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Loan application affecting credit rating?

waverley92 Posts: 1 Newbie

20 September 2009 at 5:49PM in Loans

I telephoned Sainsbury to enquire about a loan. My credit rating is good considering I have no outstanding bills or debts, and have never defaulted. However when I attempted to discuss my credit rating, I was told that because I had already phoned another loan company to discuss their terms and rates I could be paying a higher rate of interest if i take out a Sainsbury loan.

How can this be? All I was doing was shopping around which I think is the normal thing to do. How can I convince Sainsbury to allow me to borrow at the lowest rate?

Advice would be appreciated

This discussion has been closed.

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