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Benco97
Gallente
Terraprobe Dynamics
Posted - 2009.06.22 20:45:00 - [1]
 

Dear friends,
I have quite an odd problem that I will be contacting the bank about tomorrow but for now I'd like your opinions on the matter.

I just attempted to buy myself a nice new laptop (17.3" widescreen, 2.2ghz Dual core Turion, Nvidia 8800 mobile, 4gb RAM, 350gb HDD, blu-ray RW, etc etc) from a place where I have bought things in the past and everything went fine until the very last step where my finance plan was declined by the bank. Now, I will be having words with my bank manager tomorrow in person but I'm wondering if anyone knows what could have caused it? I can assure you that I have an excellent personal credit history. It was most embarrassing to have sat with a (very handsome) shop assistant for at least 20 minutes going over everything only to be turned down with no reason given.

I am really rather annoyed and will have a few stern words for Mister local HSBC Manager.

Has anyone experienced a similar thing, randomly being declined? The assistant told me that I could try again after 72hours but I think I'll just pay for it in cash and have the whole thing done with on the weekend.

Jhagiti Tyran
Muppet Ninja's
Ninja Unicorns with Huge Horns
Posted - 2009.06.22 20:57:00 - [2]
 

Could be a number of things like a family member having bad debt or even the previous occupant of your house having bad debt and getting blacklisted and it gets flagged at the credit reference agency, that is assuming they turned it down because of bad debt it could just be down to the fact that they are tightening up just how much credit they are willing to give out they may have judged you as owing to much and approaching your limit of wages to outgoings they are ready to risk with the mess things are in at the moment.

Whitehound
The Whitehound Corporation
Frontline Assembly Point
Posted - 2009.06.22 20:58:00 - [3]
 

We are living in difficult economic times. No credit history will help you now.

If you walk to your bank manager, ask for a credit to buy yourself a new computer, and while most people are cutting back on their spendings, then he will think that you are a moron.

If you have the money - I am not talking credit here - then you better pay cash.

How exactly did your bank "declined your plan"?

Benco97
Gallente
Terraprobe Dynamics
Posted - 2009.06.22 21:05:00 - [4]
 

Originally by: Whitehound
We are living in difficult economic times. No credit history will help you now.

If you walk to your bank manager, ask for a credit to buy yourself a new computer, and while most people are cutting back on their spendings, then he will think that you are a moron.

If you have the money - I am not talking credit here - then you better pay cash.

How exactly did your bank "declined your plan"?


1) He would not think me a moron when the computer is required for my work and was replacing my previous that just couldn't handle the task any longer.
2) That is the confusing thing, there was no explanation for the refusal the Assistant simply told me that the bank had refused.

You are quite right though and I shall be paying for the machine outright on the weekend, I have my reasons for wanting to pay for it on finance though as the company would have assisted in paying for it (There is no similar plan currently in effect for machines paid for personally and in one go) and as such it would have worked out much cheaper for me, C'est la vie I suppose.

Thanks.

Brea Lafail
Posted - 2009.06.22 21:26:00 - [5]
 

Could be good ol' identity theft.

If you're american, go to Annual Credit Report and you should be able to get them.

Outside of the US, you can probably get a free copy of your report from the companies that compile them (Equifax, TransUnion, Experian).

KingsGambit
Caldari Provisions
Posted - 2009.06.22 21:51:00 - [6]
 

Originally by: Jhagiti Tyran
Could be a number of things like a family member having bad debt or even the previous occupant of your house having bad debt
Both of these are distinct possibilities. People living at the same address as you with poor credit bizarrely reflect on you, as can previous occupants. Assuming neither of the above are the case, it could be that you have already several finance agreements and the bank didn't want to allow another. It could be they're being heavy-handed in extending as little credit as possible if they're caught up in the banking "crisis".

Other things I can think of, there might be an item of note on your credit history. If so, you can usually request the name of the credit reference agency from the store and pay a few s to view your credit report (there are 4 different agencies in the UK as I understand it). It will highlight anything untoward that would affect your credit rating.

Fink Angel
Caldari
The Merry Men
Posted - 2009.06.22 22:46:00 - [7]
 

Have you moved house recently? That can count against you when being credit scored.

So can time spent in your current job. Amount of credit cards held, ie potential debt your could run up if you went nutso.

Check out this link: http://www.moneysavingexpert.com/loans/credit-rating-credit-score

I seem to recall I got an Experian Credit Check some years ago when I was offered a very poor rate for a loan when I should have got a very low rate / low risk offered. I paid about a fiver to get it through quickly.

Fink Angel
Caldari
The Merry Men
Posted - 2009.06.22 22:52:00 - [8]
 

Originally by: Whitehound
If you walk to your bank manager, ask for a credit to buy yourself a new computer, and while most people are cutting back on their spendings, then he will think that you are a moron.


That's not at all true. The banks still want to lend money. That's what they do.

Currently the personal loan rates in the UK are still 9.9% and up, and the LIBOR rate (The London Interbank Offered Rate) is about 2.3%, so there's a hefty profit to be made on loans.

Whitehound
The Whitehound Corporation
Frontline Assembly Point
Posted - 2009.06.22 23:55:00 - [9]
 

Originally by: Fink Angel
That's not at all true. The banks still want to lend money. That's what they do.

In theory. It may well be that the manager is a very nice guy and explains everything to him and that he gets his credit. It is just not worth to find out when he has got the money in cash.

I once had the case where I opened a new account and the bank insisted on giving me a huge overdraw credit. I said no but they gave it to me anyway. When I then used it, and because they had given it to me, did they complain. I was still a student back then and had no full time job. They probably did not check this when I opened the account but only when I went into the overdraw. The letter they sent me read like a declaration of war. I paid the money back, closed the account and opened a new one with another bank. Short story is: you do not know what they are thinking!

Irulan S'Dijana
Amarr
Drexler Burnum Inc.
Rising Phoenix Alliance
Posted - 2009.06.23 08:15:00 - [10]
 

Edited by: Irulan S''Dijana on 23/06/2009 08:15:20
This is a problem which has come up before. Because of the GFC and bank's unwillingness to lend large amounts of credit, many many credit cards have simply unilaterally decreased credit card limits. Maybe you were trying to buy a comp at or near your credit limit?

The main problem which came up with this was often this decrease in credit limit instantly put people's credit cards over their max threshold and trigger penalties etcetc.

Aha! Found a reference

edit: spelling

Tzar'rim
Posted - 2009.06.23 09:04:00 - [11]
 

"I have a right to be given money!!!!"

How about earning the cash before spending it?

ReaperOfSly
Gallente
Underworld Protection Agency
South Pole Dancers
Posted - 2009.06.23 09:18:00 - [12]
 

Originally by: Tzar'rim
"I have a right to be given money!!!!"

How about earning the cash before spending it?


For big purchases such as a laptop, there are certain advantages to buying it on credit and paying it off after pay-day at the end of the month.

dr doooo
Posted - 2009.06.23 09:30:00 - [13]
 


One possibility is that it got flagged for not fitting your spending patterns, and they just want to confirm it is definitely you trying to buy the thing. I don't know if they actually do that with finance, but I get it all the time with my credit/debit cards because I am usually such a cheapskate, but then occasionally go nuts on electronics or my bike/car.

The other one I get is when blatting around the country on my bike. If you move between point a and point b too fast between transactions, the software flags it as a cloned card because it is supposedly 'not possible' to be at the two points within the time frame.


Benco97
Gallente
Terraprobe Dynamics
Posted - 2009.06.23 10:11:00 - [14]
 

Originally by: Tzar'rim
"I have a right to be given money!!!!"

How about earning the cash before spending it?


Excuse me but that is really quite rude, I can assure you that I do earn my money and I can't imagine how you came to the conclusion that I don't when you know nothing about me.
I am an adult with a stable life and as such I can afford to buy the laptop many times over but there are reasons for wishing to use a finance plan.

Tzar'rim
Posted - 2009.06.23 10:39:00 - [15]
 

Edited by: Tzar''rim on 23/06/2009 10:41:15
Originally by: Benco97
Originally by: Tzar'rim
"I have a right to be given money!!!!"

How about earning the cash before spending it?


Excuse me but that is really quite rude, I can assure you that I do earn my money and I can't imagine how you came to the conclusion that I don't when you know nothing about me.
I am an adult with a stable life and as such I can afford to buy the laptop many times over but there are reasons for wishing to use a finance plan.


1) the whole credit card (spend before you can) attitude is partly what got us into this whole crap in the first place, not saying that's what you're doing but still.

2) you wanted to buy something on credit for a considerable amount of cash without checking first if it was possible and THEN get angry at your bank because they said 'uhm, no' when you were in the shop trying to close the deal. You somehow portray the whole situation as if you're in your right to get money from someone, as if the bank is, by law, obliged to give you cash. If you don't want to get into siutations like that you're best off to check with your bank before buying expensive stuff.

3) in case you haven't noticed there's some monetary crap going on, and banks stopped a bit with the 'giving away free money' thing.

4) IF you can pay it back within a month (or something similar) because you have enough cash for that you're not exactly a good customer for your bank. They gain nothing from that 1/few months of interest, especially not due to the cost involved to make it happen. They'd rather have you be JUST too poor to actually pay for it, so they can milk you for years and in the end (with a bit of luck) grab your collateral.



Whitehound
The Whitehound Corporation
Frontline Assembly Point
Posted - 2009.06.23 11:16:00 - [16]
 

Edited by: Whitehound on 23/06/2009 11:18:24
Originally by: Tzar'rim
1) the whole credit card (spend before you can) attitude is partly what got us into this whole crap in the first place, not saying that's what you're doing but still.

It always is the little people's fault ...

Furb Killer
Gallente
Posted - 2009.06.23 11:26:00 - [17]
 

Euhm, while the banks themselves ****ed up alot, the problems would be far smaller if people would have had the money they were spending.

Benco97
Gallente
Terraprobe Dynamics
Posted - 2009.06.23 11:50:00 - [18]
 

Well, I have now spoken with the Manager and it is all cleared up, he explained that it was some sort of clerical error and it will work if I were to try it again, However, I think I'll do as Whitehound suggested and simply pay for the machine out of my own pocket in one go in order to help avoid such problems again.

Thanks for the advice everyone!



 

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