Grounds to appeal loan rejection?

dougharrison

I applied for a Tesco finance loan, was provisionally accepted, and then rejected.

"We have reviewed your application and are unable to offer you a loan at this time. This is because the recent conduct of your account has not been satisfactory."

after being provisionally accepted I was asked to send in ID (utility bill, council tax bill or bank statement) assuming the ID was for anti-money laundering purposes, which it fairly evidently must have been given the freedom to choose from bills etc, do I have grounds to appeal? Had a Equifax credit report (on free trial) which showed nothing malicious, Tesco use Equifax, although I have had a few searches recently, so it would appear that the sole reason for rejection is the bank charge.

ILW

Does your account ever run into overdraft?

Rafter

You can try - but won't get much detail about the reason - it is usually a 'computer says no' type decision and if your equifax details look right then it is based on that. It certainly won't be that they have looked at one bank statement sent in for ID purposes and seen a bank charge.

R.

Cash_Flow

dougharrison wrote: »

I applied for a Tesco finance loan, was provisionally accepted, and then rejected.

"We have reviewed your application and are unable to offer you a loan at this time. This is because the recent conduct of your account has not been satisfactory."

after being provisionally accepted I was asked to send in ID (utility bill, council tax bill or bank statement) assuming the ID was for anti-money laundering purposes, which it fairly evidently must have been given the freedom to choose from bills etc, do I have grounds to appeal? Had a Equifax credit report (on free trial) which showed nothing malicious, Tesco use Equifax, although I have had a few searches recently, so it would appear that the sole reason for rejection is the bank charge.

Did they search experian?

dougharrison

Rafter wrote: »

You can try - but won't get much detail about the reason - it is usually a 'computer says no' type decision and if your equifax details look right then it is based on that. It certainly won't be that they have looked at one bank statement sent in for ID purposes and seen a bank charge.

R.

Well the woman on the phone (I rang today after getting the letter this weekend) said that was likely to be it, because I queried the sentence I quoted, the only direct evidence to a reason for rejection.

In response to the previous question, yes I do use (an authorised) overdraft

ILW

I have been told that companies are rejecting loans if they see a bank account is being constantly run near its credit limit. how times have changed.

chambta

You mention a 'bank charge'. If this for an authorised excess of any type then that would the reason for the subsequent decline decision.