Refusal of loan due to bank charges

fred17_2

I recently applied for a loan with Tesco and was told I had been provisionally accepted. I told the woman on the phone that I really didn't think I'd get it as I lost my job at Christmas and had only been working since March 15th and knew that I had had quite a few bank charges that had taken me over my overdraft about 5 times in 3 months. They then requested 2 payslips and my last 3 months bank statements which I duly sent off. The next day they rang me to inform me that I had been declined because they have a limit on bank charges that they will lend up to and I had obviously gone over it as they had seen from my bank statements.!! If she had told me what the limit was when I told her of my concerns I could have worked out myself that they wouldn't lend to me. The thing that really annoys me in all this is that I did lots of little jobs for months to be able to pay my mortgage and all my bills and other loan and I only went over my overdraft by a few pounds each time. I struggled so hard to keep out of debt and it is my bank that has 'screwed' me again!! When I checked my report on experian all my loans/mortgage payments are all satisfactory but my bank overdraft shows 1's and 2's. I really did not know that your bank would do this and when speaking to others about this, they were unaware also. I suppose I never thought that going over my overdraft, however slightly, would show as a 'missed payment' on my credit report.

jonesMUFCforever

Sorry your bank has not screwed you - you have to take responsibility for the fact that you were over your limit and the charges correctly applied.
If they were not you would have appealed against them?

Tesco like your credit report to be A1 so even minor blemishes might have resulted in a decline.

Why not have a word with the screwy bank instead who will know how you run your account?

sscott5581

Tesco loans check Equifax, you said you checked your Experian report perhaps to check Equifax as well, perhaps there is another underlying issue.

Regards