LOAN INTEREST RATE DIFFERS FROM ADVERTISED RATE

[Deleted User]

DCFC79 said:

We have no idea whats on your 3 reports, yes Experian rate you in the high 900's but what do the others rate you as ?

As you have found out your score has no bearing on loans or anything financial, your history is what matters.

I've checked 3 different reports and they all give me an excellent rating. My history is also very good.

[Deleted User]

Happy4u said:

DCFC79 said:

We have no idea whats on your 3 reports, yes Experian rate you in the high 900's but what do the others rate you as ?

As you have found out your score has no bearing on loans or anything financial, your history is what matters.

I've checked 3 different reports and they all give me an excellent rating. My history is also very good.

Clearly the AA don’t rate you so highly and since they’re actually a lender that’s what counts. 

DCFC79

Happy4u said:

DCFC79 said:

We have no idea whats on your 3 reports, yes Experian rate you in the high 900's but what do the others rate you as ?

As you have found out your score has no bearing on loans or anything financial, your history is what matters.

I've checked 3 different reports and they all give me an excellent rating. My history is also very good.

Id try your own bank ?

Maybe the 9.9% is the best you will get. 
Not sure if you should try another application or wait a while before you try again.

macman

Happy4u said:

DCFC79 said:

We have no idea whats on your 3 reports, yes Experian rate you in the high 900's but what do the others rate you as ?

As you have found out your score has no bearing on loans or anything financial, your history is what matters.

I've checked 3 different reports and they all give me an excellent rating. My history is also very good.

As you've already been told, the rating/score results are entirely fictitious, and lenders don't even see them. The only thing that they look at is your history.

You can be bankrupt and have a credit score of 999.

MrFrugalFever

macman said:

Happy4u said:

DCFC79 said:

We have no idea whats on your 3 reports, yes Experian rate you in the high 900's but what do the others rate you as ?

As you have found out your score has no bearing on loans or anything financial, your history is what matters.

I've checked 3 different reports and they all give me an excellent rating. My history is also very good.

As you've already been told, the rating/score results are entirely fictitious, and lenders don't even see them. The only thing that they look at is your history.

You can be bankrupt and have a credit score of 999.

I echo this. I’m most of my way through my IVA and on ‘Clearscore’ my rating is 10 points higher than ‘the average in my area’ and ‘things are looking bright’.

cant imagine everyone in my postcode area is in an IVA lol

2021BJ

Jamesyb123 said:

Lover_of_Lycra said:

Jamesyb123 said:

Very few people will ever get the promotional rate it’ll be for customers with near perfect credit histories. The percentage does seem a little high however if you have a good credit history maybe just shop around rather than wasting time complaining as it won’t get you anywhere 

51% of successful applicants isn’t very few it’s the majority of successful applicants. 

It’s not a huge amount really as there will only be a certain pot of eligible customers anyway so as a percentage high yes but the amount of customer fen eligible for a loan at that cheap of an APR wouldn’t be massive

Since the bank can't possibly know how many people are going to apply they could never fulfil their obligations if they had to offer that rate to 51% of people who applied.  It would be entirely pointless to force them to do that, and it wouldn't make a jot of difference to customers, as all they'd do is stop advertising interest rates. Hardly a win.

cymruchris

If you've already completed two full applications for loans - any further applications may result in you getting an even higher APR due to the number of hard searches on your recent history. Every lender can decide who they want to lend their money to - and at what rate. No amount of foot stamping or fist waving is going to get you the rate YOU want - and they don't have to tell you what criteria you need to fill to get the low rate. It means that right now - your salary, credit file history, other commitments, balances, whatever it may be - doesn't fit the profile of the customer THEY want. (They may only want people with a default, a balance of £5000 or more on credit cards, or a combined available credit limit of £30k or more - nobody knows)

yksi

The AA is underwritten by the Bank of Ireland. I have a score in the high 800s, and had them listed in the CRAs as giving me an 8/10 chance of success with 3% loans. I applied to the BoI and just by filling in my details - before even a soft search - I was told my likelihood of approval was 0/10. I strongly suspect it's because my current and previous address put together don't reach three years, and the application didn't let me add an extra previous address. The CRA knew this about me and they still got their guess wrong.

What this tells me is that the CRAs do not always get the scoring correct and don't always know who the lenders want. So the CRA has given you 900+, but that's just their guess. As you've seen, the reality is that something in your personal credit history means that BoI doesn't think you're super-low-risk. My longest bank account, TSB, is offering me a disgusting 29.9%, and like in your case it seems completely unjustified as I have never gone into overdraft or had a direct debit fail, etc. The bank is the only entity that gets to decide who it will lend to and in what circumstances, and TSB clearly is being tight-fisted with its cash right now. As is the BoI in your case.

Just like when you apply for a job, you don't have a right to know why you weren't selected. You can ask, but the only answers you'll get are that someone else was a better fit or you're just not the right person for the position. They are never going to tell you that they think white shirts are ugly or they were looking for someone who rides a Harley. Both seem stupid, but it's their perogative to choose this way.

[Deleted User]

yksi said:

The AA is underwritten by the Bank of Ireland. I have a score in the high 800s, and had them listed in the CRAs as giving me an 8/10 chance of success with 3% loans. I applied to the BoI and just by filling in my details - before even a soft search - I was told my likelihood of approval was 0/10. I strongly suspect it's because my current and previous address put together don't reach three years, and the application didn't let me add an extra previous address. The CRA knew this about me and they still got their guess wrong.

What this tells me is that the CRAs do not always get the scoring correct and don't always know who the lenders want. So the CRA has given you 900+, but that's just their guess. As you've seen, the reality is that something in your personal credit history means that BoI doesn't think you're super-low-risk. My longest bank account, TSB, is offering me a disgusting 29.9%, and like in your case it seems completely unjustified as I have never gone into overdraft or had a direct debit fail, etc. The bank is the only entity that gets to decide who it will lend to and in what circumstances, and TSB clearly is being tight-fisted with its cash right now. As is the BoI in your case.

Just like when you apply for a job, you don't have a right to know why you weren't selected. You can ask, but the only answers you'll get are that someone else was a better fit or you're just not the right person for the position. They are never going to tell you that they think white shirts are ugly or they were looking for someone who rides a Harley. Both seem stupid, but it's their perogative to choose this way.

There is nothing in your "score" that is correct, it's a number generated by them to make people feel warm and fuzzy and plays to our subconscious that bigger numbers = better. A score of 1 or 999 is not an indication whether you will or won't get a loan. 

[Deleted User]

Jamesyb123 said:

Lover_of_Lycra said:

Jamesyb123 said:

Very few people will ever get the promotional rate it’ll be for customers with near perfect credit histories. The percentage does seem a little high however if you have a good credit history maybe just shop around rather than wasting time complaining as it won’t get you anywhere 

51% of successful applicants isn’t very few it’s the majority of successful applicants. 

It’s not a huge amount really as there will only be a certain pot of eligible customers anyway so as a percentage high yes but the amount of customer fen eligible for a loan at that cheap of an APR wouldn’t be massive

Lenders are free to be picky, so long as 51% of successful applicants get it, they have met the law. They are not required to lend. If they only offer it to 10 people, provided 6 get the rate that is fine.