LK
Lisa K

1 reviews | Active since May 2016

19 May 2016, 06:27

got financed as high risk when i am low risk

<p> I bought a car using wesbank finance last week not knowing my credit score, i was told i am high risk payer which i did not understand because i have never skipped a payment and i dont have credit problems. they offered me 17.45% interest rate on my car finance and because i was un aware of these things i just accepted. Today i got access to my credit score because this whole ordeal did not sit well with me and when i check every payment is up to date, no arears and i am listed as low risk payer and my credit scrore is 756 (good). I feel like i was taken for a ride because i had no clue how this credit score thing works. my interest rate is as high as a persons who does not pay thier accounts and i am really dissapointed in wesbank as i really felt that it was the best financing bank that has everyones interest at heart.</p>

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Replies (5)
WesBank
WesBank's reply19 May 2016, 07:21
Official

Good day

The interest rates granted to customers are determined by the individual scoring, validation and risks associated. Since you had agreed to a fixed rate, these are usually higher than variable rates however you have the assurance that your instalment remains the same throughout the agreement period, should there be any escalations in the interest rate.

We trust that you find this in order.

Kind regards

WesBank

LK
Lisa K's update19 May 2016, 07:33
Reviewer Update
This is exactly my issue, what is then my individual scoring? is 756 high risk? as i was told i am high risk, when i am actually not, so who does get a good interest rate? 17% is extremely high, so who qualifies for a good interest rate if a person who pays well doesn't? Please explain this to me, below is my credit scoring Your Credit Score is: 756 Unique Score Ref ***8 Score Date 2016-05-19 Risk Category Low Risk 0 score Reason
WesBank
WesBank's reply19 May 2016, 08:08
Official

Good day

The interest rate is not solely determined by your credit score with the credit bureaus, this is simply 1 of the factors taken into account. The interest rate is determined by your overall scoring of the application taking a number of factors into account. Your financials, your credit history, first time buyer, time at employment etc.

Kind regards

WesBank

LK
Lisa K's update19 May 2016, 08:17
Reviewer Update
Okay, Thank you. Could you please explain to me what exactly hindered my application and the reason I received an extremely high interest rate
WesBank
WesBank's reply19 May 2016, 08:20
Official

Good day

Someone will contact you shortly to discuss offline.

Regards

WesBank