Creditworthiness: why the advertised rate and your personal rate differ
The advertised rate and your personal offer rarely match – here's why, and how to keep a conditions enquiry clearly apart from a loan application.
Lenders assess the likelihood of repayment using their own methods. Income, commitments and external credit information can all influence the terms you are offered.
Do not rely on an example rate
An advertised rate does not automatically apply to everyone. Only a personal offer makes the instalment and total amount payable reliable.
Make enquiries deliberately
Check beforehand whether a conditions enquiry or a loan application is being made and which credit bureau (such as Schufa) is used. If you have specific doubts, check the stored data directly with the credit bureau.
Frequently asked questions
Why am I not getting the advertised interest rate?
Advertised interest rates usually depend on creditworthiness and apply only to some applicants. Lenders assess income, existing commitments, employment situation and credit bureau data using their own undisclosed methods. That is why the effective rate, instalment and total amount payable only become reliable in a personal offer.
What is the difference between a conditions enquiry and a loan application?
A conditions enquiry (Konditionsanfrage) is used only to find out which terms might be available, without obligation, and is designed so that it does not affect your credit bureau score. A loan application (Kreditanfrage) is a binding request and may be recorded by credit bureaus. Before you submit anything, check explicitly which type of request is being made.
How can I see the credit data stored about me?
Under Art. 15 GDPR (DSGVO) you have a right of access to the data a credit bureau holds about you, and a copy must be provided free of charge. You send the request directly to the credit bureau concerned. You can have incorrect or outdated entries corrected or deleted there.
Selected sources
Note: This article is general information and not legal advice. It does not replace an assessment of your individual case by a lawyer or a consumer advice centre. No guarantee of accuracy; the law and case law may change.
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