Rejected for tesco loan ('excellent credit rating')

pinkladyof66

i applied for a tesco credit card and another friend did also we both have very good credit history yet we were both turned down. I have applied with virgin and been accepted. So I am guessing that Tesco are very choosy in who they accept etc.

BugsyBrowne

pinkladyof66 wrote: »

i applied for a tesco credit card and another friend did also we both have very good credit history yet we were both turned down. I have applied with virgin and been accepted. So I am guessing that Tesco are very choosy in who they accept etc.

I know tescos gave a member on here a £250 credit limit so not 100% sure what that's all about.

27col

Surely the time to be paying back a 0% loan is when it is still 0%. Not at some later time when the 0% comes to an end and it may not be possible to swop to another 0% card.
Maybe I'm old fashioned, but the logic of having a £2500 debt that you can afford to pay back, escapes me completely. Yeah, That will be it, I am old fashioned and have a deep seated aversion to being in debt and also to paying interest.
I would have thought that they refused you a loan because they could see that you were not paying back your existing deb, and just wanting to add more to it.

pinkladyof66

Strange I only wanted one for the cashback part and the club card points but was not to be. I dont mind just wouldnt ever apply again with them.

opinions4u

PeteHi wrote: »

Jealous are we?

Not in the least. I don't need to take on fresh debts.

As you will see from the responses, this information is relevant when applying for a loan.

Having sold and underwritten loans, I am aware of this. I am also aware that you can pass a credit score and get declined on affordability.

You failed to disclose a mortgage commitment to the forum. How much a month do you pay for that?

I can afford to pay off the cc if I so wished, but as it's a 0% card, why should I right now?

I didn't say you should pay it off. But I did draw out that a lender may view paying the minimum balance as a sign of potential financial stress. So I suggested paying more than the minimum. Then the lender's scoring system sees more than a minimum payment being made. It may just be the difference between a pass / fail decision.

Presumably Sainsbury's have a bigger pot of cash and aren't fussy about lending money to those of a lower quality, as I got it through them no problem :cool:

Or maybe they simply score differently to Tesco.

Either way, enjoy your Nectar points.

And follow the minimum payment plus £1 tip. It may make life easier next time.

PeteHi

BugsyBrowne wrote: »

Come on Pete you didn't get a loan off sainsburys did you be honest!!

No I made it all up




Thank you for your application. I am pleased to informyou that your application has been accepted. We now aim to get the cheque to you asquickly as possible, if you take advantage of our courier service you couldreceive the cheque in 24 hours. (subject to conditions and a charge). Pleasecontact one of our advisors on 01244692761* to arrange delivery of your cheque.Opening Hours: Mon-Fri 08.00-22.00, Sat 09.00-17.30, Sun 09.30-17.30.*Telephone calls may be recorded for security purposes and monitored under ourquality control procedures.





Lloyds TSB Bank plc. Registered Office: 25 GreshamStreet, London EC2V 7HN. Registered in England and Wales, number 2065.Telephone: 020 7626 1500.

Bank of Scotland plc. Registered Office: The Mound,Edinburgh EH1 1YZ. Registered in Scotland, number 327000. Telephone: 0870 6005000



Lloyds TSB Scotland plc. Registered Office: Henry DuncanHouse, 120 George Street, Edinburgh EH2 4LH. Registered in Scotland, number95237. Telephone: 0131 225 4555.

Cheltenham & Gloucester plc. Registered Office:Barnett Way, Gloucester GL4 3RL. Registered in England and Wales, number2299428. Telephone: 01452 372372.

PeteHi

27col wrote: »

Surely the time to be paying back a 0% loan is when it is still 0%. Not at some later time when the 0% comes to an end and it may not be possible to swop to another 0% card.
Maybe I'm old fashioned, but the logic of having a £2500 debt that you can afford to pay back, escapes me completely. Yeah, That will be it, I am old fashioned and have a deep seated aversion to being in debt and also to paying interest.
I would have thought that they refused you a loan because they could see that you were not paying back your existing deb, and just wanting to add more to it.

It will be 0% for another year. I can pay it off as and when is best for me. Minimum payment here, bit more there etc.

It's costing nothing.

PeteHi

opinions4u wrote: »

Not in the least. I don't need to take on fresh debts.

Sadly I do. Well I don't 'have to' as such as I could have a company car, but to take out a £12,500 loan with repayments more than covered by my company, will make me considerably better off than using a company car.

Work that one out.

opinions4u wrote: »

You failed to disclose a mortgage commitment to the forum. How much a month do you pay for that?

pheonixrising21

BugsyBrowne wrote: »

If experian have rated you excellent why not borrow off them then?

Made me chuckle!

pheonixrising21

PeteHi wrote: »

The money is for a car purchase, which work will be paying me £550pcm towards. Suppose I should have increased my salary by 5k or so when I filled in the application form to reflect this.

Wouldn't that be fraud? Is that how you got the Sainsbury's card?