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Tesco Loan Decline
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weller01
Posts: 12 Forumite
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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Comments
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How many times are you gonna post this?0
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Hi
I think you miss understood the advice given on your other thread.
What they meant was that consolidation very rarely if ever works to your advantage and you are much better off trying to make more progress with you existing debts by re juggling or cutting down and paying off quicker rather than borrowing more to pay existing debts.
You need to post up a statement of affairs and you'll get some help.
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Consolidation rarely works and you just get into more debt. Post your Statement of Affairs here so we can see your incomings and outgoings and advise accordingly. https://www.makesenseofcards.com/soacalc.html - follow the instructions on there to copy and paste to MSE.0
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