Declined a loan but no adverse credit on file - Is it hidden sexism?

B

bac

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Recently I got declined for a car loan with Bank Of Ireland for no specific reason. I think it is because I am in part time employment (for 4 years) because they did say if I had any further information to support my application to send it in. I applied in my own name solely

Out of curiosity I obtained a copy of my credit file to see if there was anything on there to suggest I was a high risk and I was amazed to find little information on my file, despite being second named on a joint loan with my husband with Bank of Ireland, having a mortgage with them and also a credit card with MBNA in my own name. The only information on my file was the search done by BOI for my loan, and not my joint and individual credit history. All of my and our joint credit is well maintained. It seems to me that BOI have based my application entirely on credit scoring rather than rating me as an individual who has a proven history with them. This doesnt bother me too much, we are quite willing to take all our business ( mortgage, loan, credit card, life assurance, home insurance) elsewhere, but I am concerned is there some discrimination against ( mainly female) part time workers obtaining credit in their own names here. While my husband is quite happy to be first named on the loan, I find it incredible that in 2005 Banks still feel that the (normally female) second income earner is not credit worthy, this irks me particularly as the loan would be paid from our joint bank account BOTH our salaries go into. I would like to feel that as a working, financially responible female I could be "trusted" to repay a small loan.

Has anyone had any experience of this and any advise welcome.
 
Did your husband obtain his ICB records and did they contain details of the loans that you hold jointly?
 
I very much doubt any sexism. You may be right that they denied you the loan based on the fact that you are a part time employee. However, it is likely that has everything to do with the simple fact that the bank feels you don't earn enough to comfortably ensure you'll pay back the loan, and nothing to do with your gender. The loan is to be taken solely in your name, therefore I assume the bank only looked at your income, and ignored the fact that the loan would be repaid out of your joint account. Perhaps your existing joint borrowings are already at the level the bank feels is enough for you to handle at the moment?
 
Given that insurers can discriminate on the basis of the relative risks attaching to males and females, it wouldn't surprise me if banks could do the same when it comes to loans.
 
clubman - no he hasn't not yet. I do have credit in my own sole name so I am surprised even that didn't show up.


Sherman, I take your point that it isn't directly sexist, I wrote that post in the heat of anger that I don't appear to have a "profile" of my own when it comes to banking. Does this mean in the eyes of banks that part-time workers (who I would think are mainly women) are not credit worthy? Why should I be forced to ask my husband if I need a car loan. But I am still angry that I am only deemed acceptable for credit if I apply with my husband. We don't owe tons of money, and I would think are well within our lending limits, and we pay everything on time. My husband has now objection to being named on the loan but as we both said, why should he have to?

I have written to the bank so we will see if they can't look at the bigger picture

thanks for the answers
 
Hi bac,

You seem to want things both ways. You want to be assessed for the loan on your own and yet you seem to want the bank to look at your joint income when determining whether or not you are credit worthy.

If you apply on your own, the bank will assess you on your own. You are currently employed part-time. You have half a mortgage and you want to borrow more funds to purchase a car. Perhaps the bank looked at your income and the monthly repayment of half of your mortgage and decided that you were stretching yourself by adding more borrowings without applying jointly for the loan.

Bub.
 
bac said:
clubman - no he hasn't not yet. I do have credit in my own sole name so I am surprised even that didn't show up
Click to expand...

This surprises me. Anybody know why this might be so - i.e. that certain loans/credit agreements might not show up at all on one's ICB records? Do lenders only register some and, in particular, missed payments/defaults? I don't get that impression from the but am not sure.
 
It's possible that addresses have changed. On a loan application they ask you your current addess and if you have changed address in the last three years. If your address for the loan is not the one input on the ICB check, you might not appear.

As far as I'm aware every loan taken out and, is either still being paid off or has been paid off within the last 5 years with the institutions signed up to ICB, should appear on your record with a full payment history.
Bub.
 
We have lived here for 5 years, the joint car loan was taken out roughly 2 years ago and my own credit card which is just in my name was opened last July..I am confused now.

B bub, yes maybe it seems I do want it both ways, really though, I just wanted to buy a car for myself without having to feel like the little lady who needs husband's support to do a simple thing like getting the means to transport myself around.;)
 
Update - I phoned BOI today and was told that if I leave it 3 months then reapply OMMITTING the joint loan information I would get approval :eek: I did point out that I would consider that dishonest and surely wouldn't it show up on at the least and internal search but they seemed quite happy to proceed in 3 months, when I presume, my application will disappear from their screens, based on incorrect information but are not prepared to facilitate me now based on facts

Now that's just strange.
 
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