Loan refusal - please read

Neil_Wootton

I have been having a bit of a trawl through the various posts so as to try and get the answer i need and avoid a double post, but cant seem to find anyoen who matches my situation or has asked the identical question i need to.

applied for a loan of 10 grand with which to buy a car - was refused by Tesco and they wouldn't explain why, just gave be the generic letter explainign common issues.

At the time of the application experian showed me with a top credit score (although i wasn't registered to vote at the time) and i had been in my job for around 19 months, with a basic gross pay of about 18600. My address history is fairly chequered though although i could prove every address over the past 8 years if needs be. I also didn't have any form of credit other than a direct debit to O2 for my phone. Oh and i had only lived at the address i was at and still am, for about 4 or 5 months.

I then registered to vote, let the election pass and at the end of the next month applied again (first time with tesco and second with Sainsbury) and once again was rejected.

Now my brother around the same time inititally also applied for a loan of the same amount also from tesco. His address history was showing as 1 address from october 2002 to august 2009 (although for the last 4 years of that he was at uni so his normal address did actually change a bit) and then a differnet one from end of august to end of february 2010. I dont know what his credit score is, but apart from a phone he would also not have had anything, and his gross income at the time was near as makes no difference 19500. He was registered [although doesn't] to vote. He was accepted!


Now does anyone know of any process for appeal by which i could go to either company and provide them with the relevant proofs to get them to reverse their decisions. How long would people suggest it is wise to leave before i apply again. To start building up some manner of credit profile (because i cant even get a basic f***ing credit card) i have created a littlewoods shopping account. So is the only way i can build a credit profile to over pay for things to the tune of 25% or more??

iamana1ias

Neil_Wootton wrote: »

I have been having a bit of a trawl through the various posts so as to try and get the answer i need and avoid a double post, but cant seem to find anyoen who matches my situation or has asked the identical question i need to.

applied for a loan of 10 grand with which to buy a car - was refused by Tesco and they wouldn't explain why, just gave be the generic letter explainign common issues.

At the time of the application experian showed me with a top credit score (although i wasn't registered to vote at the time) and i had been in my job for around 19 months, with a basic gross pay of about 18600. My address history is fairly chequered though although i could prove every address over the past 8 years if needs be. I also didn't have any form of credit other than a direct debit to O2 for my phone. Oh and i had only lived at the address i was at and still am, for about 4 or 5 months.

I then registered to vote, let the election pass and at the end of the next month applied again (first time with tesco and second with Sainsbury) and once again was rejected.

Now my brother around the same time inititally also applied for a loan of the same amount also from tesco. His address history was showing as 1 address from october 2002 to august 2009 (although for the last 4 years of that he was at uni so his normal address did actually change a bit) and then a differnet one from end of august to end of february 2010. I dont know what his credit score is, but apart from a phone he would also not have had anything, and his gross income at the time was near as makes no difference 19500. He was registered [although doesn't] to vote. He was accepted!


Now does anyone know of any process for appeal by which i could go to either company and provide them with the relevant proofs to get them to reverse their decisions. How long would people suggest it is wise to leave before i apply again. To start building up some manner of credit profile (because i cant even get a basic f***ing credit card) i have created a littlewoods shopping account. So is the only way i can build a credit profile to over pay for things to the tune of 25% or more??

Nobody is obliged to lend you money. Perhaps you should look for a cheaper car.

Neil_Wootton

you're a funny man!!!

I'm not suggesting they are obliged to lend me money, what i think should be obvious from the information i have given is that given my circumstances and the comparative similarities to someone who has been ok'd for loans in an identical circumstance, what if any options, do i have.

Of course you could reply with another crap witicism and lengthen the page by needlessly quoting the entire original post again!!

Apples2

Neil_Wootton wrote: »

you're a funny man!!!

I'm not suggesting they are obliged to lend me money, what i think should be obvious from the information i have given is that given my circumstances and the comparative similarities to someone who has been ok'd for loans in an identical circumstance, what if any options, do i have.

Of course you could reply with another crap witicism and lengthen the page by needlessly quoting the entire original post again!!

The options you have are to buy a cheap car.

You are far too poor and with your low pay, trying to kid your mates you can afford a ten grand car is laughable.

In fact, you should try Yes Loans, I think they will accept you for a £10K loan.

Neil_Wootton

Jesus I'm not looking for peoples opinions on what i should or shouldn't do, particularly when you are basing your opinions on what have to be baseless assumptions.


1. I've not at any point declared what my other outgoings are, so why is it for you to know how well i can afford it. That is nothing short of arrogance on your part in assuming that my wage has any baring on the sort of lifestyle that YOU think i might be leading.

2. You have no idea what sort of car it is, therefore for what purpose the loan would actually have been for.

3. It is your assumption i am trying to kid my mates with having a car worth a particular amount. My mates all know what i'm worth, how i spend and what my interests are, so wouldn't be impressed by such a posession in any case.

4. How dare you assume I am poor - NOt only do thousands of people wuith similar or even lower wages get approved for loans and finance every day on such items, i know at least 4 off the top of my head. On the basis you have used to suggest i am poor, you must obviously fiddle with donkeys!

5. I have given a very reasonable example of someone whose situation is virtually identical to my own who had no issues with such an application

6. I do plenty of overtime, and have only quoted you an approximate base gross!
need i go on.........

Once again i'm not asking for opinion on how i should or should not spend my own earnings, or whether YOU think i can afford it (when i'm certain the two people who have posted so far have an inate misunderstanding of the difference between affording and paying for). If anyone else wants to engage in this sort of conjecture then post somewhere else. If however you are interested in helping me find answers to the questions i have quite reasonably asked, with the relevant information i have provided, then post away!!

Neil_Wootton

and i certainly shan't be trying yes loans - i have come across their site and dont fancy paying through my !!!! for something - that site i certainly AM too poor to afford using!

Rupert_Bear

Apples2 wrote: »

The options you have are to buy a cheap car.

You are far too poor and with your low pay, trying to kid your mates you can afford a ten grand car is laughable.

In fact, you should try Yes Loans, I think they will accept you for a £10K loan.

If the OP has not over comitted himself and based on limited information it appears this is not the case then I would have thought a salary of £18,600 could easily support a loan of £10k.

My advise would be to try their own bank next.

iamana1ias

Neil_Wootton wrote: »

you're a funny man!!!

I'm not suggesting they are obliged to lend me money, what i think should be obvious from the information i have given is that given my circumstances and the comparative similarities to someone who has been ok'd for loans in an identical circumstance, what if any options, do i have.

Of course you could reply with another crap witicism and lengthen the page by needlessly quoting the entire original post again!!

A) I'm female :rotfl:
your history is not identical to your brother which you yourself have admitted
C) first time posters, especially those who use their names as usernames, have a habit of editing their posts when they don't get the answers they want.

iamana1ias

It could be that Tesco don't lend to people called Neil.

Neil_Wootton

jesus what is it with the unhelpful replies?

a - i apologise for making the assumption you were a chap.
b - i never said the circumstances were identical however i have listed the similarities and differences between the two of us in order to give those helpful ones among us some information on which to base any USEFUL suggestions.
c - I have not edited my post, so was your reply based on the assumption i would?

regards the second reply please kindly !!!!!! off if you're just going to be obstructive or obtuse!

Neil_Wootton

and why do people keep quoting my posts - it just lengthens the page with no real benefit?!