Excellent credit score, likelihood, earnings...yet can't get a loan

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  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
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    On the application it usually asks for length of time in employment. In your case that's less than 2 years so you're still in your probationary period (assuming outside of Scotland) and can be dismissed with ease.
  • hiohaa
    hiohaa Posts: 44 Forumite
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    Pixie5740 wrote: »
    On the application it usually asks for length of time in employment. In your case that's less than 2 years so you're still in your probationary period (assuming outside of Scotland) and can be dismissed with ease.

    interesting
    well in my case the probation period was 6 months which ended in April...
    maybe the computers still think i'm ... in it? no idea.
  • nic_c
    nic_c Posts: 2,929 Forumite
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    hiohaa wrote: »
    interesting
    well in my case the probation period was 6 months which ended in April...
    maybe the computers still think i'm ... in it? no idea.
    .
    different things Your company may say you have an initial probation period but UK employment law treats people differently after they have been with a company for 2 years, so whilst you may be out of your companies initial probation its a lot easier to get rid of you until you have been with a company for 2 years.

    Also consider you were recently on a lot less income (yes by choice to boost your career) have very little credit history and suddenly after getting a larger income want a large loan.

    Also you haven't been rejected but assume that you should get the top rate of 3% because of a nice credit score, the CRA's don't lend money.
  • John-K_3
    John-K_3 Posts: 681 Forumite
    edited 11 May 2018 at 10:16PM
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    hiohaa wrote: »
    so you reckon the algorithms can see that then, and go 'he's been earning this much for 6 months only, bit dodgy'?
    Yes. New job, big fraction of your gross wage, this is not really at the complex end of data mining.

    People are much more likely to lose their job in the first year or two, both because it is legally easy and because that is when people turn out to be a bad fit.

    Edited to add, what do you think is dodgy? Your company can currently let you go on a whim, you have pretty much no security. If they dislike your face, the way you chew, or your choice of shirts they can sack you and you have no route to recompense.
  • hiohaa
    hiohaa Posts: 44 Forumite
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    well. Tesco bank just called. I got the 3% loan for £24500.
    brilliant!
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