Great Credit Score BUT High Rates

LockKeeper

I am confused. I have cultivated a credit score in the high 900's but applying for a £9,000 loan today from M&S I was quoted an interest rate almost three times higher than their suggested 2.9%. Any ideas?

[Deleted User]

It's because your credit score plays no part in lending decisions. It's just a number made up by the CRA in question.

Lenders will assess your risk, based on your credit history and circumstances.

Look at the contents of your three files to get a better idea of what lenders are looking at and to see if there are obvious issues.

[Deleted User]

LockKeeper said:

I am confused. I have cultivated a credit score in the high 900's but applying for a £9,000 loan today from M&S I was quoted an interest rate almost three times higher than their suggested 2.9%. Any ideas?

https://www.moneysavingexpert.com/loans/credit-rating-credit-score/

[Deleted User]

Only 51% of successful applicants need to get the advertised rate for it to be considered ok. You clearly don't meet the lending criteria for the best rate based on bank's internal scoring system that you will never see, not the fake score the CRAs try and sell you

Edi81

Ask whoever gave you a credit score in the 900s for a loan.
oh wait! They don’t give out loans!

macman

The score is a fictitious number that lenders don't even see...