If a bank rejects you for finance, do they have to tell you why?

"andy" · 25 Jul 2012 at 09:58

If they are "paying it off in a few months anyway". Why not get a 0% for so long credit card and buy using that instead of high finance

Hedge · 25 Jul 2012 at 10:00

I previously just had a letter that says. "we used out reference agency experian and are unable to accept your application" or summit similar.

So some give a small explanation

Energizer Bunny · 25 Jul 2012 at 10:01

At a guess if the individual struggles to get a finance package they will have the same problem getting a credit card. At least in the instance of a finance package there is an asset the lender can take back.

floatindolphin · 25 Jul 2012 at 10:34

Did he mention he was going to pay it off in a couple of months?

Would that go against him as the bank is not making a ton of fat interest of the loan?

PureAppleJuice · 25 Jul 2012 at 10:49

Sorry to hijack the thread a little, but I moved house a while back (~March time) and my new address isn't showing up on any of my credit reports despite having taken out credit etc. at the new address. Any idea why this is the case?

Castiel · 25 Jul 2012 at 11:01

PureAppleJuice said:
Sorry to hijack the thread a little, but I moved house a while back (~March time) and my new address isn't showing up on any of my credit reports despite having taken out credit etc. at the new address. Any idea why this is the case?

have you informed the electoral role?

PapaLazaru · 25 Jul 2012 at 11:05

Let me guess. They are a student with no credit history up to their eyeballs in student debt and no funds to by it themselves as they have spent all their money on beer?

timmy85 · 25 Jul 2012 at 11:15

Noddle.co.uk doesn't load for me on my tablet or phone?

Mr Jack · 25 Jul 2012 at 11:23

Shayper said:
As per title really. If a bank were to reject you for finance, such as a loan, would they be under obligation to tell you exactly why?

No, they're not. But they are required to give you all the information stored on you if you put in a data protection act request - it will cost though.

edscdk · 25 Jul 2012 at 11:24

timmy85 said:
Noddle.co.uk doesn't load for me on my tablet or phone?

get a laptop on finance

PureAppleJuice · 25 Jul 2012 at 11:37

Castiel said:
have you informed the electoral role?

No- I am still registered at my 'home' address. I take it that this is the culprit?

[FnG]magnolia · 25 Jul 2012 at 11:40

timmy85 said:
Noddle.co.uk doesn't load for me on my tablet or phone?

Nor for me either from work or from home. I assumed it was doing some clever country IP checking but maybe not.

timmy85 · 25 Jul 2012 at 11:44

[FnG]magnolia;22419135 said:
Nor for me either from work or from home. I assumed it was doing some clever country IP checking but maybe not.

Could well be, am in France at the moment........

Musty Pie · 25 Jul 2012 at 11:56

Moses said:
"A friend" - lol.

Exactaly what I was thinking.

Probably needs a loan to buy some rizlas.

pingwing · 25 Jul 2012 at 12:25

What the friend could do is just save for a few months and wait till he has the cash that was going to be used to pay it off...

xGBHxPegasus · 25 Jul 2012 at 12:29

PapaLazaru said:
Let me guess. They are a student with no credit history up to their eyeballs in student debt and no funds to by it themselves as they have spent all their money on beer?

I thought the Student loans dont count towards your credit rating? As if it did all Uni students would be at a disadvantage wouldnt they?