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

[Deleted User]

MrGorsky said:

I don't think our household income will be affect by Covid?

If you can't answer that question, then no one here can.

MalMonroe

alfred64 said:

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

"Such people"?!!!  Well, yes because it depends what kind of business you have. I actually have a Sainsbury's credit card AND I'm self employed. AND I pay it off in full every month. I guess I am 'such people' but I'm reliable.

MalMonroe

SuperAllyB said:

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.

You're a money lender are you? Not everybody is bankrupt you know.

k12479

MalMonroe said:

alfred64 said:

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

"Such people"?!!!  Well, yes because it depends what kind of business you have. I actually have a Sainsbury's credit card AND I'm self employed. AND I pay it off in full every month. I guess I am 'such people' but I'm reliable.

Pretty much EVERYONE is an increased risk now. Even in supposedly more secure sectors like healthcare you still have things like an increased risk of sickness/required self-isolation, reduced demand for discretionary services, reduced capacity due to social distancing and hygiene measures, risk of suppliers passing on the associated increased costs, higher risk of default from clients, etc.

[Deleted User]

alfred64 said:

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

I beg your pardon ? 😣😣😣😣😣🤐🤐
By posting such an inflammatory remark you are asking for cross replies 😣😣😣
I fall into your category and i am very, very, credit-worthy thank you very much, implying that 'we' are not is insulting.

Paul_Herring

and i am very, very, credit-worthy thank you very much

Have Experian given you a 999 too?

London7766551

It should always be the case that you have an emergency fund in case of job loss. I think I am in a pretty safe job but who knows, however if I do lose it, I have enough money to keep me going for a while. This isn't anything new, I always save a bit per month for an emergency, I have done so for years and will do so until I retire.

I know of a person who is in a very unsafe job but has just spend thousands on a car. There are some very foolish people in the world and I am not going feel sorry for most people when the crap hits the fan over the next few years.

[Deleted User]

Paul_Herring said:

and i am very, very, credit-worthy thank you very much

Have Experian given you a 999 too?

Never checked it.
Don't be one of those people that believe credit scores are meaningful.

SuperAllyB

MalMonroe said:

SuperAllyB said:

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.

You're a money lender are you? Not everybody is bankrupt you know.

No I'm not. And yes I am very well aware of that.

However, with the ongoing uncertainty all over the world, there must be very few people who have as much financial certainty as they had six months ago.

And I don't think any banks or other lenders can be blamed tightening their criteria in whichever way they see fit.

bradders1983

[Deleted User] said:

Paul_Herring said:

and i am very, very, credit-worthy thank you very much

Have Experian given you a 999 too?

Never checked it.
Don't be one of those people that believe credit scores are meaningful.