Bit of a loan dilemma!
Discussion
Afternoon PH
I’m looking at getting a loan for a couple of cars (£12k) and am about to apply, but I have a couple of questions on an issue I had a while back
A car I really fancied popped up last December just gone (2017, so 8 months ago) so I applied for a £10k loan with Sainsbury’s bank. About a week later they called me to ask why they couldn’t find my name against a mortgage/property, which of course I have.
A few days later they refused the application. It turns out that Experian didn’t I put my address in the format that I told them, hence they couldn’t look me up. Experian had no score for me neither.
Sainsbury’s wouldn’t wipe the failed search, as they didn’t do anything wrong during it, and Experian wouldn’t wipe it without Sainsbury’s day so, so there’s a rejected application against my name
Fast forward to now and a couple cars have popped up which I really want. If I go for another loan, will a failed search 8 months ago lead to another refused application? It so happens I moved in December too, so at least it’s an easier address to format. I’m on the electoral register at this property since the beginning of July, as I forgot to change it
Anyone have any input/experience of said dilemma? Experian were pretty crap when I called to ask for their opinion
Thanks
I’m looking at getting a loan for a couple of cars (£12k) and am about to apply, but I have a couple of questions on an issue I had a while back
A car I really fancied popped up last December just gone (2017, so 8 months ago) so I applied for a £10k loan with Sainsbury’s bank. About a week later they called me to ask why they couldn’t find my name against a mortgage/property, which of course I have.
A few days later they refused the application. It turns out that Experian didn’t I put my address in the format that I told them, hence they couldn’t look me up. Experian had no score for me neither.
Sainsbury’s wouldn’t wipe the failed search, as they didn’t do anything wrong during it, and Experian wouldn’t wipe it without Sainsbury’s day so, so there’s a rejected application against my name
Fast forward to now and a couple cars have popped up which I really want. If I go for another loan, will a failed search 8 months ago lead to another refused application? It so happens I moved in December too, so at least it’s an easier address to format. I’m on the electoral register at this property since the beginning of July, as I forgot to change it
Anyone have any input/experience of said dilemma? Experian were pretty crap when I called to ask for their opinion
Thanks
In theory, no, but any lender will want 3 years plus of previous living addresses, so any loans you apply for I would make sure is in the same format as your addresses currently listed with Experian etc. Also, not all lenders use Experian to reference against.
I'd also recommend doing a loan eligibility check first. Money saving expert has one and it doesn't affect your credit record (it is a soft search).
I'd also recommend doing a loan eligibility check first. Money saving expert has one and it doesn't affect your credit record (it is a soft search).
Sainsbury's are right in what they have said and done, doing as you have instructed.
You will need to speak to Experian and log a complaint with them based on the fact they had the address wrong thus Sainsbury's rejected the application. You'll need as much information as possible and if they don't do anything you they have the right to go to the ombudsman over this.
In the interim a notice of correction may help your credit file.
You will need to speak to Experian and log a complaint with them based on the fact they had the address wrong thus Sainsbury's rejected the application. You'll need as much information as possible and if they don't do anything you they have the right to go to the ombudsman over this.
In the interim a notice of correction may help your credit file.
Thanks for the replies
I’m thinking of searching for a loan, and if this gets rejected, then taking it up with Experian again. Not sure what the notice of correction is, or how I go about obtaining one?
I’m not entirely sure the scores given by these companies mean anything anyway. My score is 999 with Experian. I suppose it’s good it hasn’t changed, but it doesn’t come better. Surely it must jump about sometime to reflect change in circumstances. Although I haven’t given it reason to move.
I think I’ll go and do a soft search and see what that comes out with. If I get rejected, i’ll take it further with Experian, as it was their balls up that got me refused in the first place
I’m thinking of searching for a loan, and if this gets rejected, then taking it up with Experian again. Not sure what the notice of correction is, or how I go about obtaining one?
I’m not entirely sure the scores given by these companies mean anything anyway. My score is 999 with Experian. I suppose it’s good it hasn’t changed, but it doesn’t come better. Surely it must jump about sometime to reflect change in circumstances. Although I haven’t given it reason to move.
I think I’ll go and do a soft search and see what that comes out with. If I get rejected, i’ll take it further with Experian, as it was their balls up that got me refused in the first place
There's no rejected application recorded against your name. What gets recorded is that a credit check was made. Any further credit checks will reveal the previous search but the lender will not know that you were declined previously, for all they know you decided not to proceed with the loan.
What lenders will view negatively is when you have numerous credit checks in a short space of time. Though, 8 months ago means you should easily be in the clear.
Also, I'm not sure that a notice of correction will have the effect you're seeking. I am led to believe that it will cause you to fail any automated credit scoring that a lender may use and will instead require your application to be assessed manually by an underwriter (i.e. you will not receive instant lending decisions ).
What lenders will view negatively is when you have numerous credit checks in a short space of time. Though, 8 months ago means you should easily be in the clear.
Also, I'm not sure that a notice of correction will have the effect you're seeking. I am led to believe that it will cause you to fail any automated credit scoring that a lender may use and will instead require your application to be assessed manually by an underwriter (i.e. you will not receive instant lending decisions ).
If they couldn’t locate you correctly during the 1st check you may find that the search hasn’t even been captured by the credit reference agencies.
Suggest you sign up with Noddle and or ClearScore, both are free and will give you some steer as to providers that might lend based upon your information.
Either way one hard search 8 months ago is highly unlikely to influence a decision now. If you were a lender and knew that someone had asked for credit with 5 other lenders in rapid succession that would be a reason to be cautious.
A load of common sense (generally) applies to credit applications, the ‘scoring’ offered out by the companies isn’t always a good steer.
Suggest you sign up with Noddle and or ClearScore, both are free and will give you some steer as to providers that might lend based upon your information.
Either way one hard search 8 months ago is highly unlikely to influence a decision now. If you were a lender and knew that someone had asked for credit with 5 other lenders in rapid succession that would be a reason to be cautious.
A load of common sense (generally) applies to credit applications, the ‘scoring’ offered out by the companies isn’t always a good steer.
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