M&S higher APR than quoted

fozmcfc

Personally I would try your bank first as they know your finances better than anyone.

I always get credit at the representative rate with my bank, even when Experian etc are telling me I have very little chance of getting any loan/card anywhere, because my bank sees things that are not registered on a credit report, such as investments and savings.

Clive_Woody

Danipat wrote: »

I do usually only have £100 on there every month and pay it off every month, its only recently after having a lot of outgoings have I not paid the balance off in full.

I'm not having a go, but if you are struggling to pay off a few hundred on a credit card and only making a part payment, then this suggests that loan repayments could also be a struggle, hence the higher APR reflecting the risk the lenders sees.

ViolaLass

Clive_Woody wrote: »

I'm not having a go, but if you are struggling to pay off a few hundred on a credit card and only making a part payment, then this suggests that loan repayments could also be a struggle, hence the higher APR reflecting the risk the lenders sees.

In fact, one not-fully-paid-off card and an application for another could suggest the beginning of a spiral.

Nebulous2

I have a view that the table-topping loans are very picky. People with very good records self-select in applying to them. That means you are up against a lot of other people with good records in trying to hit the 51% at the representative rate. If you move down the table a few lenders, to 3.3% maybe the competition is less intense.

I'd apply once more to another lender with a slightly poorer rate. If that fails 5.9% is still pretty good.

flashg67

My credit score is 999, FWIW, but according to the MSE credit club, my 'loan affordibilty' is low due to factors such as the amount , and other payments relative to my disposable income.
Therefore I can usually easily get credit, but not always at the lowest rates
Worth joining to see your results (it's free)

Nullboris

You say you couldn't get finance , at one point, AFAIK it takes about six years for things to fully come off your file , so maybe things are still hanging around, or your address has a tainted credit history? or your partner has a secret shopping habit that you know nothing about! :=)

[Deleted User]

Addresses don't have credit histories...

phillw

Danipat wrote: »

I didn't need to have credit cards, I only got them because I couldn't get any finance and wanted to improve my credit score/rating, whatever you want to call it.

Right, you couldn't get any finance because you didn't have any credit history and so you took out some and have struggled to pay it back, it hasn't really been an improvement. I would say that even applying for an unsecured loan is a sign of poor finances.

Unfortunately the advertising rules don't say how the 51% are selected. They can reject anyone they like and then just give the good rate to every other person who succeeds.

Ben8282

Danipat wrote: »

I have 2 credit cards and car finance. Ive had credit cards for about 10 years and car finance for 7 years. Never missed a payment on any other these the whole time. Got accepted for a mortgage recently too. Ive always had contract phones so that's a form of credit too. So I wouldn't say it's that 'thin' personally.

What sort of balances do you have outstanding on the credit cards and car finance? You say that you are no longer able to repay your credit cards in full every month which is a very strong indication that you may soon be experiencing financial difficulties.
Also a recent mortgage could cause concern at your long term ability to keep up the repayments, especially if your inability to repay your credit cards in full each month started soon after you got the mortgage.
The existence of credit commitments plus a relatively new mortgage could be negative factors when it comes to determining the APR for your loan.
Your excellent credit score implies that you have been managing your existing accounts satisfactorily but is meaningless in determining your eligibility for a specific product.