Personal Loans Shopping

Nasqueron

If you don't tell the CRAs your salary (though the free front ends normally require this to create an account) then they won't know - your salary is not reported by your bank to the credit agencies

bery_451

TheSpectator said:

bery_451 said:

CliveOfIndia said:

bery_451 said:

Martin Lewis is saying the advertised Interest rate is not what you get.

Not strictly true.  51% of successful applicants are given the advertised representative rate, but each application is assessed by the lender on its own merits.  So it's more accurate to say "You're not guaranteed to get the advertised rate".

bery_451 said:

So how do I soft search all the loan providers and will the rates from the comparison search results be the rates I get? If not then that means I have to do hard searches to know the real rate that the loan provider will give me?

Correct.  An eligibility check will not leave a hard search on your file.  Many will give you an indication of what rate you might be offered - though even that is not guaranteed.  Only when you submit a full application will the lender have access to all of your data, they will then make their decision as to whether to lend to you, and at what rate.

bery_451 said:

What it is I have a good credit score

Your score, at best, gives a very rough indication of how lenders might view you.  But each lender has different criteria and a different target customer base, so there cannot possibly be a "one size fits all" score.  Lenders will score you using their own proprietary internal algorithms, they do not use - in fact, cannot even see - the score given by the CRA.

bery_451 said:

Credit agencies (like Experian and Equifax) often group loan-related hard searches within a 14-day window as "shopping around" — meaning they may only affect your score once instead of multiple times.

So, if you must apply to more than one lender:

• Do it all within 2 weeks max

• Make sure they’re all for the same type of loan (not credit cards, mortgages, and loans mixed)

When you're shopping for a loan, credit scoring systems (like FICO and sometimes UK credit agencies) understand that you're comparing offers, not desperately applying for money.

So they treat multiple hard credit checks for the same type of product (e.g. personal loans) made within a short window as just one “shopping” event.

What’s the Time Window?

It depends on the scoring model, but generally:

• FICO (used by some UK lenders): 14 to 45 days — most commonly 14 days

• UK Credit Agencies (Experian, Equifax): No official policy, but they do soften the impact of multiple searches if they happen close together for the same type of credit

So if you:

• Apply to 2–3 lenders within 14 days, and

• They're all for unsecured personal loans, then…

• It’ll usually only hurt your score once, not three times

That's not really correct.  Every time you submit a formal application, a hard search is performed, and recorded for all to see.  How the CRAs may or may not "group" them is totally irrelevant - a lender will see every hard search and will make up their own minds.  The generally-accepted rule of thumb is that more than a couple of searches in a short space of time starts to make lenders jittery - the inference being that you're desperate for credit.

bery_451 said:

So Credit scores in numbers don't exist, only for the borrower to see? Are credit applications acceptance or refusals decisions are based on what computers/Ai/application bots say these days and these get their decisions automatically from credit scores for quick processing or are you saying a real human logs into your credit report and reads every page of it manually for a slower decision not done by computers/Ai/bots nowadays?

The lender's own (confidential) internal score is very relevant, but the score you see on your CRA report is meaningless.  And yes, applications are processed by computer systems - basically they feed your raw data in, compare it against their proprietary lending criteria, and the computer spits out a result.

bery_451 said:

Please advise on how do I get real rates after applying for multiple lenders for just 1 hard search not multiple hard searches on my credit report?

The only way to find out what rate a lender is prepared to give you, personally, is to submit a full application and let them do a hard search - simple as that.  There are no magic loopholes to do it any other way.

bery_451 said:

th081 said:

What is your debt before the loan versus your salary etc. That will be key to you getting the good rate on a loan 

How are salaries are shown on your credit report and is it the net salary or gross salary is shown? Does credit reports show your employment history and salaries like your CV or does your credit report show your current bank accounts showing your bank balances and lenders can see the salary deposited into your bank account via your monthly balances? Only bank accounts with overdraft facilities get shown on your credit report?

Your credit report, by its very nature, only record details of your credit products - current products held, current level of debt, repayment history, details of any late payments, defaults, CCJs, etc.  It does also record a few other bits of information used in assessing credit applications such as legal name, address history and Electoral Roll registration.

Salary and job history are submitted by you at the point of application.

Okay you mentioned only when you submit a full application will the lender have access to all of your data, ok so what data do lenders have access to for a soft search eligibility check?

What is considered a short space of time according to lenders making you look desperate, like what time frame for lets say for 3 applications? 1hr, 4hrs, 1 day, 1week? 

Salary and Job history submitted by the applicant gets recorded on your credit report? Lets say for example I'm working at mcdonalds getting minimum wage and I say this on my loan application then the week later I become prime minister earning £170k annual salary then only the mcdonalds wage is shown on my credit report not my prime minister wage unless I make another loan application and report my latest pm job status?

Yeah I usually give extreme examples in my replies to benchmark the system to test if the system works within its limits you know what I mean.

bery_451 said:

CliveOfIndia said:

bery_451 said:

Martin Lewis is saying the advertised Interest rate is not what you get.

Not strictly true.  51% of successful applicants are given the advertised representative rate, but each application is assessed by the lender on its own merits.  So it's more accurate to say "You're not guaranteed to get the advertised rate".

bery_451 said:

So how do I soft search all the loan providers and will the rates from the comparison search results be the rates I get? If not then that means I have to do hard searches to know the real rate that the loan provider will give me?

Correct.  An eligibility check will not leave a hard search on your file.  Many will give you an indication of what rate you might be offered - though even that is not guaranteed.  Only when you submit a full application will the lender have access to all of your data, they will then make their decision as to whether to lend to you, and at what rate.

bery_451 said:

What it is I have a good credit score

Your score, at best, gives a very rough indication of how lenders might view you.  But each lender has different criteria and a different target customer base, so there cannot possibly be a "one size fits all" score.  Lenders will score you using their own proprietary internal algorithms, they do not use - in fact, cannot even see - the score given by the CRA.

bery_451 said:

Credit agencies (like Experian and Equifax) often group loan-related hard searches within a 14-day window as "shopping around" — meaning they may only affect your score once instead of multiple times.

So, if you must apply to more than one lender:

• Do it all within 2 weeks max

• Make sure they’re all for the same type of loan (not credit cards, mortgages, and loans mixed)

When you're shopping for a loan, credit scoring systems (like FICO and sometimes UK credit agencies) understand that you're comparing offers, not desperately applying for money.

So they treat multiple hard credit checks for the same type of product (e.g. personal loans) made within a short window as just one “shopping” event.

What’s the Time Window?

It depends on the scoring model, but generally:

• FICO (used by some UK lenders): 14 to 45 days — most commonly 14 days

• UK Credit Agencies (Experian, Equifax): No official policy, but they do soften the impact of multiple searches if they happen close together for the same type of credit

So if you:

• Apply to 2–3 lenders within 14 days, and

• They're all for unsecured personal loans, then…

• It’ll usually only hurt your score once, not three times

That's not really correct.  Every time you submit a formal application, a hard search is performed, and recorded for all to see.  How the CRAs may or may not "group" them is totally irrelevant - a lender will see every hard search and will make up their own minds.  The generally-accepted rule of thumb is that more than a couple of searches in a short space of time starts to make lenders jittery - the inference being that you're desperate for credit.

bery_451 said:

So Credit scores in numbers don't exist, only for the borrower to see? Are credit applications acceptance or refusals decisions are based on what computers/Ai/application bots say these days and these get their decisions automatically from credit scores for quick processing or are you saying a real human logs into your credit report and reads every page of it manually for a slower decision not done by computers/Ai/bots nowadays?

The lender's own (confidential) internal score is very relevant, but the score you see on your CRA report is meaningless.  And yes, applications are processed by computer systems - basically they feed your raw data in, compare it against their proprietary lending criteria, and the computer spits out a result.

bery_451 said:

Please advise on how do I get real rates after applying for multiple lenders for just 1 hard search not multiple hard searches on my credit report?

The only way to find out what rate a lender is prepared to give you, personally, is to submit a full application and let them do a hard search - simple as that.  There are no magic loopholes to do it any other way.

bery_451 said:

th081 said:

What is your debt before the loan versus your salary etc. That will be key to you getting the good rate on a loan 

How are salaries are shown on your credit report and is it the net salary or gross salary is shown? Does credit reports show your employment history and salaries like your CV or does your credit report show your current bank accounts showing your bank balances and lenders can see the salary deposited into your bank account via your monthly balances? Only bank accounts with overdraft facilities get shown on your credit report?

Your credit report, by its very nature, only record details of your credit products - current products held, current level of debt, repayment history, details of any late payments, defaults, CCJs, etc.  It does also record a few other bits of information used in assessing credit applications such as legal name, address history and Electoral Roll registration.

Salary and job history are submitted by you at the point of application.

Okay you mentioned only when you submit a full application will the lender have access to all of your data, ok so what data do lenders have access to for a soft search eligibility check?

What is considered a short space of time according to lenders making you look desperate, like what time frame for lets say for 3 applications? 1hr, 4hrs, 1 day, 1week? 

Salary and Job history submitted by the applicant gets recorded on your credit report? Lets say for example I'm working at mcdonalds getting minimum wage and I say this on my loan application then the week later I become prime minister earning £170k annual salary then only the mcdonalds wage is shown on my credit report not my prime minister wage unless I make another loan application and report my latest pm job status?

Yeah I usually give extreme examples in my replies to benchmark the system to test if the system works within its limits you know what I mean.

I said in my first post you are way over-thinking this and you are now going even more bizarre. Just apply to those giving the best rates and see what happens. 

If in your extreme example above you made 3 applications with 3 different jobs/salaries you would soon end up on a potential fraud database. I would advise against 'testing the system'

Anyways, there seems more to this than your initial post so I'm out now.

Alright how do I go about applying to those that advertising the best rates without 'looking desperate for credit'? Can you recommend what timing shall I use?

bery_451

th081 said:

bery_451 said:

th081 said:

bery_451 said:

th081 said:

What is your debt before the loan versus your salary etc. That will be key to you getting the good rate on a loan 

How are salaries are shown on your credit report and is it the net salary or gross salary is shown? Does credit reports show your employment history and salaries like your CV or does your credit report show your current bank accounts showing your bank balances and lenders can see the salary deposited into your bank account via your monthly balances? Only bank accounts with overdraft facilities get shown on your credit report?

I ask because when I deposit money cash into my bank, I am lending my money to the bank. I am a creditor to the bank and the bank is the debtor to me according to their balance sheets and universal recognised accounting laws.

Are you in the US, in the UK normally you have to enter your salary as part of the loan app and that will be taken along with your existing debt and repayment history in the decision for a loan. 

Yep in UK, please clarify whether a salary is shown on a credit report in UK? Or you mean its shown in the US credit reports as in if someone is working in Mcdonalds in US and Mcdonalds reports their minimum wage salary to credit reference agencies?

No it's not shown in the UK. Join the mse credit club they pull together a estimate based on your credit report plus the details you enter (salary etc) and tell you how likely you are to be accepted for loans. I did a soft search application through them as I may need a loan next year and it said I was guaranteed to be accepted at three providers but the rate was 9.5 to 10.4, the ones with lower rate I was 95% chance to be accepted. 

What data does MSE credit club require from you for MSE to access your sensitive credit report on your behalf? Joining MSE credit club the same as joining Experian?

Okay you did a soft search through MSE and the results come back as showing guaranteed acceptance by 3 providers meaning 3 these providers did not do a hard search each on your credit report but your guaranteed accepted anyway?

Or did you apply to all 3 meaning 3 hard searches and did you apply all on the same day? 

TheSpectator

bery_451 said:

TheSpectator said:

bery_451 said:

CliveOfIndia said:

bery_451 said:

Martin Lewis is saying the advertised Interest rate is not what you get.

Not strictly true.  51% of successful applicants are given the advertised representative rate, but each application is assessed by the lender on its own merits.  So it's more accurate to say "You're not guaranteed to get the advertised rate".

bery_451 said:

So how do I soft search all the loan providers and will the rates from the comparison search results be the rates I get? If not then that means I have to do hard searches to know the real rate that the loan provider will give me?

Correct.  An eligibility check will not leave a hard search on your file.  Many will give you an indication of what rate you might be offered - though even that is not guaranteed.  Only when you submit a full application will the lender have access to all of your data, they will then make their decision as to whether to lend to you, and at what rate.

bery_451 said:

What it is I have a good credit score

Your score, at best, gives a very rough indication of how lenders might view you.  But each lender has different criteria and a different target customer base, so there cannot possibly be a "one size fits all" score.  Lenders will score you using their own proprietary internal algorithms, they do not use - in fact, cannot even see - the score given by the CRA.

bery_451 said:

Credit agencies (like Experian and Equifax) often group loan-related hard searches within a 14-day window as "shopping around" — meaning they may only affect your score once instead of multiple times.

So, if you must apply to more than one lender:

• Do it all within 2 weeks max

• Make sure they’re all for the same type of loan (not credit cards, mortgages, and loans mixed)

When you're shopping for a loan, credit scoring systems (like FICO and sometimes UK credit agencies) understand that you're comparing offers, not desperately applying for money.

So they treat multiple hard credit checks for the same type of product (e.g. personal loans) made within a short window as just one “shopping” event.

What’s the Time Window?

It depends on the scoring model, but generally:

• FICO (used by some UK lenders): 14 to 45 days — most commonly 14 days

• UK Credit Agencies (Experian, Equifax): No official policy, but they do soften the impact of multiple searches if they happen close together for the same type of credit

So if you:

• Apply to 2–3 lenders within 14 days, and

• They're all for unsecured personal loans, then…

• It’ll usually only hurt your score once, not three times

That's not really correct.  Every time you submit a formal application, a hard search is performed, and recorded for all to see.  How the CRAs may or may not "group" them is totally irrelevant - a lender will see every hard search and will make up their own minds.  The generally-accepted rule of thumb is that more than a couple of searches in a short space of time starts to make lenders jittery - the inference being that you're desperate for credit.

bery_451 said:

So Credit scores in numbers don't exist, only for the borrower to see? Are credit applications acceptance or refusals decisions are based on what computers/Ai/application bots say these days and these get their decisions automatically from credit scores for quick processing or are you saying a real human logs into your credit report and reads every page of it manually for a slower decision not done by computers/Ai/bots nowadays?

The lender's own (confidential) internal score is very relevant, but the score you see on your CRA report is meaningless.  And yes, applications are processed by computer systems - basically they feed your raw data in, compare it against their proprietary lending criteria, and the computer spits out a result.

bery_451 said:

Please advise on how do I get real rates after applying for multiple lenders for just 1 hard search not multiple hard searches on my credit report?

The only way to find out what rate a lender is prepared to give you, personally, is to submit a full application and let them do a hard search - simple as that.  There are no magic loopholes to do it any other way.

bery_451 said:

th081 said:

What is your debt before the loan versus your salary etc. That will be key to you getting the good rate on a loan 

How are salaries are shown on your credit report and is it the net salary or gross salary is shown? Does credit reports show your employment history and salaries like your CV or does your credit report show your current bank accounts showing your bank balances and lenders can see the salary deposited into your bank account via your monthly balances? Only bank accounts with overdraft facilities get shown on your credit report?

Your credit report, by its very nature, only record details of your credit products - current products held, current level of debt, repayment history, details of any late payments, defaults, CCJs, etc.  It does also record a few other bits of information used in assessing credit applications such as legal name, address history and Electoral Roll registration.

Salary and job history are submitted by you at the point of application.

Okay you mentioned only when you submit a full application will the lender have access to all of your data, ok so what data do lenders have access to for a soft search eligibility check?

What is considered a short space of time according to lenders making you look desperate, like what time frame for lets say for 3 applications? 1hr, 4hrs, 1 day, 1week? 

Salary and Job history submitted by the applicant gets recorded on your credit report? Lets say for example I'm working at mcdonalds getting minimum wage and I say this on my loan application then the week later I become prime minister earning £170k annual salary then only the mcdonalds wage is shown on my credit report not my prime minister wage unless I make another loan application and report my latest pm job status?

Yeah I usually give extreme examples in my replies to benchmark the system to test if the system works within its limits you know what I mean.

bery_451 said:

CliveOfIndia said:

bery_451 said:

Martin Lewis is saying the advertised Interest rate is not what you get.

Not strictly true.  51% of successful applicants are given the advertised representative rate, but each application is assessed by the lender on its own merits.  So it's more accurate to say "You're not guaranteed to get the advertised rate".

bery_451 said:

So how do I soft search all the loan providers and will the rates from the comparison search results be the rates I get? If not then that means I have to do hard searches to know the real rate that the loan provider will give me?

Correct.  An eligibility check will not leave a hard search on your file.  Many will give you an indication of what rate you might be offered - though even that is not guaranteed.  Only when you submit a full application will the lender have access to all of your data, they will then make their decision as to whether to lend to you, and at what rate.

bery_451 said:

What it is I have a good credit score

Your score, at best, gives a very rough indication of how lenders might view you.  But each lender has different criteria and a different target customer base, so there cannot possibly be a "one size fits all" score.  Lenders will score you using their own proprietary internal algorithms, they do not use - in fact, cannot even see - the score given by the CRA.

bery_451 said:

Credit agencies (like Experian and Equifax) often group loan-related hard searches within a 14-day window as "shopping around" — meaning they may only affect your score once instead of multiple times.

So, if you must apply to more than one lender:

• Do it all within 2 weeks max

• Make sure they’re all for the same type of loan (not credit cards, mortgages, and loans mixed)

When you're shopping for a loan, credit scoring systems (like FICO and sometimes UK credit agencies) understand that you're comparing offers, not desperately applying for money.

So they treat multiple hard credit checks for the same type of product (e.g. personal loans) made within a short window as just one “shopping” event.

What’s the Time Window?

It depends on the scoring model, but generally:

• FICO (used by some UK lenders): 14 to 45 days — most commonly 14 days

• UK Credit Agencies (Experian, Equifax): No official policy, but they do soften the impact of multiple searches if they happen close together for the same type of credit

So if you:

• Apply to 2–3 lenders within 14 days, and

• They're all for unsecured personal loans, then…

• It’ll usually only hurt your score once, not three times

That's not really correct.  Every time you submit a formal application, a hard search is performed, and recorded for all to see.  How the CRAs may or may not "group" them is totally irrelevant - a lender will see every hard search and will make up their own minds.  The generally-accepted rule of thumb is that more than a couple of searches in a short space of time starts to make lenders jittery - the inference being that you're desperate for credit.

bery_451 said:

So Credit scores in numbers don't exist, only for the borrower to see? Are credit applications acceptance or refusals decisions are based on what computers/Ai/application bots say these days and these get their decisions automatically from credit scores for quick processing or are you saying a real human logs into your credit report and reads every page of it manually for a slower decision not done by computers/Ai/bots nowadays?

The lender's own (confidential) internal score is very relevant, but the score you see on your CRA report is meaningless.  And yes, applications are processed by computer systems - basically they feed your raw data in, compare it against their proprietary lending criteria, and the computer spits out a result.

bery_451 said:

Please advise on how do I get real rates after applying for multiple lenders for just 1 hard search not multiple hard searches on my credit report?

The only way to find out what rate a lender is prepared to give you, personally, is to submit a full application and let them do a hard search - simple as that.  There are no magic loopholes to do it any other way.

bery_451 said:

th081 said:

What is your debt before the loan versus your salary etc. That will be key to you getting the good rate on a loan 

How are salaries are shown on your credit report and is it the net salary or gross salary is shown? Does credit reports show your employment history and salaries like your CV or does your credit report show your current bank accounts showing your bank balances and lenders can see the salary deposited into your bank account via your monthly balances? Only bank accounts with overdraft facilities get shown on your credit report?

Your credit report, by its very nature, only record details of your credit products - current products held, current level of debt, repayment history, details of any late payments, defaults, CCJs, etc.  It does also record a few other bits of information used in assessing credit applications such as legal name, address history and Electoral Roll registration.

Salary and job history are submitted by you at the point of application.

Okay you mentioned only when you submit a full application will the lender have access to all of your data, ok so what data do lenders have access to for a soft search eligibility check?

What is considered a short space of time according to lenders making you look desperate, like what time frame for lets say for 3 applications? 1hr, 4hrs, 1 day, 1week? 

Salary and Job history submitted by the applicant gets recorded on your credit report? Lets say for example I'm working at mcdonalds getting minimum wage and I say this on my loan application then the week later I become prime minister earning £170k annual salary then only the mcdonalds wage is shown on my credit report not my prime minister wage unless I make another loan application and report my latest pm job status?

Yeah I usually give extreme examples in my replies to benchmark the system to test if the system works within its limits you know what I mean.

I said in my first post you are way over-thinking this and you are now going even more bizarre. Just apply to those giving the best rates and see what happens. 

If in your extreme example above you made 3 applications with 3 different jobs/salaries you would soon end up on a potential fraud database. I would advise against 'testing the system'

Anyways, there seems more to this than your initial post so I'm out now.

Alright how do I go about applying to those that advertising the best rates without 'looking desperate for credit'? Can you recommend what timing shall I use?

If the first application to the best rate is successful then that's all you need to do? If you don't get the best rate then personally I would do no more than 3 all on the same day.

CliveOfIndia

bery_451 said:

Okay you did a soft search through MSE and the results come back as showing guaranteed acceptance by 3 providers meaning 3 these providers did not do a hard search each on your credit report but your guaranteed accepted anyway?

When any of the aggregator sites tell you that you're guaranteed to be accepted, take it with a pinch of salt.  Quite apart from anything else, they don't have access to each lender's complete lending algorithms, so they cannot possibly guarantee anything.

I think you're perhaps making things a little more complicated than they need to be.  Do an eligibility check to give you an idea of who might accept you, make an application with them, see what happens.  If you're happy with their offer then go for it, if not then try one other application with a different lender.  If you're rejected (or offered a very high APR) by both lenders, leave it six months then try again.

bery_451

TheSpectator said:

bery_451 said:

TheSpectator said:

bery_451 said:

CliveOfIndia said:

bery_451 said:

Martin Lewis is saying the advertised Interest rate is not what you get.

Not strictly true.  51% of successful applicants are given the advertised representative rate, but each application is assessed by the lender on its own merits.  So it's more accurate to say "You're not guaranteed to get the advertised rate".

bery_451 said:

So how do I soft search all the loan providers and will the rates from the comparison search results be the rates I get? If not then that means I have to do hard searches to know the real rate that the loan provider will give me?

Correct.  An eligibility check will not leave a hard search on your file.  Many will give you an indication of what rate you might be offered - though even that is not guaranteed.  Only when you submit a full application will the lender have access to all of your data, they will then make their decision as to whether to lend to you, and at what rate.

bery_451 said:

What it is I have a good credit score

Your score, at best, gives a very rough indication of how lenders might view you.  But each lender has different criteria and a different target customer base, so there cannot possibly be a "one size fits all" score.  Lenders will score you using their own proprietary internal algorithms, they do not use - in fact, cannot even see - the score given by the CRA.

bery_451 said:

Credit agencies (like Experian and Equifax) often group loan-related hard searches within a 14-day window as "shopping around" — meaning they may only affect your score once instead of multiple times.

So, if you must apply to more than one lender:

• Do it all within 2 weeks max

• Make sure they’re all for the same type of loan (not credit cards, mortgages, and loans mixed)

When you're shopping for a loan, credit scoring systems (like FICO and sometimes UK credit agencies) understand that you're comparing offers, not desperately applying for money.

So they treat multiple hard credit checks for the same type of product (e.g. personal loans) made within a short window as just one “shopping” event.

What’s the Time Window?

It depends on the scoring model, but generally:

• FICO (used by some UK lenders): 14 to 45 days — most commonly 14 days

• UK Credit Agencies (Experian, Equifax): No official policy, but they do soften the impact of multiple searches if they happen close together for the same type of credit

So if you:

• Apply to 2–3 lenders within 14 days, and

• They're all for unsecured personal loans, then…

• It’ll usually only hurt your score once, not three times

That's not really correct.  Every time you submit a formal application, a hard search is performed, and recorded for all to see.  How the CRAs may or may not "group" them is totally irrelevant - a lender will see every hard search and will make up their own minds.  The generally-accepted rule of thumb is that more than a couple of searches in a short space of time starts to make lenders jittery - the inference being that you're desperate for credit.

bery_451 said:

So Credit scores in numbers don't exist, only for the borrower to see? Are credit applications acceptance or refusals decisions are based on what computers/Ai/application bots say these days and these get their decisions automatically from credit scores for quick processing or are you saying a real human logs into your credit report and reads every page of it manually for a slower decision not done by computers/Ai/bots nowadays?

The lender's own (confidential) internal score is very relevant, but the score you see on your CRA report is meaningless.  And yes, applications are processed by computer systems - basically they feed your raw data in, compare it against their proprietary lending criteria, and the computer spits out a result.

bery_451 said:

Please advise on how do I get real rates after applying for multiple lenders for just 1 hard search not multiple hard searches on my credit report?

The only way to find out what rate a lender is prepared to give you, personally, is to submit a full application and let them do a hard search - simple as that.  There are no magic loopholes to do it any other way.

bery_451 said:

th081 said:

What is your debt before the loan versus your salary etc. That will be key to you getting the good rate on a loan 

How are salaries are shown on your credit report and is it the net salary or gross salary is shown? Does credit reports show your employment history and salaries like your CV or does your credit report show your current bank accounts showing your bank balances and lenders can see the salary deposited into your bank account via your monthly balances? Only bank accounts with overdraft facilities get shown on your credit report?

Your credit report, by its very nature, only record details of your credit products - current products held, current level of debt, repayment history, details of any late payments, defaults, CCJs, etc.  It does also record a few other bits of information used in assessing credit applications such as legal name, address history and Electoral Roll registration.

Salary and job history are submitted by you at the point of application.

Okay you mentioned only when you submit a full application will the lender have access to all of your data, ok so what data do lenders have access to for a soft search eligibility check?

What is considered a short space of time according to lenders making you look desperate, like what time frame for lets say for 3 applications? 1hr, 4hrs, 1 day, 1week? 

Salary and Job history submitted by the applicant gets recorded on your credit report? Lets say for example I'm working at mcdonalds getting minimum wage and I say this on my loan application then the week later I become prime minister earning £170k annual salary then only the mcdonalds wage is shown on my credit report not my prime minister wage unless I make another loan application and report my latest pm job status?

Yeah I usually give extreme examples in my replies to benchmark the system to test if the system works within its limits you know what I mean.

bery_451 said:

CliveOfIndia said:

bery_451 said:

Martin Lewis is saying the advertised Interest rate is not what you get.

Not strictly true.  51% of successful applicants are given the advertised representative rate, but each application is assessed by the lender on its own merits.  So it's more accurate to say "You're not guaranteed to get the advertised rate".

bery_451 said:

So how do I soft search all the loan providers and will the rates from the comparison search results be the rates I get? If not then that means I have to do hard searches to know the real rate that the loan provider will give me?

Correct.  An eligibility check will not leave a hard search on your file.  Many will give you an indication of what rate you might be offered - though even that is not guaranteed.  Only when you submit a full application will the lender have access to all of your data, they will then make their decision as to whether to lend to you, and at what rate.

bery_451 said:

What it is I have a good credit score

Your score, at best, gives a very rough indication of how lenders might view you.  But each lender has different criteria and a different target customer base, so there cannot possibly be a "one size fits all" score.  Lenders will score you using their own proprietary internal algorithms, they do not use - in fact, cannot even see - the score given by the CRA.

bery_451 said:

Credit agencies (like Experian and Equifax) often group loan-related hard searches within a 14-day window as "shopping around" — meaning they may only affect your score once instead of multiple times.

So, if you must apply to more than one lender:

• Do it all within 2 weeks max

• Make sure they’re all for the same type of loan (not credit cards, mortgages, and loans mixed)

When you're shopping for a loan, credit scoring systems (like FICO and sometimes UK credit agencies) understand that you're comparing offers, not desperately applying for money.

So they treat multiple hard credit checks for the same type of product (e.g. personal loans) made within a short window as just one “shopping” event.

What’s the Time Window?

It depends on the scoring model, but generally:

• FICO (used by some UK lenders): 14 to 45 days — most commonly 14 days

• UK Credit Agencies (Experian, Equifax): No official policy, but they do soften the impact of multiple searches if they happen close together for the same type of credit

So if you:

• Apply to 2–3 lenders within 14 days, and

• They're all for unsecured personal loans, then…

• It’ll usually only hurt your score once, not three times

That's not really correct.  Every time you submit a formal application, a hard search is performed, and recorded for all to see.  How the CRAs may or may not "group" them is totally irrelevant - a lender will see every hard search and will make up their own minds.  The generally-accepted rule of thumb is that more than a couple of searches in a short space of time starts to make lenders jittery - the inference being that you're desperate for credit.

bery_451 said:

So Credit scores in numbers don't exist, only for the borrower to see? Are credit applications acceptance or refusals decisions are based on what computers/Ai/application bots say these days and these get their decisions automatically from credit scores for quick processing or are you saying a real human logs into your credit report and reads every page of it manually for a slower decision not done by computers/Ai/bots nowadays?

The lender's own (confidential) internal score is very relevant, but the score you see on your CRA report is meaningless.  And yes, applications are processed by computer systems - basically they feed your raw data in, compare it against their proprietary lending criteria, and the computer spits out a result.

bery_451 said:

Please advise on how do I get real rates after applying for multiple lenders for just 1 hard search not multiple hard searches on my credit report?

The only way to find out what rate a lender is prepared to give you, personally, is to submit a full application and let them do a hard search - simple as that.  There are no magic loopholes to do it any other way.

bery_451 said:

th081 said:

What is your debt before the loan versus your salary etc. That will be key to you getting the good rate on a loan 

How are salaries are shown on your credit report and is it the net salary or gross salary is shown? Does credit reports show your employment history and salaries like your CV or does your credit report show your current bank accounts showing your bank balances and lenders can see the salary deposited into your bank account via your monthly balances? Only bank accounts with overdraft facilities get shown on your credit report?

Your credit report, by its very nature, only record details of your credit products - current products held, current level of debt, repayment history, details of any late payments, defaults, CCJs, etc.  It does also record a few other bits of information used in assessing credit applications such as legal name, address history and Electoral Roll registration.

Salary and job history are submitted by you at the point of application.

Okay you mentioned only when you submit a full application will the lender have access to all of your data, ok so what data do lenders have access to for a soft search eligibility check?

What is considered a short space of time according to lenders making you look desperate, like what time frame for lets say for 3 applications? 1hr, 4hrs, 1 day, 1week? 

Salary and Job history submitted by the applicant gets recorded on your credit report? Lets say for example I'm working at mcdonalds getting minimum wage and I say this on my loan application then the week later I become prime minister earning £170k annual salary then only the mcdonalds wage is shown on my credit report not my prime minister wage unless I make another loan application and report my latest pm job status?

Yeah I usually give extreme examples in my replies to benchmark the system to test if the system works within its limits you know what I mean.

I said in my first post you are way over-thinking this and you are now going even more bizarre. Just apply to those giving the best rates and see what happens. 

If in your extreme example above you made 3 applications with 3 different jobs/salaries you would soon end up on a potential fraud database. I would advise against 'testing the system'

Anyways, there seems more to this than your initial post so I'm out now.

Alright how do I go about applying to those that advertising the best rates without 'looking desperate for credit'? Can you recommend what timing shall I use?

If the first application to the best rate is successful then that's all you need to do? If you don't get the best rate then personally I would do no more than 3 all on the same day.

Alright if you do not get the best rate then how do you go about applying to 3 providers when you say you do apply to 3 on the same day?

Nasqueron

bery_451 said:

th081 said:

bery_451 said:

th081 said:

bery_451 said:

th081 said:

What is your debt before the loan versus your salary etc. That will be key to you getting the good rate on a loan 

How are salaries are shown on your credit report and is it the net salary or gross salary is shown? Does credit reports show your employment history and salaries like your CV or does your credit report show your current bank accounts showing your bank balances and lenders can see the salary deposited into your bank account via your monthly balances? Only bank accounts with overdraft facilities get shown on your credit report?

I ask because when I deposit money cash into my bank, I am lending my money to the bank. I am a creditor to the bank and the bank is the debtor to me according to their balance sheets and universal recognised accounting laws.

Are you in the US, in the UK normally you have to enter your salary as part of the loan app and that will be taken along with your existing debt and repayment history in the decision for a loan. 

Yep in UK, please clarify whether a salary is shown on a credit report in UK? Or you mean its shown in the US credit reports as in if someone is working in Mcdonalds in US and Mcdonalds reports their minimum wage salary to credit reference agencies?

No it's not shown in the UK. Join the mse credit club they pull together a estimate based on your credit report plus the details you enter (salary etc) and tell you how likely you are to be accepted for loans. I did a soft search application through them as I may need a loan next year and it said I was guaranteed to be accepted at three providers but the rate was 9.5 to 10.4, the ones with lower rate I was 95% chance to be accepted. 

What data does MSE credit club require from you for MSE to access your sensitive credit report on your behalf? Joining MSE credit club the same as joining Experian?

Okay you did a soft search through MSE and the results come back as showing guaranteed acceptance by 3 providers meaning 3 these providers did not do a hard search each on your credit report but your guaranteed accepted anyway?

Or did you apply to all 3 meaning 3 hard searches and did you apply all on the same day? 

MSE use TransUnion now

They present the data via their interface and can see the raw data (well, their systems can) and offer you links for affiliate fees. In general, if a product is free to you, you are the payment (your data anyway)

bery_451

CliveOfIndia said:

bery_451 said:

Okay you did a soft search through MSE and the results come back as showing guaranteed acceptance by 3 providers meaning 3 these providers did not do a hard search each on your credit report but your guaranteed accepted anyway?

When any of the aggregator sites tell you that you're guaranteed to be accepted, take it with a pinch of salt.  Quite apart from anything else, they don't have access to each lender's complete lending algorithms, so they cannot possibly guarantee anything.

I think you're perhaps making things a little more complicated than they need to be.  Do an eligibility check to give you an idea of who might accept you, make an application with them, see what happens.  If you're happy with their offer then go for it, if not then try one other application with a different lender.  If you're rejected (or offered a very high APR) by both lenders, leave it six months then try again.

Is MSE Credit Club the biggest Aggregator loan comparison site out there?

The rate is the only thing that matters to me because long term government bonds yields are going up and I want the best rate before they go up higher unless the Bank of England prints more cash to buy more long term bonds to bring yield and rates down.

Yeah it all comes down to computers/algorithms. So this is the scenario I want to avoid reflecting this with the following example:

I do a eligibility comparison check and I see the top 3 cheapest loans. So I apply to the cheapest by 0.01% and their computers algorithms get back to me after leaving a hard search on my credit report and say I wont be getting the advertised rate and instead my rate will be 1% higher than the advertised rate which makes it considerably more expensive than the other 2 loan providers.
So I applied to loan provider 2 and because of that hard search left by loan provider 1 on my credit report, loan provider 2 computer algorithms detected this as higher risk so provider 2 get back to me with a rate 2% higher than advertised. So 2 hard searches left on my credit report making me look desperate for credit (higher risk) to lenders according to their computer algorithms. I say this because in the world of money and economics the interest rate depends on your risk. 

That hard search no.2 might change the mind of provider 1 you know what I mean.

I need money now, cant wait 6 months. So how does someone with a good credit report go about shopping for the best rate for personal loans without ruining their credit report from hard searches? If hard searches are a must to shop for the actual rate then when's the best timing to apply in full with different providers?

CliveOfIndia

bery_451 said:

Is MSE Credit Club the biggest Aggregator loan comparison site out there?

No, it's just one of many - try a Meercat if you like  Or Google.

bery_451 said:

I do a eligibility comparison check and I see the top 3 cheapest loans. So I apply to the cheapest by 0.01% and their computers algorithms get back to me after leaving a hard search on my credit report and say I wont be getting the advertised rate and instead my rate will be 1% higher than the advertised rate which makes it considerably more expensive than the other 2 loan providers.

Yes, as you've been told before, the advertised representative rate isn't given to everyone.

I need money now, cant wait 6 months.

If you're that desperate for a loan, and finding it difficult to get one, you have two sensible options.

First, tell us why you're so desperate for a loan - we may be able to offer some practical solutions.

Second, head on over to the Debt-Free Wannabe board, post up an SOA, and you'll get loads of helpful and non-judgemental advice.

bery_451

Nasqueron said:

bery_451 said:

th081 said:

bery_451 said:

th081 said:

bery_451 said:

th081 said:

What is your debt before the loan versus your salary etc. That will be key to you getting the good rate on a loan 

How are salaries are shown on your credit report and is it the net salary or gross salary is shown? Does credit reports show your employment history and salaries like your CV or does your credit report show your current bank accounts showing your bank balances and lenders can see the salary deposited into your bank account via your monthly balances? Only bank accounts with overdraft facilities get shown on your credit report?

I ask because when I deposit money cash into my bank, I am lending my money to the bank. I am a creditor to the bank and the bank is the debtor to me according to their balance sheets and universal recognised accounting laws.

Are you in the US, in the UK normally you have to enter your salary as part of the loan app and that will be taken along with your existing debt and repayment history in the decision for a loan. 

Yep in UK, please clarify whether a salary is shown on a credit report in UK? Or you mean its shown in the US credit reports as in if someone is working in Mcdonalds in US and Mcdonalds reports their minimum wage salary to credit reference agencies?

No it's not shown in the UK. Join the mse credit club they pull together a estimate based on your credit report plus the details you enter (salary etc) and tell you how likely you are to be accepted for loans. I did a soft search application through them as I may need a loan next year and it said I was guaranteed to be accepted at three providers but the rate was 9.5 to 10.4, the ones with lower rate I was 95% chance to be accepted. 

What data does MSE credit club require from you for MSE to access your sensitive credit report on your behalf? Joining MSE credit club the same as joining Experian?

Okay you did a soft search through MSE and the results come back as showing guaranteed acceptance by 3 providers meaning 3 these providers did not do a hard search each on your credit report but your guaranteed accepted anyway?

Or did you apply to all 3 meaning 3 hard searches and did you apply all on the same day? 

MSE use TransUnion now

They present the data via their interface and can see the raw data (well, their systems can) and offer you links for affiliate fees. In general, if a product is free to you, you are the payment (your data anyway)

You know any that uses the biggest Experian?