Help with a Santander personal loan

Dani-Louise15

Hello I'm new hear but I wanted to see if anyone could help shead some light for me. Basically I planned for some time to applie for a loan to allow me to move house and purchased household items to give my family a fresh start. I thought it best to go in to branch and explain fully my situation and go from there, how ever my application was declined due to affordability. The gentleman explained it was nothing to do with my credit check as that was excellent but I all ready knew this as did my research first. I later found out I could appeal as going with someone else was a no go as the credit check Santander carried out moved my credit file from excellent to good so I was offered a higher Apr with someone else. Anyway I appealed and backed up how I could afford it and two weeks later got a reply saying it was also declined but this time they are saying its due to my credit file. I presume but could be wrong but maybe this has changed due to the fact I backed up I could afford it and now there going with the credit check to be at fault. Basically whatt I want to know is if anyone knows out there if they are allowed to change the reason for declining your loan application. I know all ready that they have to by law give a reason but they have changed that reason. I also understand they can turn down my application but just feel they are being unfair as I met the criteria and then proved I could afford it but still declined, any help of anyone that's been in same situation would be much appreciated. Thank you

[Deleted User]

There could be a number of reasons they declined you. They don't need to be specific.

redpete

Them saying it's because of the "credit check" is not the same as them saying it's because of the information provided by one or more of the credit rating agencies, it could be just their catch-all phrase that covers a number of their criteria.

Note that the lender doesn't see a score from a CRA nor the "good"/"excellent" rating - they just get the raw information.

feel they are being unfair as I met the criteria and then proved I could afford it

You clearly haven't met their criteria otherwise you would have a loan from them. You might have proved to your satisfaction that you can afford the repayments but you might not have proved to their satisfaction that you can afford the loan now and that you will continue to do so for the duration of the loan; you don't know what risk factors they take into account.

19lottie82

"as the credit check Santander carried out moved my credit file from excellent to good"

I very much doubt it. Who / what told you this?
One credit search wouldn't have such a big impact.

But back to the OP......

What's your salary and current debt level?

Dani-Louise15

I can only go on what I was told when I was in branch and carried out the application! The Gentleman advised me my credit report was excellent there was no problem with it, I didn't see what he was looking at I can only repeat what he told me. My credit score was only a few points off being full and was showing on expirian as excellent. I was advised by the man from the bank to go home and straight away applied else where but do it straight away before my credit file was updated, however on getting home and checking it was all ready showing and had knocked my credit file from excellent to good. This is the only negative thing showing on my credit file. This is why I'm so upset about the whole thing, years or building up my credit for one thing to ruin it and its not even like its. Missed payment neither. Also the last letter said it was due to my credit check and provided details of three credit check agencies for me to refer to. I did meet the main criteria for applying as this was all part of the process I went through before we even started the application form. Also if I request a reason for being declined they must by law give me the reason, that's why I'm asking if anyone had Simula dealings with them as they have changed there mind twice regarding the dessision as to why I was unsuccessful. I made the assumption I had clearly stated and proved I could pay it back as that was no longer the reason for being declined. After I was declined I was told by the gentleman that carried out the application that he didn't know what was going on as the last 4 loan applications had been declined and he couldn't see why, I had almost double what the repayments where at the end of the month and they said I couldn't afford it. To me it seem like they had no intention of giving me a loan, I declined on affordability proved I could afford it and appealed, my argument I could afford itvwas a strong one and I'm guessing because of that they can no longer use that as a reaso n so are now saying its my credit file. I have complained to Santander and am trying to get the reason as to why they changed their mind, someone is currently looking in to it for me, I just though if I came on hear someone might have had a Simula situation. Wish I had of gone with tescos in first place now, hate hindsight lol

[Deleted User]

I think you are misunderstanding, not helped by the branch assistant, as to what your credit file is. You don't have a one size fits all rating, therefore it cannot be excellent, fair or poor - it is simply a history of your credit history that any given lender will review and interpret according to their own rules.

You credit history certainly hasn't been 'ruined' due to a search.

ViolaLass

If I were the bank and you came to me and said you had nearly double the monthly payment left at the end of every month, I would wonder why you didn't have any savings.

In other words, it doesn't add up.

Dani-Louise15

My salary is just under £16000. Currently I have around £300 of debt which also shows on my credit file. I hate having debt so survive by buying only what I can afford. When I was 18 I made the mistake of misusing a credit card and it ruined my credit file and made me very unwell so I promised myself I would never have a sleepless night again over debt and I haven't. I'm totally gutted it lowered my score so much just one application after years of slowly rebuilding it even the guy in the bank said it was amazing how good it looked considering i exsplained the situation and how silly I was when i was younger. He must have been able to view my credit file in order for him to remark on it. Many thanks to those that have replied and been helpful.

Dani-Louise15

As all ready explained I am not only going off what I see when I look on my credit file or the score that they show you but what the adviser said, I'm presuming he knows their critear to comment on it? I understand it just shows what my repayment history is like and what type of credit I have. And it had ruined my file as now its showing in the good section I am not entitle to lower Apr all because of one check

ViolaLass

How much did you want to borrow?

How much do you already owe?

[Deleted User]

Dani-Louise15 wrote: »

And it had ruined my file as now its showing in the good section I am not entitle to lower Apr all because of one check

No it hasn't.