Rejected for loan despite excellent credit score??

Millie30

Just used the MSE loan eligibility checker for a 7.5k home improvement loan over 5 years and have been given a 0% chance of approval on all (i.e., unsecured) loan products. Also just been rejected in a direct application to Sainsbury's Bank for the same loan even though I'm a current customer - took out a car loan with them in and have nearly it paid it off (never missed a payment and have made numerous overpayments).

This is completely weird as meet all standard loan criteria (homeowner, same place for 8 years, permanent employment, okay salary etc). So thought better check my credit file and checked Experian, Equifax and Call-Checker. Hey presto my credit score in all three is excellent and can't locate any errors/nasties on the reports either that might affect my score. Nothing..


I'm a bit shocked by this and wondering how an earth I find out what is going on! Sainsbury's needless to say, won't give anything away. Am going to be remortgaging in next few months as am coming near to end of my current deal so this is kind of worrying.


Anyone else had this experience recently - how did you deal with it?

All advice gratefully received...

thriftylass

I don't think your credit score really matters (see numerous other threads). I would think the affordability is the biggest factor ? I.e. your ok salary, minus current mortgage repayments, minus car loan repayments, minus potential loan repayments etc. and or outstanding debt is x-times your salary. I'm sure someone more knowledgable will come along soon. What are your exact number (income, repayments etc)