Sainsburys Loans how difficult to be accepted?

never-in-doubt

Deep_In_Debt wrote: »

I was rejected by my bank and many mainstream lenders but accepted with Sainsburys so not sure on the criteria they use.

Sainsburys Finance are part of RBS so if you owe money to RBS or any links to RBS, they may reject you.

Sainsburys are in with HBOS actually, not RBS! Tesco used RBS.

Also, their credit scoring is harsh, just like any normal lender and their score card is the same value as most Halifax products. So that said, if you got a default or CCJ then forget going to Sainsbury as they will decline you, as would their bankers, HBOS.

Go back to 2007 or earlier and HBOS (i.e. the old Halifax moreso) was considered easy to get credit thus so was a loan or card from Sainsbury. Not so nowadays...

Deep_In_Debt

Apologies, HBOS!

I took my loan out in about 2004 so i guess their lending criteria was not so stringent in those days.

loopy.magic

Thanks for the info.

I have 2 credit cards with HBOS (Halifax One Card and BOS Platinum) with balances on them at promotional rates. If I went for the Sainsburys loan would they specifically look at my payment history for these 2 card accounts? (flawless payment history paying a little more then the minimum every month).

never-in-doubt

loopy.magic wrote: »

Thanks for the info.

I have 2 credit cards with HBOS (Halifax One Card and BOS Platinum) with balances on them at promotional rates. If I went for the Sainsburys loan would they specifically look at my payment history for these 2 card accounts? (flawless payment history paying a little more then the minimum every month).

No, its a different system (DPA prohibits dipping between accounts like that with 3rd party companies) you would be better trying Halifax directly. If they have said no already then sainsbury will do the same. Try halifax if you already have debt/history with them

loopy.magic

Thanks never-in-doubt. I considered going to Halifax, but unfortunately their loans don't have the best interest rates (12.4% typical compared to 8% with Sainsburys).

never-in-doubt

loopy.magic wrote: »

Thanks never-in-doubt. I considered going to Halifax, but unfortunately their loans don't have the best interest rates (12.4% typical compared to 8% with Sainsburys).

however you may be almost guaranteed - that is the dilemma you face. If anything try sainsbury and if they say no then you'll have to rely on a totally different bank cos you won't be allowed to reapply at hbos for 3 months....

Me? I'd be going to hbos unless I knew my credit was spot on and no chance of refusal... however in todays market that is a tough one to call....

loopy.magic

Thanks again, I'll have to look at the numbers and consider the risks involved before making a decision.

Like you say a tough one in todays market.

speedbird1973

never-in-doubt wrote: »

No, its a different system (DPA prohibits dipping between accounts like that with 3rd party companies) you would be better trying Halifax directly. If they have said no already then sainsbury will do the same. Try halifax if you already have debt/history with them

The Data Protection Act doesn't prevent such information being shared - in fact go to your credit report HBOS are one of the providers that give the new "extra" information about card use - although I believe the lender doesn't appear on the report it won't be difficult to cross check with the form etc etc.

never-in-doubt

speedbird1973 wrote: »

The Data Protection Act doesn't prevent such information being shared - in fact go to your credit report HBOS are one of the providers that give the new "extra" information about card use - although I believe the lender doesn't appear on the report it won't be difficult to cross check with the form etc etc.

LOL, trust me a bank cannot dip into another companies account and check records. So in this instance Sainsbury Bank will not be allowed to look at a customers Halifax credit cards. It is two different companies in that respect.

Forget the fact its all Halifax - technically (and in the eyes of law) it is separate entities and therefore data cannot be crossed between the two.

loopy.magic

never-in-doubt wrote: »

however you may be almost guaranteed - that is the dilemma you face. If anything try sainsbury and if they say no then you'll have to rely on a totally different bank cos you won't be allowed to reapply at hbos for 3 months....

Me? I'd be going to hbos unless I knew my credit was spot on and no chance of refusal... however in todays market that is a tough one to call....

Applied to BOS for the loan today, got turned down