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Tesco Loan Decline
Could anyone provide me with genuine advice here. Being responsible I thought that I would consolidate my debt in to one manageable personal loan repayment per month. I have an existing loan with Tesco and two credit cards. I thought it sensible to subsume my Tesco loan plus the two cards to one monthly payment over 5 years so that I would become debt free!
Knowing that Tesco use Equifax, I paid £14.95 for the credit repport and score and I came out at 505 in the "excellent" category. When calling Tesco I was hopeful, with perhaps the niave thought that as an existing customer I would also get a nice tick by my name. I would not have called had I not been quite so optimistic as a result of the positive from Equifax too.
The result was a decline due to my credit score. I was genuinely quite surprised and told to write to Head of Appeals etc. My issue is that I have never been declined for anything before and the fact that in trying to consolidate and being responsible I am now in a worse position as I will continue to pay more per month and I will have a search/negative on my credit file!
I would appreciate some genuine advice here! Has anyone had a similar experience. Additionally, all the "basics" such as homeowner/electoral roll/no missed payments etc etc are all absolutely fine.
Knowing that Tesco use Equifax, I paid £14.95 for the credit repport and score and I came out at 505 in the "excellent" category. When calling Tesco I was hopeful, with perhaps the niave thought that as an existing customer I would also get a nice tick by my name. I would not have called had I not been quite so optimistic as a result of the positive from Equifax too.
The result was a decline due to my credit score. I was genuinely quite surprised and told to write to Head of Appeals etc. My issue is that I have never been declined for anything before and the fact that in trying to consolidate and being responsible I am now in a worse position as I will continue to pay more per month and I will have a search/negative on my credit file!
I would appreciate some genuine advice here! Has anyone had a similar experience. Additionally, all the "basics" such as homeowner/electoral roll/no missed payments etc etc are all absolutely fine.
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