Declined By Egg!

andymac746

Try nationwide seen some good reports about them.

nej

I might do, although I really want a flexible loan as I'm very likely to want to pay back a chunk of it (sale of my wifes car).

Nationwide do have a pretty good rate though, and I like the fact they have only one rate regardless.

Alternate tactic might be to use my wife to apply with Cahoot. I need to check her credit file first though, as she's never had much so might not get such a good score.

belleooo

Frontera2 wrote:

I've had the same problem nej

I was turned down for a consilidation loan recently despite having a good score (863) and allready having a small egg loan. There reason was because I didn't work it went against me. This was despite my husband working and his wages being taken into consideration, and having successfully ran an egg loan with an excellent record of repayments etc. I came to the conclusion that Egg have enough custom and don't need anymore.

belleooo

nej wrote:

Well, I spent AGES on the phone with them last night, going through their appeal process, detailing all my incomings and outgoings, including my wife's, and at the end of it worked out that it was easily affordable. The guy then said it looked Ok and he went off to the person that actually makes the decisions (he said if it didn't look Ok then he would have declined it himself on the spot). Half an hour later and he calls back and says it's been declined again...

Oh well, guess I'll have to try Cahoot or someone instead!

They did this to me too and wasted an hour of my time.

nej

Well I'm glad I'm not alone! I won't take it so personally now :rolleyes:

mistyarthur

Egg turned me down for a credit card before, I can understand they might have done it because of my age though, but they still took the appeal and in the half hour on the phone the lady spoke to me about everything and I explained that it could replace my existing card and I'd be using it like a current account(egg money card). She then phoned me back to say I'd been rejected again and that I should consider going to my bank because they would give me a better rate, even though I'd told her that I never leave money due on my card!!! I don't think they actually care about appeals to be honest. Does anyone know if anyone has ever been accepted after an appeal?

paramonkey

nej wrote:

I might do, although I really want a flexible loan as I'm very likely to want to pay back a chunk of it (sale of my wifes car).

Nationwide do have a pretty good rate though, and I like the fact they have only one rate regardless.

Alternate tactic might be to use my wife to apply with Cahoot. I need to check her credit file first though, as she's never had much so might not get such a good score.

Post office supprisingly very competitive, got a loan of 5.8% on a loan on 8K for a new car. Could have got a slightly better rate, but the post office loan is flexible so I can pay lump sums when I want to, which for my personal situation is very likely in the next year or so. Most of the other loans I looked at, you could pay off early but they charge you a couple of months interest.

I have found egg and cahoot to be very picky and in there decision making process factor in which way the wind is blowing. Yes they are competitive if you can get one, but doesn't really give me much confidence really.

nej

Thanks for the Post Office tip - they hadn't even crossed my mind. I might have a look at them later.

nej

Hmm, no info on the Post Office site about it being flexible at all.

nej

Well I applied online to Nationwide last night, and got accepted in principle.

Can anyone tell me exactly what "Accepted In Principle" actually means? Does this mean they could still change their minds?