Appeal a loan decision

GM2004

Hi. Has anyone appealed a loan decision and been successful?
We were declined for a Tesco loan despite excellent credit score on Experian and 80% chance of acceptance on the soft search tool.
Thank you!

chalkie99

Your only other post made minutes earlier was:

Gaylej79 wrote: »

We are considering a dmp with step change.
All in was £52000. Feel ill over it. What timescale do you think this amount would be. Also can you include a figure for savings as I'm worried about affording things that come up such as car repairs, Xmas, household repairs etc.. thank you.

If you are £52,000 in debt then it just shows what a waste of time an Experian credit score is.

No doubt Tesco have a better view of your status and have therefore turned you down.

A further loan is not the way to go.

GM2004

The loan was to consolidate the credit cards. Not for further borrowing. Thought one payment going out instead of several different cards would be more manageable. Haven't missed any payments so was Hopeful might've bn accepted.

DCFC79

Gaylej79 wrote: »

Hi. Has anyone appealed a loan decision and been successful?
We were declined for a Tesco loan despite excellent credit score on Experian and 80% chance of acceptance on the soft search tool.
Thank you!

Can I ask what use is the Experian score ?

Its not worth much since they don't lend, they cant tell Tesco to lend to you because you have an excellent score, lenders don't see the score, they will most likely use an in house system/software to accept or decline you and at what rate to lend to you.

DCFC79

Gaylej79 wrote: »

The loan was to consolidate the credit cards. Not for further borrowing. Thought one payment going out instead of several different cards would be more manageable. Haven't missed any payments so was Hopeful might've bn accepted.

It is additional credit though, the lender has no way of knowing you will use the loan to consolidate.

Worst case scenario is you go and splurge the money on holidays, clothing, expensive goods.

GM2004

Tesco use Experian as a guide. We were told this by the call centre for Tesco bank.

GM2004

No I get that. Believe me that's not the plan!

DCFC79

Gaylej79 wrote: »

Tesco use Experian as a guide. We were told this by the call centre for Tesco bank.

A guide yes, they see your credit history not the actual score Experian give you.

DCFC79

Gaylej79 wrote: »

No I get that. Believe me that's not the plan!

How does the lender know that ?

I don't know how you could guarantee it.

Work on reducing your debts. Why did they build up ?

Maybe post over on the debt free wannabe board and post an SOA.

meer53

It is additional borrowing, you're borrowing more money to repay your debt.

PeacefulWaters

"Hi, I'm considering a DMP, but before I do please will you take over all our unsecured borrowing?"

I spent many years underwriting loans. There's a 100% chance I'd have declined such a request.

Even if you haven't asked the question that way, your complete credit file (not the snapshot that provides the 80% guide number) is an absolute mess.