Does my bank know my actual credit rating?

[LEK-89]

When doing some loan quotes when logged into my internet banking, say if i did a quote for a £1000 loan it displays an interest rate of around 20%, which means the total i pay back to th bank is roughly £1100, based on the interest rate does my bank know my actual credit rating & for example if i did go for this loan is the 20% still the actual interest rate estimate i would see or would the bank have to do a full credit check on me? The bank i am with as well also know that i pay bills such as car insurance & phone contract etc. Lastly the bank told me before that my credit rating is excellent because i have never took out a loan yet & i am paying my direct debit bills on time.

Thanks - Liam

 

[Morba]

What it says on screen is the offer, it then needs to be approved.
They will have some knowledge on you so will be able to pre approve some amounts.

 

[LEK-89]

What it says on screen is the offer, it then needs to be approved.
They will have some knowledge on you so will be able to pre approve some amounts.

That's what i thought as well, Other sources like MoneySupermarket tells me that my credit rating "Needs room for improvement" even though im not in any debt at all but its likely because i am 19, would that 20% interest rate estimate apply with other interest rates with other banks too because of my status?

Liam

 

[z0mbi3]

Lastly the bank told me before that my credit rating is excellent because i have never took out a loan yet & i am paying my direct debit bills on time.

Thanks - Liam

Don't you actually have to have a credit history in order in order have an excellent credit rating?

 

[LEK-89]

Don't you actually have to have a credit history in order in order have an excellent credit rating?

That's the question i asked my bank when i had an interview with them a while ago lol but yeah i said to them how can my credit history be excellent if it is nearly enough to be 0? The lady told me that its not exactly 0 because i pay for my own things i need like car insurance & phone bills and because i have not had to take a loan out yet she said my credit rating still looked excellent, this is why I am confused lol I want to get myself a credit report but most places charge you like £20 for a single report or you can apply for a free trial then pay etc.

Liam

 

[WantoN]

In the UK there is no such thing as a 'credit rating' for each individual, each lender/provider gives you their own credit rating dependant on your history with them and information from other sources.

There is also no 'blacklist'.

What you will find, is if you're the type to pay off loans, credit cards and overdrafts in one lump sum rather than by small amounts of time, your credit elligibility will be negatively effected (you make the lender less money). Also if you've taken out many loans in an 18 month period, often fail to pay or have very little credit outstanding, you'll effect your rating.

Google for more info.

Ant

 

[LEK-89]

In the UK there is no such thing as a 'credit rating' for each individual, each lender/provider gives you their own credit rating dependant on your history with them and information from other sources.

There is also no 'blacklist'.

What you will find, is if you're the type to pay off loans, credit cards and overdrafts in one lump sum rather than by small amounts of time, your credit elligibility will be negatively effected (you make the lender less money). Also if you've taken out many loans in an 18 month period, often fail to pay or have very little credit outstanding, you'll effect your rating.

Google for more info.

Ant

Thanks for that! My bank gives me the impression that they must think im a good customer of there's because at least once a month they send me a letter through the post offering me a loan and they also call me to offer me a special personal loan to me too, most likely because of my age & also they can see on there records what i pay for etc.

Liam

 

[Ex-RoNiN]

Thanks for that! My bank gives me the impression that they must think im a good customer of there's because at least once a month they send me a letter through the post offering me a loan and they also call me to offer me a special personal loan to me too, most likely because of my age & also they can see on there records what i pay for etc.

Liam

No, they think you are an awful customer who doesn't make enough money for them (in other words, being a responsible customer makes you a liability, rather than an asset) so they try to get you hooked onto loans so they can dripfeed money off you and make a profit out of you.

The more they offer you, the worse you are to them

 

[Rotty]

In the UK there is no such thing as a 'credit rating' for each individual, each lender/provider gives you their own credit rating dependant on your history with them and information from other sources.

:

there is no standard but expedia/creditexpert do have a rating system which provides a score out of 1000, you can get this free with a bit of work

 

[LEK-89]

there is no standard but expedia/creditexpert do have a rating system which provides a score out of 1000, you can get this free with a bit of work

I think it should be free providing that you can prove who you really are, these companies which offer credit reports should not charge you as its information about yourself and your personal credit history, if you cannot afford to pay for a credit report then how do you know what your credit rating is?

Liam