Advice needed

londonice

Might it be better to wait a bit, remortgage using your current rate to get the home improvement £20k?

I applied for a loan recently for a car, representative 3% but gave me a rate of 6.9%! Needless to say I declined and opened a complaint.
It is down to a secret magic formula underwriters use which I'm fighting to make more transparent using GDPR to attempt to obtain information on.
Affordability, after your outgoings, current liabilities and other titbits of information are scrutinised along with credit reference agencies.

[Deleted User]

londonice wrote: »

It is down to a secret magic formula underwriters use which I'm fighting to make more transparent using GDPR to attempt to obtain information on.

GDPR doesn't cover confidential lending criteria.

System

Given you've been offered an APR worse than credit card APRs it suggests other issues. If you've loans and debts you're servicing it could be affordability. If you're people who don't get stuff on credit, don't have loans, don't have credit cards then this counts against you too as you don't have a history of repaying borrowing for them to judge risk on.

londonice

Deleted_User wrote: »

GDPR doesn't cover confidential lending criteria.

Any personal information including meta data (data about data) must be released and further action may be taken thereafter. I don't think there's been a precedent set to prove your statement that it doesn't cover confidential lending criteria.

That's for the ICO to decide.

[Deleted User]

londonice wrote: »

I don't think there's been a precedent set to prove your statement that it doesn't cover confidential lending criteria.

There's certainly been no precedent set to disprove my statement.

MallyGirl

GDPR SAR would cover any info a company holds about you. It cannot be used to make a company disclose how they use that data to decide on whether to lend to you, and at what rate. That is company confidential.

Ellbrom

I had a very similar situation with HSBC last year and went to my branch after being offered a much higher APR to complain really.

Whilst they couldn't provide any information why I wasn't accepted at the rate I applied for they were very helpful and spoke with their lending department on my behalf.

3/4 days after they intervened I received another offer and whilst it wasn't at the rate I applied for, it was significantly lower than their original offer.

I don't know whether this will help you with Yorkshire Bank but it's worth a try before making another application IMO. Your eligibility and circumstances seem fine so maybe Nebulous2's comment is worth mentioning wo the branch as well?

Good luck Darren!