Loan refused no explanation

johnthedon
Forumite Posts: 4
Newbie

in Loans
I've been with HBOS for 40 years and in this time had my mortgage, which has been paid off for years now, and several other loans at different times and always repaid as expected. I was looking for a car loan and clicked on the apply for loans part of the online banking and was instantly refused without even asking for any amount. I contacted the bank to ask why and no one could answer so I asked for an investigation and got a phone call today saying we can't tell you the reason for commercial confidentiality. what do I do next?
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Comments
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Try another bank?0
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Use an eligbility checker on other providers websites? (Sainsburys/Tescos/Post office) to see what they say? If they all say 'no' then have a close look at your credit reference agency files to ensure everything is accurate, and that it's not showing any nasties. That's probably a good starting point.
An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspectsHappy to help others going through what I've been through!
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johnthedon said:Lcomeandgo said:Try another bank?An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspects
Happy to help others going through what I've been through!
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cymruchris said:Use an eligbility checker on other providers websites? (Sainsburys/Tescos/Post office) to see what they say? If they all say 'no' then have a close look at your credit reference agency files to ensure everything is accurate, and that it's not showing any nasties. That's probably a good starting point.0
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johnthedon said:cymruchris said:Use an eligbility checker on other providers websites? (Sainsburys/Tescos/Post office) to see what they say? If they all say 'no' then have a close look at your credit reference agency files to ensure everything is accurate, and that it's not showing any nasties. That's probably a good starting point.
If then everything is absolutely perfect - then it can be other factors such as income (too low), age (getting on a bit), current levels of debt (too high), if you've had balances on credit cards whether you paid them in full, or minimum payments every month for the last 4 years (not managing), or even not ever having had enough credit to show a well managed history (as in no credit cards, a mortgage and one current account that you've never changed)
If after all of that you're still perfect, blemish free, you have positive history, are not 93, have a decent income, then the simple answer is - go somewhere else. The days of loyalty and reward for being a longstanding customer are long over.
As I also mentioned - try the eligibility checkers for the big online lenders such as Tesco, Sainsbury's, AA, Post Office etc. (be aware of the APR's of course) and see what they say. If they say highly likely or even pre-approved - it just shows you the value of your longstanding loyalty.An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspectsHappy to help others going through what I've been through!
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As said they will never tell you and dont have to tell you. You just dont meet the current criteria which could change tomorrow.
Its nothing to be offended by or need to get to the bottom of, If your credit report is good and affordability is good you will find a lender just not HBOS2 -
johnthedon said:cymruchris said:Use an eligbility checker on other providers websites? (Sainsburys/Tescos/Post office) to see what they say? If they all say 'no' then have a close look at your credit reference agency files to ensure everything is accurate, and that it's not showing any nasties. That's probably a good starting point.2
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At the moment you just don’t match the profile that they want to lend to. Maybe they are reducing their overall lending, maybe they are targeting a specific type of borrower, or maybe there’s just something in your history they aren’t keen on.
As others have said, they are not going to tell you.0 -
johnthedon said:cymruchris said:Use an eligbility checker on other providers websites? (Sainsburys/Tescos/Post office) to see what they say? If they all say 'no' then have a close look at your credit reference agency files to ensure everything is accurate, and that it's not showing any nasties. That's probably a good starting point.
Figure showing by CRA's is not seen by the lenders. They make their decisions on internal scoring with them & eternal data from other banks (missed payments etc) Your income to available credit ratio. Finally their risk appetite at the time of applying.Life in the slow lane0
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