How Do Lenders Assess Loan Applications?

DCFC79

So you don't have a phone contract, from a network 1 who will report to the credit ref agencies.

Flintstone1

BoGoF wrote: »

Sorry but it is raining if you are paying 20% interest on a credit card balance.

Operative word being "if", see my earlier comment about 0%.

DCFC79 wrote: »

So you don't have a phone contract, from a network 1 who will report to the credit ref agencies.

Why do you assume that?

BoGoF

Flintstone1 wrote: »

Operative word being "if", see my earlier comment about 0%.









Why do you assume that?

Perhaps if you weren't drip feeding information we would know. At no point have you said it's still on 0%.

Anyways, leave you to it......I'm done guessing.

glennstar

Flintstone1 wrote: »

It's nearly time to replace my car and I've been looking at loans but I'm wondering if anyone ever gets the rates advertised. How exactly do lenders decide what rate they offer?

All lenders use different criteria as they are all servicing debt in different ways at different rates and are all owned and managed by human beings with different views of the world. The price you pay for the finance is equal to the risk you pose. Some lenders will take a dim view of the outstanding CC balance, others will not.

As previously stated 51% of written loans are at the advertised rate - as mandated by the FCA. If you think there has been any impropriety then report it.

I understand the thought process that encourages someone to pop on a forum or two and ask such a question, but it's pretty naive. Yes, some of the suggestions herein are very helpful hints about personal finance management best practice, which can't hurt (obvious as they are), however... the only way to know is to apply.

Flintstone1

Willing2Learn wrote: »

You can check your three credit files via the following three sites:
Experian
Equifax
TransUnion

Update.


This turned out to be the most useful answer. Somehow there was incorrect information on my credit record suggesting that I'd had a name change.



Many thanks.

Flintstone1

BoGoF wrote: »

Perhaps if you weren't drip feeding information we would know. At no point have you said it's still on 0%.

Anyways, leave you to it......I'm done guessing.

I'm sorry you didn't read my earlier comment properly, not sure there's much I can do about that.

[Deleted User]

Flintstone1 wrote: »

Update.


This turned out to be the most useful answer. Somehow there was incorrect information on my credit record suggesting that I'd had a name change.


Many thanks.

How did the CRA explain this one away? It sounds like a pretty serious error.