Why Can't I get a loan from Sainsbury and what to do next? PLEASE HELP.

YorkshireBoy

Timmy_Hooson wrote: »

But I paid for my 'score' Which is 999 and means that I am excellent.

No it doesn't! It means that Experian have just moved £6.99 (or whatever) from your bank to theirs! And in appreciation they've given you a meaningless number which, because it's big, has cheesed you off even more.

Experian don't...

1. Know your salary
2. Know how long you've been with your employer
3. Know how long you've been with your bank
4. etc
5. etc

I don't fell very excellent I feel really annoyed at Sainsbury's.

So if they'd plucked the number 479 out of thin air (like they did with the number 999) you'd be a little happier?

pmduk

Make sure you are on the electoral register. The cheaper the loan, the more picky the lender is about who they give it to. In your shoes I'd certainly talk to my bank. If you've no recent credit history other than the card, that won't help either.

Timmy_Hooson

I am on the electoral register.

Well what ever number they use the fact still remains that my credit rating should be excellent. And all the records are correct.

And I got refused.

I think this one needs to be filled under don't touch Sainsburys finance.

And to this comment "don't fit the profile of customer that Sainsbury's are looking "

Well they should make it very clear to people applying what they are looking for.

Why should I be penalised for having a good credit rating. If they are looking for people without.

ILW

If you earn £30k and have no major outgoings, you should be able to save £7000 in about 3 or 4 months. Why bother with the loan?

Timmy_Hooson

because my car is dying and I travel 90 miles a day round trip to earn that money.
So I don't I have the luxury of time. Plus saving for deposit for house, so don't want to eat those up.

immoral_angeluk

Timmy_Hooson wrote: »

I am on the electoral register.

Well what ever number they use the fact still remains that my credit rating should be excellent. And all the records are correct.

And I got refused.

I think this one needs to be filled under don't touch Sainsburys finance.

And to this comment "don't fit the profile of customer that Sainsbury's are looking "

Well they should make it very clear to people applying what they are looking for.

Why should I be penalised for having a good credit rating. If they are looking for people without.

Your credit rating varies from lender to lender, they each have their own in house method of scoring and it's a collective risk assessment basically. For some reason they deemed you high risk and refused.
If sainsburys made it clear what type of people they were looking for then people would be able to play the system.
Your credit score with experian means nothing, if your credit report looks fine, then there's either something on the financial associates credit file, or there's something on there which looks fine, but has made sanisburys think otherwise.

Failing that you could be SUCH a good potential customer with a fantastic report and history of repaying, that maybe they just don't think they'll make enough money out of you. Cynical but true.

Credit is not a right, it's a priviledge, and for whatever reason on this occasion Sainsburys decided you didn't fit the criteria of the type of person they were looking for. Try your own bank, if you're rejected then appeal. If you're still rejected, there's going to be some kind of issue somewhere.

Emmzi

borrowing when you have savings makes poor financial sense. Any loans may well be deducted from the total amount you can borrow on a mortgage anyway; and you can get a very reliable car for less that £7k.

asandwhen

It sounds like you dont have a great deal of credit which believe it or not works against you.

You are not a home owner which works against you

You have only been in your job for a short while which work against you

I would try your bank if you really need the loan.

opinions4u

Timmy_Hooson wrote: »

I am on the electoral register.

But you don't own your own home. Owning your own home is one of the biggest plus points a potential borrower could have.

Well what ever number they use the fact still remains that my credit rating should be excellent. And all the records are correct.

Your credit rating might be good for a modest amount of credit. It might even be good for a large amount of credit secured against an owned property. It doesn't mean that you should be entitled to borrow whatever unsecured amount you want from whatever unsecured lender you choose. That is bordering on extreme arrogance.

And I got refused.

And you have been refused for a range of reasons. Some of these have been explained to you. Those reasons are actually very good reasons. In the end, you want a somebody who doesn't know you to lend you lots of money based on you saying "I'll pay you back, honest".

I think this one needs to be filled under don't touch Sainsburys finance.

I think you should file it under "get over it, you can probably raise the money elsewhere".

And to this comment "don't fit the profile of customer that Sainsbury's are looking "

Well they should make it very clear to people applying what they are looking for.

Ah, so the problem is that you feel that you've wasted 20 minutes of your life applying. Didums. It could be that somebody of your age who had been in their job longer would have got the loan. It could be that somebody who owned their own home, but had been in their job 5 minutes would have got the loan. It could be that you, borrowing less, would have been accepted. There are thousands of permutations of the credit scoring system a lender uses and they cannot realistically publish these so that you can decide whether to apply or not. If they did they would actually open themselves wide open to fraudulent applications and lose lots of money.

Why should I be penalised for having a good credit rating. If they are looking for people without.

Using their own internal scoring system, they want people with a better credit rating than you. As far as they are concerned you are not a good enough risk for the loan you want. End of story. Live with it.

djones9960

Timmy_Hooson wrote: »

Hi My first post.
Back story: I was looking for a car and I have decided on one. I have now secured for 2 weeks with a deposit (for work commitment).
So I went for £7500 loan over 3 years from Sainsbury - Using monysupermarket.com to compare - also the double point on nector swang it there way.
<snip>
Can someone help me with some advise? I don't want to destroy all my savings on a car.

You're not alone.

http://www.moneysupermarket.com/community/forums/t/loan-application-at-sainsburys-rejected-34553.aspx

They do seem to have criteria that is a little stringent. It's what you get for the cheap rates I guess.

NatWest do flexible loans these days(so I was told over the phone; to be honest I can't find it online) so I'd suggest getting one of those and paying it off as quickly as possible (since you're on a fair whack and have no mortgage/other debts to worry about, I suspect you have a fair bit of cash knocking about each month with your new salary)

If you're sure you're safe in your new job I would do as has been suggested and use (at least) some of your savings. It'll be MUCH cheaper than a loan and your savings can always be rebuilt.

HTH