Sainsbury's Loan Underwriters mad??

butterfinger

I applied for a loan with Sainsbury's regardless of the reviews on this website (Big Mistake)...I applied for £7,500 over 5 years. Here is my basic profile...

- 45 years old, great job security
- £68,000 Salary pa
- Homeowner (No mortgage)
- Credit Score (Experian) = 997
- Low monthly outgoings
- No CCJ's, No Defaults, 1 late payment in the last 6 years
- 0 dependents

Sainsbury's Answer = NO

Honestly cannot understand this what so ever, the only reason i went to them is because being a loyal customer for god knows how many years, i got a letter through the door saying if i took this loan out i would have double necter points for 2 years!

When i appealed i was told i did not match their lending criteria.....???????? I can honestly say that they can stick their pet insurance, food shopping and petrol up their hole! Im finished with Sainsbury's after a good 25 years loyal to them.



Does anyone have an idea as to why they may reject this, serious answers only please

Tixy

You could consider appealing the decision by Sainsburys if you feel there is no reason for a decline - sometimes underwriters give a different decision.

Nobody here can tell you why you were declined but some things you could consider:

What existing open credit agreements do you have?

Ignoring the credit score - have you also checked your credit reports with the other 2 agencies?
Do all 3 have the correct information? show you as being on the electoral roll etc?

Do you have any financial associates on any of your reports?

Have you made any other recent applications for credit?

Do you have existing debts? how much?
Do you have significant credit limits on open credit agreements (cards etc)?
Do you have an overdraft? do you use it always?/regularly?/occasionally?/never?

DCFC79

butterfinger wrote: »

I applied for a loan with Sainsbury's regardless of the reviews on this website (Big Mistake)...I applied for £7,500 over 5 years. Here is my basic profile...

- 45 years old, great job security
- £68,000 Salary pa
- Homeowner (No mortgage)
- Credit Score (Experian) = 997
- Low monthly outgoings
- No CCJ's, No Defaults, 1 late payment in the last 6 years
- 0 dependents

Sainsbury's Answer = NO

Honestly cannot understand this what so ever, the only reason i went to them is because being a loyal customer for god knows how many years, i got a letter through the door saying if i took this loan out i would have double necter points for 2 years!

When i appealed i was told i did not match their lending criteria.....???????? I can honestly say that they can stick their pet insurance, food shopping and petrol up their hole! Im finished with Sainsbury's after a good 25 years loyal to them.



Does anyone have an idea as to why they may reject this, serious answers only please

Just because they rejected you for a loan you going to ditch the pet ins you have with them, the grocery shopping and buying of petrol.

Bit overkill is it not, you do realise the financial part of sainsburys bank is a separate entity to the grocery shopping side.

You just dont match they're criteria, each lender has they're own scoring system so instead of getting ones knickers in a twist over a simple loan rejection try elsewhere eg your own bank.

edit just to say tixy has posted some excellent advice which id not thought of.

chalkie99

Your circumstances seem to have changed in a big way over the last few months.

https://forums.moneysavingexpert.com/discussion/comment/50744579#Comment_50744579

Maybe Sainsburys read MSE?

barbarawright

You also seem to have personal experience of guarantor loans which suggests this isn't the first time you've been refused credit from a mainstream lender

https://forums.moneysavingexpert.com/discussion/4238309

DCFC79

butterfinger wrote: »

I applied for a loan with Sainsbury's regardless of the reviews on this website (Big Mistake)...I applied for £7,500 over 5 years. Here is my basic profile...

- 45 years old, great job security
- £68,000 Salary pa
- Homeowner (No mortgage)
- Credit Score (Experian) = 997
- Low monthly outgoings
- No CCJ's, No Defaults, 1 late payment in the last 6 years
- 0 dependents

Sainsbury's Answer = NO

Honestly cannot understand this what so ever, the only reason i went to them is because being a loyal customer for god knows how many years, i got a letter through the door saying if i took this loan out i would have double necter points for 2 years!

When i appealed i was told i did not match their lending criteria.....???????? I can honestly say that they can stick their pet insurance, food shopping and petrol up their hole! Im finished with Sainsbury's after a good 25 years loyal to them.



Does anyone have an idea as to why they may reject this, serious answers only please

Could be the fact you have pay day loans on your history which shows your not good at managing money.

Hes also on this thread too, they apparently did a massive paper at University on the credit rating system on it and got some remarkable reviews

butterfinger

chalkie99 wrote: »

Your circumstances seem to have changed in a big way over the last few months.

https://forums.moneysavingexpert.com/discussion/comment/50744579#Comment_50744579

Maybe Sainsburys read MSE?

For the above my son and daughter uses this account as well, so the thread you highlighted is for their own issues

Tixy wrote: »

You could consider appealing the decision by Sainsburys if you feel there is no reason for a decline - sometimes underwriters give a different decision.

Nobody here can tell you why you were declined but some things you could consider:

What existing open credit agreements do you have?

Ignoring the credit score - have you also checked your credit reports with the other 2 agencies?
Do all 3 have the correct information? show you as being on the electoral roll etc?

Do you have any financial associates on any of your reports?

Have you made any other recent applications for credit?

Do you have existing debts? how much?
Do you have significant credit limits on open credit agreements (cards etc)?
Do you have an overdraft? do you use it always?/regularly?/occasionally?/never?

good info cheers, i do have experian and call credit but i will need to check Equifax, as mentioned no debts at the moment whatsoever, as for overdraft i do have a £3,500 O/D limit, but i very rarely even spend £500 of that and if i do its paid for by the next wage.

Could it possibly be financial association as the wife isnt to good (credit wise) :embarasse

barbarawright wrote: »

You also seem to have personal experience of guarantor loans which suggests this isn't the first time you've been refused credit from a mainstream lender

https://forums.moneysavingexpert.com/discussion/4238309

Again nope, i dont even know what a guarantor loan is! If its a payday loan i have never had one of those, in fact i am in a campaign to have them more heavily regulated as i have had to bail my boy out of the payday loan dilemma, not good cost me close to £3k

Tixy

If you don't know what a guarantor loan is then why were you recommending them to someone an hour ago?

Apples2

butterfinger wrote: »

i dont even know what a guarantor loan is!

I suspect you don't know an awful lot about anything other than trolling Internet forums.

DCFC79

Well done butterfingers, you sent me a PM saying you had reported me for being an !!!!!!! in general. I must applaud you NOT. Well I must say that the OP is a very delightful person, I wont post the message he sent in a PM to me as its rude plus maybe he just didnt like what I posted. For someone being 45 years old you dont act it going on your message you sent via PM, you sound like a 14 year old.

DCFC79

Apples2 wrote: »

I suspect you don't know an awful lot about anything other than trolling Internet forums.

He knows how to speak rudely and to send PM's.