Sainsburys loans misleading

Apples2

cmd1980 wrote: »

I understand clearly how loans work and I am saying with my credit score that there is no genuine reason for Sainsburys to offer a rate that it 4% higher.

But you "should" know your credit score is totally meaningless.

You "should" also know only 51% of successful applicants will get the headline rate.

You "should" also know the internal scoring mechanism lenders use is a well kept secret so we will never know what they saw which made them more cautious of you than the other lender.

If you are suggesting nobody will ever receive 5.1% then thats a much larger issue and one Sainsburys are unlikely to be practicing.

imoneyop

cmd1980 wrote: »

I understand clearly how loans work

You clearly don't - you don't even seem to understand the basics.

cmd1980 wrote: »

and I am saying with my credit score that there is no genuine reason for Sainsburys to offer a rate that it 4% higher.

Ignoring the fact that there is no such thing as a "credit score" (would have thought a qualified financial adviser would know that - another basic fact of the industry that you seem to be unaware of). Sainsburys would appear to disagree with you on that and have a reason not to offer you their best rate. Here's a few reasons:

• your salary is too low.
• your current debt is too high.
• they don't like your occupation.
• they don't like the colour underwear you were wearing when you applied.

There's a whole myriad of reasons why you didn't get offered their best rate.

imoneyop

Apples2 wrote: »

Tell us your real job, a Financial Advisor it most certainly isn't.

He probably works for DodgyLoanBrokersRus.com "advising" people to pay fees for unobtainable loans.

cmd1980

imoneyop wrote: »

You clearly don't - you don't even seem to understand the basics.





Ignoring the fact that there is no such thing as a "credit score" (would have thought a qualified financial adviser would know that - another basic fact of the industry that you seem to be unaware of). Sainsburys would appear to disagree with you on that and have a reason not to offer you their best rate. Here's a few reasons:

• your salary is too low.
• your current debt is too high.
• they don't like your occupation.
• they don't like the colour underwear you were wearing when you applied.

There's a whole myriad of reasons why you didn't get offered their best rate.

No such thing as a credit score? Wow I am clearly wasting my time :-)

opinions4u

cmd1980 wrote: »

No such thing as a credit score? Wow I am clearly wasting my time :-)

Enlighten us as to what your score is with Sainsburys Bank.

marathonic

I've never used a financial advisor before but, reading this thread, I'm not sure I want one.... does the qualification come in a lucky bag?

gb12345

opinions4u wrote: »

Enlighten us as to what your score is with Sainsburys Bank.

Didn't you read his OP - it's "extremely high";).

somethingcorporate

Jeez. Who do you financially advise? I hope you're cheap otherwise you're evidently overcharging :rotfl:

Clueless, you are!

infinity9

Not one to jump on the band wagon normally, and being a very new newbie here, not wanting to get my big old wooden spoon out and have a stir.I really only have one question in this whole fiasco. Why would a financial adviser even come to this site and embarrass him self with any kind of monetary question.

DCFC79

gb12345 wrote: »

Didn't you read his OP - it's "extremely high";).

There should be a poll to determine this.