Joint loan rejection

Sambino13

I've just been turned down for a joint loan from Tesco. I expected to be easily approved so it was a bit of a surprise. Could any of these things be the issue?

-I've only been in my job for 9months, but my wife has been in hers for yonks and earns more than I do.

-We already have a small loan in my wife's name. We could pay this off early but it's at a better rate than what's available now.

-We have a sofa on 0% finance but that's only £600 with 5 months to go.

-I might have listed my wife's employer incorrectly, I put the school she works at not the academy chain that pays her.

Any advice on what the problem might be would be greatly appreciated!

MorningcoffeeIV

Existing debt, a need for low value loans, short term in role, a reliance on credit, mismatch of employment records - could be any of those, on top of affordability, income, credit history or simply not meeting criteria.

Sambino13

https://forums.moneysavingexpert.com/discussion/comment/80027720#Comment_80027720

If I call them and correct the employer do you think they can retry the application?

Maybe a single application from my wife after paying off the other loan would be the best thing to try next

MrFrugalFever

you are within your rights to appeal the decision if you do this it must be within the 7 days from rejection.

nobody but the Tesco Bank underwriters will know why. Perhaps there's some information on yours or your wife's credit files that you are unaware of.