Ratesetter re-application

[Deleted User] · 7 October 2018 at 1:56PM

Hi all,

Ratesetter seem good for loans, they do soft quotes until you actually take the money - so get declined and there's no real issue.

I passed the quotation a month or so ago, but was referred for a full decision then declined.

Does anyone know when you can re-apply? I've paid 5k of debt off recently so I'd expect to be in with more of a chance (my CRA files have finally updated).

If I try to re-apply I just get the below. As it's a soft search, there's no harm in continually applying when it lets you..... (although ratesetter may get peed off and put a block on it)

Hi, based on the information we have on you, we can’t take your application at this time. This could be because:

You may have an open application
You may have recently taken out a loan
You may not have kept up your repayments
You may have been recently declined
We hope to help you in the future so please check again at a later time.

I was credit impaired when I got my car loan, so APR is ridiculous. I think I'd be able to undercut it using ratesetter (although, I plan to overpay the whole lot by the new year - every little helps)

Edit: I know norm is 6 months, but I'm sure a friend was declined and re-applied before this, so 3 months/whenever they like the look of your file a bit more??

coal9011 · 21 January 2019 at 2:17PM

Well I don't know the answer to your question but I have just been approved for a £5300 fixed rate loan with RateSetter by using a link to them through the credit report site Noddle.

It might be worth you trying this type of route than going direct as you (and I) will have been pre-scored by them and they may have a trading link?

I am over the moon with my loan after working very hard for years to get my card debts paid down from over £17,000 to the current level of £5,000. I've been doing it the hard and expensive way using cards like Aqua & Vanquis :eek: and moving to better rate or 0% cards as my score improved. I now have 6 cards with rates between 18% & 41% with total limits available of £17,500 and £5,000 owing.

Saturday night I applied for a RateSetter loan through the Noddle site and my loan was approved in less than 30 seconds! £5300 over 4 years at 3.76% fixed term (6.9% APR) at £126 per month with works out half the minimum payment for all by remaining card balances

So today - Monday - I checked my bank account balance at midday and the funds had been deposited! Now the pressure is off and I won't have to find so much in repayments each month and in 4 years I'll be clear after years of stuggling.

Thank you RateSetter ………….. give them a try again through the site link method.

OA234 · 23 January 2019 at 12:30PM

Hi SLL,

I did some research on them recently. It says in their "blog" that they are very picky with who they offer loans to. The information went on to say that most people that apply to them get rejected.

Having said that, I don't honestly know when you might be better off re-applying.

However, I would:

1. Check my credit profile (information on loans, etc is correct)

2. Confirm your credit utilisation rate ?

3. Confirm how many times have you applied for credit in the last 6 months to 1 year. The less the better

4. Use Money Savings Expert, Go Compare, and other loan comparison sites to search for alternative loans. You would be surprised at the offers you might get. If you have an Aqua card, have you tried Aqua loans, they offer good interest rates compared to other lenders.

Hope this helps.

Ratesetter re-application

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