lender rejected me after changing stance on payday loans

ADChick · 12 June 2015 at 12:51AM

Banks will never list their lending criteria as it is subject to change at anytime. It can also change during an application. I can pretty much guarantee if you read through the details on the original decision it will say something about criteria being subject to change.

They may put it through as a goodwill guesture, depends how much they would be willing to bend their policies by. And I wouldn't beat yourself up about making a payment on your card, payday loans are listed in a seperate section on credit scores now. They probably would have spotted it anyway.

binerds81 · 12 June 2015 at 11:02AM

Thanks ADChick - I got the answer I expected that they said no. The thing that really got to me was that both the packager and the lender approved me at AIP with a full declaration from me stating the use of Payday loans and it was on all 3 credit reports which were sent to them.

I just wish instead of a "no" you could get some helpful feedback that might tell me if there was something else affecting the application so I could know when to reapply or how to help myself.

Just feels like after 4 years of good credit history still getting rejections and it's hard not to take it personally

Oh well, on I go to look at other options, hopefully looking at 100% rather than shared ownership will give me a few more routes to look at!

Teqpro · 12 June 2015 at 7:35PM

Sorry that things don't work out, but its not the end; just prepare for a clean slate in Jan 2017. if you don't want to wait that long then reapply early next year but you may need a bigger deposit though.