rate that 2 lenders have offered or save up for whatever the money is required for.

Ok Why do you say the higher rate of the two offers ? Do I not have an option of the lower rate anymore? Sorry I don't understand your post

dresdendave

smokeandmirrors wrote: »

Yes you are back to square one but that is now 2 lenders who will lend to you but not at the rates you think you deserve.
You need to choose whether to accept the higher rate that 2 lenders have offered or save up for whatever the money is required for.

Ok Why do you say the higher rate of the two offers ? Do I not have an option of the lower rate anymore? Sorry I don't understand your post

I think they meant "higher rate" in comparison to the 2.9% you had expected/hoped to get when you originally applied.

foxy-stoat

I thought we clarified that in post #2 that 5.2% isnt a bad rate for £20K - I wouldnt apply for any other credit for 6 months now.