Loan refused no explanation

sourcrates

johnthedon said:

Lcomeandgo said:

Try another bank?

I still want them to tell me what their reasoning was.

They categorically will not tell you why you were declined, all you will get is a generic "check your credit reports" response.

It matters not a jot your 40 years previous excellent business relationship with them, the computer is king these days, and if computer says no, its a no, with no explanation as to why.

Banks do not care about your past custom, only what your credit report says about you, and your current circumstances at that exact point in time, the days of arranging a loan over a round of golf with the bank manager are long gone, unless you are in the "clique" that is, which the majority of us, unfortunately are not.

elasto

My experience is more with credit cards than loans, but I've had one company refuse me outright, another offer me £200, and yet another offer me £10k, all on the same day.

It makes no sense except to conclude that they all have very, very different lending strategies, so don't overthink it and don't take it personally.

martinbainbridge1975

had the same with Natwest, pointed to data on my credit file but would not expand on it which i disagreed with. spotless credit history over 25 years no missed / late payments or defaults of any nature

Spoke to an account manager who could not help so I said ok then 2 can play that game forget about additional business from anyone in our household till you start answering reasonable questions

banks are interested in 1 thing - profit and not customer satisfaction

lordmountararat

It might be that they had reached their target for loans for that month or quarter and were temporarily not approving new ones.

User_101122

You’re not entitled to an explanation explanation or a reason why unfortunately.

That said if I was in your shoes I would be closing all my accounts with them and making them aware as to why.

vacheron

johnthedon said:

Lcomeandgo said:

Try another bank?

I still want them to tell me what their reasoning was.

Imagine you are walking down the street and a charity collector asks you to give them some of your money and you say "Sorry, no thanks". 

Would you expect the charity collector to have the right to chase you down the street demanding that you justify your decision not to give them money? 

Same principle. They would be wasting their time, and so would you.