Sainsbury's Bank stops accepting ALL self-employed people for credit cards and loans - MSE News 31 July 2020 at 1:08PM in Credit Cards 29 replies 2.1K views

Former_MSE_Naomi

Sainsbury's Bank has implemented strict new lending restrictions which mean it is no longer issuing new credit cards or loans to anyone who's self-employed, MoneySavingExpert.com can reveal...

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'Sainsbury's Bank stops accepting ALL self-employed people for credit cards and loans'

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alfred64

Can't really blame them. Would you lend money to such people in current climate?

SuperAllyB

Personally, I wouldn't lend anyone any money at the moment.  In the current climate everyone must be considered a greater risk than they were previously.

Thrugelmir

Time to start to tidy up their portfolio before they sell the credit card business on one suspects. Banking is fundamentally going to change with the impact of Covid. 

Durban

alfred64 said:

Can't really blame them. Would you lend money to such people in current climate?

Lots of self employed people are still making a very decent living and lots of employed people are losing their jobs with not much hope of getting another

Socajam

Thrugelmir said:

Time to start to tidy up their portfolio before they sell the credit card business on one suspects. Banking is fundamentally going to change with the impact of Covid. 

You are so right
It's amazing people are not understanding or do not want to understand that post COVID is going to hell on earth
I see people on here every day overpaying on their mortgage (pre-COVID) was a good thing, but right now I would not be overpaying on a mortgage.
I would save all that money because most people have no idea if they will have a job tomorrow, next week or next month.
Once things have settled down as best as could be, then make a lump sum payment on the mortgage, but right now cash is king - those who have real savings are going to be the survivors post COVID.

D3xt3r5L4b

Don’t tell the OP in this thread...

https://forums.moneysavingexpert.com/discussion/6169655/tesco-bank-what-is-the-point-of-having-an-excellent-credit-rating/p1

Paul_Herring

D3xt3r5L4b said:

Don’t tell the OP in this thread...

https://forums.moneysavingexpert.com/discussion/6169655/tesco-bank-what-is-the-point-of-having-an-excellent-credit-rating/p1

Some spoilsport closed it...

Shakin_Steve

D3xt3r5L4b said:

Don’t tell the OP in this thread...

https://forums.moneysavingexpert.com/discussion/6169655/tesco-bank-what-is-the-point-of-having-an-excellent-credit-rating/p1

I did tell him, managed to squeeze in my tuppence worth before it was closed. He didn't even get the chance to call me names.

Shakin_Steve

Socajam said:

Thrugelmir said:

Time to start to tidy up their portfolio before they sell the credit card business on one suspects. Banking is fundamentally going to change with the impact of Covid. 

You are so right
It's amazing people are not understanding or do not want to understand that post COVID is going to hell on earth
I see people on here every day overpaying on their mortgage (pre-COVID) was a good thing, but right now I would not be overpaying on a mortgage.
I would save all that money because most people have no idea if they will have a job tomorrow, next week or next month.
Once things have settled down as best as could be, then make a lump sum payment on the mortgage, but right now cash is king - those who have real savings are going to be the survivors post COVID.

We are overpaying our mortgage, not everyone will be affected as badly as you make out.

MrGorsky

Hmm.. read this after making a £1k mortgage overpayment today. I still feel like I did the right thing, I don't think our household income will be affect by Covid?