Tesco Bank - What is the Point of Having an Excellent Credit Rating

Woofiedog

 I started to fill out the Tesco Bank online form to get the 26 month 0% balance transfer deal and then noticed they were only going to give me half the amount I needed to transfer across. I already have the funds in place to pay it all off, if necessary. But it makes more financial sense to transfer the money instead and pay it in dribs and drabs over a long time at 0%.
That's prudent financial management encouraged by ML on this forum. Plus it is encouraged by anyone who knows about using debt wisely.
So I didn't submit the send application button and the page timed out.

I then researched other credit cards and they are all the same. Offering a pittance credit limit.

So I re-filled out the Tesco card application again and this time the prompt said they were flatly refusing, not that I should apply for half the credit limit I needed, as per the previous attempt just minutes before. The prompt said I had applied already within 6 months. I had not applied before. The page timed out and I never pressed send. 

Sainsbury bank also turned me down on their on-line application immediately and for no good reason.  M&S offered me the same - half what I needed - and I told them no.

Yet I have thousands in savings, have an excellent credit rating, earn money and can easily afford the repayments.. I would just rather keep it in the bank earning interest not paying a bulk lump sum on an outstanding loan. All these banks are doing is turning down those trying to be financially prudent. 

I am reporting them all to the financial ombudsman. The more money I have freed up rather than going into servicing unnecessary debt the more I have to spend in the High Street to do precisely what the Government want and need me to do - to reboost the economy. The banks should be ashamed of themselves. Their lending criteria is not about weeding out high risk applicants but to stamp on very low risk ones instead, so they can charge interest on a poorer prospect.

Also, I could not phone customer services. Many of these banks are using the C19 situation to avoid answering to their poor customer service. So I can't even complain.  

In these times, it is pretty pointless having an Excellent Credit rating. It means nothing at all. 

Carrot007

Post your credit report and someone will tell you the issue. The ratinhg or score is nothing more than a dice role and can a very wrong indicator in certain circumstances.

Thanks for having a sulk and reporting to the ombudsman to put up costs for us all though.

[Deleted User]

Woofiedog said:

 
In these times, it is pretty pointless having an Excellent Credit rating. It means nothing at all. 

I've heard a rumour to the same effect....

MinuteNoodles

Woofiedog said:

 I am reporting them all to the financial ombudsman.

The FO will just bin your complaint. There is no law which forces a lender to lend money to you.

Ebe_Scrooge

Woofiedog said:

I am reporting them all to the financial ombudsman.

Go for it.  And what is your complaint, exactly ?  That the banks are choosing not to lend to you, for whatever reason ?  Access to credit is a privilege, not a right.  You just don't match their lending criteria, whatever they may be.  Added to which, most banks are trying to limit their exposure in the current situation anyway.  Grow up and stop sulking.

jjames1985

MinuteNoodles said:

Woofiedog said:

 I am reporting them all to the financial ombudsman.

The FO will just bin your complaint. There is no law which forces a lender to lend money to you.

Sadly they won't.  Which is a bigger problem.

Malkytheheed

Clearly you don't have a vey good credit rating in terms of Tescos credit rating of you. Which is all that matters here. 
Check your credit files. Whats going on?

As much as I always enjoy the classic "I have hundreds of thousands of £'s in savings and I earn £500k+ a year yet I am trying to apply to get some form of basic credit or 0% deal to shift my debt around..." posts. I think you need to calm down. You shouldn't NEED any credit. Tesco don't owe you a loan. Pay off your debt with that pile of cash you have and then dont buy anything you can't afford. 

And no, I dont buy the whole "but I can buy a new couch at 0% and then keep my money in a savings account and end up richer!" mentality. That goes beyond prudent finnancial tactics and borders on the obsessive. I mean its a great way to faff around and spend a few hours to earn £3.18 if you absolutely must. But those who are truly successful don't do this. 

Thrugelmir

Suspect the issue is that you are attempting to roll over another BT account. That has nothing to do with your "credit rating" per se. 

k12479

Woofiedog said:

That's prudent financial management... 

Your prudent financial management seems to have neglected to account for the fact that markets can change and that it may not be possible to refinance a debt on similar terms, or at all. Prudence would suggest it's now time to pay down what's necessary and carry on with life. Oh...and stop whining.

msallen

Woofiedog said:

I am reporting them all to the financial ombudsman.

Hilarious. Do let us know how you get on.
If you didn't complete the application with Tesco, you don't know how much credit they were going to offer you. I suspect you thought the standard example of £1200 was the proposed limit.

jimbo26

Woofiedog said:

it is pretty pointless having an Excellent Credit rating. It means nothing at all. 

The only sensible thing in your post.