Declined By Egg!

nej

I've just been turned down online for an Egg flexible loan for £8500 over 4 years but am unsure why.

I earn a good salary (£35000), am a home owner, have no bad debts, no CCJ's, no defaults etc. When I did a search on the moneysupermarket(?) site that checks your file with it I came out as having an "Excellent" score.

I've emailed them to ask, but has anyone else had this kind of problem? I really needed the money sooner rather than later and don't want to now have to go elsewhere as I don't want lots of credit searches on file, but also don't want to drag it on with them. There was no phone number to call, it said I had to write or email, so I've emailed.

If they refuse does anyone have any suggestions on making them reconsider?

Bernard_Coleslaw

The MoneySuperMarket site doesn't actually check your individual file (because that would leave an additional footprint on it). What it does is to come up with a "likely" credit score banding based on what you tell it. It's only when you applied to Egg that any actual checking on your file would have happened.

Perhaps you need to get hold of a copy of your actual credit file?

BC

nej

Just got my file online - I have a score of 463, which is "Good" and only just below "Excellent".

Bernard_Coleslaw

Hmmm. Very odd. Sorry I can't help. Looks like Egg are the ones to be talking to then! Wonder which Credit Reference Agency they use?

BC

wigginsmum

Do you have a lot of other debts? Is it possible they might think you're overstretching yourself?

Bernard_Coleslaw

I thought that too, but surely that would impact on his credit score?

BC

The_Boss

I used to have an almost excellent score on Equifax, with a poor score on Experian. The difference was that more searches had been done on Experian.

Egg use Experian. I'd imagine that the decision could be down to searches.

wigginsmum

Bernard - probably only if there were payment defaults which the OP says there aren't.

nej

Hmm, I did only look at Equifax so far, as they offered instant access, whereas Experian send out a PIN. Perhaps my score on Experian is not so good...

If this is the case, does anyone know of a flexible loan company that uses Equifax?

nej

Actually don't worry, I've found a list on MSE.

I've also just realised that I was down as a Tenant and unmarried according to my personal info on Egg. This would have been right when I first took out a card with them many many years ago but is now completely wrong. I have now updated the information to relfect my employment status (which was blank), the fact that I'm married and a homeowner. I'm sure this has something to do with the problem.

I've sent a "Secure Message" to Egg asking them to reconsider with these details changed.

merleen

and I work for Egg! though not in the loans department i hasten to add and no, we dont' get preferential rates! I contacted the loans department and its worth doing as even though they've made a decision they should be able to explain their reasons and possibly offer you a smaller loan or talk you through other options, i've always found them very helpful... though possibly i'm biased!

(disclaimer - my views not Eggs!)