MK5 Golf GTI
General => Random Chat => Topic started by: Top Cat on May 26, 2011, 09:28:10 pm
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What is the world coming to.
New car appearing soon so i am borrowing a smallish amount to finish off the deal and have a little pot for the mods i want. So i found the cheapest borrowing rates. Went for the M&S loan at 6.7APR.
Got the thumbs up almost straight away. Opened the deatils they sent out ready to sign and send back and noticed there offer was different and they offered me 10.5% APR :chicken:
Rang them up and the put me through to the credit section. She said i am looking at your credit rating and i can see a problem and this is why you got offered the rate you did.
So i asked what was up and she said it's your mortgage. :chicken: she said everything else is fine, which it should be as there is nothing else borrowed and outstanding. so i said what is up with my mortgage and she said because it was only taken out last year. :chicken: I told her that i change every 2 years as find this best way to get deals on interest only. She said i can see that sir but that is the reason.
WTF :rolleye: Another bunch of rip of merchants like insurance companies. :fighting: So the bank of England rate is 0.5 and i have a perfect credit rating and they offer me 10%. :grin:
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"Over a barrel" lending.
It may be worth looking at what the dealer can offer? You might not want to go that way, but at a couple of % with bartering - it's usually the cheapest route. :happy2:
Banks are desperate to f*** you over. Car dealers are desperate for you to buy.
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Unsecured borrowing is very expensive at the moment.
You could try someone like Sainsbury's who are much less fussy but that is also a viscous circle as the more applications and searches there are the more they fear you are a risk.
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Having outstanding finance/loans/ credit cars doesnt give you a bad credit rating. Im surprised about the fact that they deem having a mortgage as a negative. :stupid:
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Unsecured borrowing is very expensive at the moment.
You could try someone like Sainsbury's who are much less fussy but that is also a viscous circle as the more applications and searches there are the more they fear you are a risk.
I have applied for post office at 7.4 it says on the which site that if they accept you that is the rate you get no matter what. :smiley: I guess this means they will say no. :laugh:
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Having outstanding finance/loans/ credit cars doesnt give you a bad credit rating. Im surprised about the fact that they deem having a mortgage as a negative. :stupid:
She was embarrassed talking to me as she admitted my history rating was fine, it was quite obvious they do it to everyone, the 6.7 is the bait. :sick:
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Bait with a very flimsy line! :signLOL:
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Good on you for checking. So many people don't and accept what they're given.
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Dont get me started with this!!!! Banks are even worse!
My loan for the GTi will be going against my Business account as they wont lend me a penny despite a good credit rating and cash in the bank!! Bloody nightmare!!! :wink:
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I almost took a bit of finance on the new Leon I recently bought, then checked the bank (HSBC) as I like the way I can see the loan online with my other balances - 7.something they offered which I thought was ok - went through the applicastion online by completing about 3 boxes - then accepted it thinking I would then get the paperwork - oh no, box appeared to accept - about 10mins from start to finish and the money was in my bank - could beleive how easy it was !
So on the flip side I found it too bloody easy. So glad I didnt take any finance
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^^ Hrmmm Barclays isn't like that for me I can tell you. So frustrating especially when you have the money to finance the small loan you are asking for!! :smiley:
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Plus one for Barclays being crap, just tried to borrow from Barclays and despite being preapproved for maximum overdraft and having impeccable account manners I couldn't get the headline rate of 8.7APR which TBH I would have been happy with (Been with bank 22 Years - easy)
If I couldnt get the rate I believe nobody can, I asked barclays why I couldn't hget it and pursued it over three weeks through their complaints department, they still havent told me why I couldnt get the rate. Anyway got approved with Sainsburys and Barclays as part of a telesales campaign caught me in and promised to pricematch and better the sainsburys rate by £1 automatically. :sick:
Barclays are a bunch of f**kin tossers and I've pledged as soon as possible I'll be sacking them after 20 odd years and ditching every policy, account fee, life cover, home insurance, critical illness policy I have with them.
No loyalty to a 22 year customer, remember when I first got my first mortgage with them I had an interview with the branch lending officer, nowadays its "computer says no" at its absolute worst
I'll ditch every product they have ever sold me and they'll never know why which makes me really happy....
Ive heard First Direct are pretty good anybody got any experience.....
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My Parents have used First Direct for years and they have been really happy with them.
They usually offer you some cash if you sign up too - or they used too.
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I looked at taking out a loan with my bank last year and got offered 11.9% APR. I laughed and asked why it was so high. I was bluntly told that they were making less money on mortgages and needed to recoup the difference!
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Hmmm... i need to do some borrowing myself soon and sounds like it will be a barrel of laughs... :fighting:
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Something strange there top cat. I took this M&S offer for my eddy just over two months ago and got the stated APR with 3 months delay of payment. I also changed my mortgage last year so I dont understand that :confused: Could it be your house value to mortgage percentage?
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Credit and Banks its a joke , I have no loans , no mortgage no finance , I was pesuaded to have a Laura Ashley store card because i gave you 25% off all purchases that day so I thought get the card and the discount on the goods then next month cancel the card , simples
card application was declined as i have either poor or no credit history and if id like to pay some agency they will offer to help resolve it , These financial boys are something else ..
Keep looking TC you will find what you are looking for have you tried sites like money supermarket etc they quite often have pointers and can save a load off time searching through 1000s off rates for you
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Holy sh*t it sounds sh*te out there!
Makes my 2.68 percent on my car seem a bargain. Shame I'll be selling soon! Next time round I'll probably be put off by te stupid rates
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I went to Money Supermarket.com and tesco was the cheapest with a nice deferment for 3 months.
Easy peasy.
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Is the rate they quote you online with moneysupermarket the actual one you get the loan with?
Or is it hiked like the banks do after you have applied?
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No it was exactly as stated mate.
I was quite pleased as everyone was saying I wouldn't get a loan in the current climate but never had a problem before so it flew through.
Give it a go, it worked for me.
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Yeah, if you don't use a credit card and use only a debit card (spend what you have!) then you're regarded as a risk as well for not having built up an adequate history.
...at this rate you're more likely to get a better (and more honest!) deal from the mafia...
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Scooba, have a look at experian or credit expert. There should be an introductory offer so cheap but remember to cancel.
When I took out a loan (and subsequently cancelled) my rating was 999 but fell to 600 because I'd missed two credit card payments (a bit slow in getting round to transferring funds). Since then, I've set up a direct debit to pay the minimum payment and within six months it was back up to 999. This is despite me having PCP on the car.
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Is that 999 out of 1000 ? Im guessing the higher the rating the better it is?
Never really thought about my credit rating before! :scared:
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Yeah, if you don't use a credit card and use only a debit card (spend what you have!) then you're regarded as a risk as well for not having built up an adequate history.
...at this rate you're more likely to get a better (and more honest!) deal from the mafia...
Ive only just found this out due to looking into getting a mortgage. Im now using my card once every 1-2 weeks to build it up a bit! :happy2:
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It is strange, to get a good credit rating you really have to be bad - I hate using credit cards but have to every now and again - as long as you pay them off !!
I've only ever had a couple of credit cards max, tend to use one at time.
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Is that 999 out of 1000 ? Im guessing the higher the rating the better it is?
No. It's out of 999! :grin:
Companies have wised up to people who have credit cards but pay them off in full. It generates no cash for them. It's better to make minimum payments and "owe" a little bit now and then.
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Ive heard First Direct are pretty good anybody got any experience.....
I moved recenty - £100 for opening an account and another £100 if you don't like it. Can't go wrong.
Also if you are recommended by an account holder the recommender gets a treat I think :evilgrin: :innocent: :wink: