Refused a Loan Due to Lender Specific Info

Shallow_Pockets

Hi guys,

I applied for a RBS Graduate loan last week to purchase my car (the loan will be repaid using half my monthly car allowance from work).

Long story short (terrible customer service) the loan was refused due to information not on my credit report but due to RBS knowing how I ran my student account, admittedly not perfectly but then again this is a graduate loan and I was a skint student. Credit card went over its limit once around August and I was late with a car insurance payment around the same time. But neither of these feature on my experian credit report and would be unlikely to be known to another lender.

Anyway, this prompted me to seek out my credit report using experian's free month trial, and I ended up paying the £5 for my credit score (bad move I agree, but I was annoyed). My score came back at 999 with the only negative factors being that my graduate overdraft and graduate credit card are using £1500 of the £2500 available.


My question is, should I take this information to RBS to try and get them to consider overturning their decision or should I just seek out another lender?

Thanks in advance for your help. Frustrating knowing that I've finally got a decent wage but because I scraped my way through University I cant reap the benefits.

~Beanie~

I would just try another lender.

_Andy_

The credit score is pretty much irrelevant - but earns them good money when people pay for it.
RBS would have used internal scoring as well as looking at the specifics of how you run the account.
Nothing you can do aside from try another lender.

milliemonster

RBS have already told you though that it wasn't what was on your credit report but how you ran your account with them that affected their decison didn't they? so taking information from your credit report to them would be pointless

It seems to me the reason you have been refused is because you were over your limit in August, this is only a month or so ago that this happened so they will be understandably nervous about lending you more money just now.

You need to go to another lender as the others have suggested

TheKeyMaker

Banks just aren't lending money ... and they would come up with any explanation

healthier

Go with another good lender. You said the service is bad here, then why choose the same person. Wisely choose some one else.

countrygirl84

I used to work for NatWest (same group as RBS). They base the loan application firstly on the way your account has been ran. Then secondly, if that is okay, they will do a credit search. Unfortunately it has been like that as long as I have been doing my job. Your best bet is to try a different bank.