Yesterday I tried to apply for a £11500 loan from northern rock. After taking some details they said I qualified but for 7.9%. Then after some arguing about not wanting their payment protection they went to get a final decision and I got passed through to an underwriter who said she couldn't offer me anything. She wouldn't tell me why but apparently nothing to do with my credit history. I cant think what I have negative about me. I am 24 single male earning 30k, home owner with equity, permanent job 3yr, bank 10yr. I have had a few different credit agreements over the last few years and never been late on any payments so I fail to see any reason why I should not qualify for their loans. I called egg after and they approved one for
7.9% straight away no problems. Thank god for that else I would have been stuck with the mini dealers 11.9% pcp plan.
Do these guys have a reputation of cherry picking customers? It's a bit off that they get themselves to the top of moneysupermarkets list by inventing some product that is impossible to get. Also whats the big secret about their lending requirments or anyone elses for that matter? Wouldn't it be a lot easier if each lender put their requirments before you applied. If they don't accept single males under 25 then why don't they indicate this. Then you've got other lenders that mark you down if you have been refused elsewhere - this strikes me as being a meaningless indication of anything at all. As it is they have wasted my time and phone bill applying + there own time taking my call.
Anyway I was wondering if anyone has actually been accepted for this
5.9% apr.