Loan Application issues.

[Deleted User]

No. FOS won't change Sainsbury's risk criteria.  Higher risk means higher rates and risk isn't determined by your CRA credit score.

Ebe_Scrooge

Deptfreemoneytart_2 said:

I have an issue with Sainsbury's Banks loans. 
When I go onto the banks loan calculator and ask for a £20,000 loan over 6o mths (5 years) for home improvements, it tells me this will cost me £375 per mth. for 60mths. So I complete the forms and am told I will be accepted 100% for the loan. I think that's great, until I complete the forms and it says my monthly payment will be £427.65. Instead of charging me a fixed 2.8% interest they want to charge me 9.1% interest.
Now the 2.8% is apparently a "representative figure" and only 51% of applicants are likely to get that figure (one has to do a lot of concentrated reading to come across this information). I think to myself with a credit rating of 999 (the maximum one can get) I should be well into that 51%, but NO. I can only assume that at 73 years of age, Sainsburys are playing their age card, although they do say that anyone up to 83 years can ask for a loan.
All of my money coming in is guaranteed pensions, I've cleared my mortgage and have little dept.
So, WHY.
Should I take this to the Financial Ombudsman? If not what else can/should I do.

Yes, take it to the FO - it's obvious that with a score of 999 they must offer you their lowest APR.

Alternatively, it could be proof - yet again, as if any were needed, and as is stated on here about a million times a week - that your score is absolutely meaningless.  You simply do not meet their (confidential, internal) criteria for a "perfect customer".

sourcrates

Deptfreemoneytart_2 said:

I have an issue with Sainsbury's Banks loans. 
When I go onto the banks loan calculator and ask for a £20,000 loan over 6o mths (5 years) for home improvements, it tells me this will cost me £375 per mth. for 60mths. So I complete the forms and am told I will be accepted 100% for the loan. I think that's great, until I complete the forms and it says my monthly payment will be £427.65. Instead of charging me a fixed 2.8% interest they want to charge me 9.1% interest.
Now the 2.8% is apparently a "representative figure" and only 51% of applicants are likely to get that figure (one has to do a lot of concentrated reading to come across this information). I think to myself with a credit rating of 999 (the maximum one can get) I should be well into that 51%, but NO. I can only assume that at 73 years of age, Sainsburys are playing their age card, although they do say that anyone up to 83 years can ask for a loan.
All of my money coming in is guaranteed pensions, I've cleared my mortgage and have little dept.
So, WHY.
Should I take this to the Financial Ombudsman? If not what else can/should I do.

You should start your own thread, and not tag onto someone else's, which would avoid people thinking they were replying to the OP when they aren't.