Loan refused

BuddyBC

Hello All, I just applied for a quote for a loan with a bank I've been with for 20+ years and they said I'm unlikely to get a loan! This is after I'd checked the Experian and MSE eligibility with a 90% chance of success. Reduced the loan amount needed and also the repayment period and still the same result. There are no problems on my credit file, and although my salary is low I could have made the repayments with money to spare. I wish they wouldn't use algorithms and stereotypes to determine credit-worthiness.:(

KatrinaWaves

Stereotypes? You do realise 90% isnt 100%...


What is your salary? what is the loan you were asking for? What is your current amount of debt?

BoGoF

Is there a question or just letting off steam?

You don't give any info if you are looking for comment.

Income?
Amount of loan?
Other debts?

DCFC79

BuddyBC wrote: »

Hello All, I just applied for a quote for a loan with a bank I've been with for 20+ years and they said I'm unlikely to get a loan! This is after I'd checked the Experian and MSE eligibility with a 90% chance of success. Reduced the loan amount needed and also the repayment period and still the same result. There are no problems on my credit file, and although my salary is low I could have made the repayments with money to spare. I wish they wouldn't use algorithms and stereotypes to determine credit-worthiness.:(

It left a 10% chance of refusal.

But thats how they determine if your going to be a good customer.

Why did you want a loan ?

So you applied twice, second time reducing the amount and the period, so possibly 2 searches, maybe make 1 more application.

Maybe the refusal is a blessing in disguise.

But as posted if you post a little more info then help could be provided.

jimbo26

You were one of the 10%