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Loan application affecting credit rating?
waverley92
Posts: 1 Newbie
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
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