Why cant i get the advertised APR?

Gaz83

Have you ever paid back debt earlier than arranged? By early settlement?

bazzyb

Kate.cooper87 wrote: »

Can they refuse to provide a reason...

Yes.

Consider applying to one other lender to see if you get a better rate, but don’t go applying with lots of places as an excessive number of hard searches won’t help.

BoGoF

So you don't have a credit card you use regularly and pay in full every month? If not get one. From what you have said you don't have much in the way of credit....only your mortgage?

You need a proven record of using credit.....which you don't have

foxy-stoat

Kate.cooper87 wrote: »

I applied at 2.9 and they are offering 5.9. I know that is not ridiculous but still its not the advertised rate!

That is because they cannot advertise a rate that is based on your personal circumstances - its a representative headline rate. Dont worry your not the first and wont be the last.

Candyapple

Kate.cooper87 wrote: »

Thanks for your replies.
I did read T&Cs and was convinced I literally ticked all of the boxes to be offered the advertised rate.
I have revieved Experian & Equifax and no isses from either. Not even a blip... ever!
I do have a credit history. I have a mortgage (5+yrs) and that along with all bills etc are A1 paid and no unsecured borrowing.
I have a decent income. I just dont understand what box im not ticking for them?!?!?
Im literally baffled at what they could possibly want... what do these 51% have ?

Your eligibility is not solely based on one factor; any combination of the following factors might be taken into consideration:

- amount of existing debt
- amount of existing available credit
- history of settled accounts
- average age of accounts held
- history of incurring defaults
- number of recent applications for credit
- age
- whether single, married, widowed, separated or divorced
- whether home-owner, tenant or living with parents
- whether you have any dependants
- whether they consider you have enough disposable income
- whether you're on the electoral register and for how long
- current employment status
- length of time with current employer
- salary

This is by no means an exhaustive list and how each credit-provider assesses you is different; some companies may not consider many of these factors, some may consider even more. Certain factors may not carry any weight and some might dictate the decision-making process completely - you'll never know.

There is no one rule and the only way you'll know is if you apply and are accepted; ultimately, it's up to each company whether they want to give you a loan or not and on what terms. They have no obligation to lend to anyone nor explain or justify their lending criteria.