Westpac (more specifically, their computer system) rejected my loan application for a re-fi loan on Friday.
Yet, one week earlier, I settled another re-fi loan with them.
I've been told that there's been a policy change and that if the computer system rejects the loan, even if a loan manager has no issue with the application, they can't over ride the computer system.
On making further enquiries, I was told that the computer system assigns scores to various factors such as length of employment with current employer, length of time at current address, credit history and the number of hits on my CRAA file.
This is where it gets interesting, according to the Westpac contact ... the only thing that's changed since the last loan application and this one is that there is now one extra hit on the CRAA file. But, the computer system isn't smart enough to figure out that it was THEM who put it there when they did their credit check for the last loan.
Or maybe it's like Terminator 3. The Machines are taking over!
Yet, one week earlier, I settled another re-fi loan with them.
I've been told that there's been a policy change and that if the computer system rejects the loan, even if a loan manager has no issue with the application, they can't over ride the computer system.
On making further enquiries, I was told that the computer system assigns scores to various factors such as length of employment with current employer, length of time at current address, credit history and the number of hits on my CRAA file.
This is where it gets interesting, according to the Westpac contact ... the only thing that's changed since the last loan application and this one is that there is now one extra hit on the CRAA file. But, the computer system isn't smart enough to figure out that it was THEM who put it there when they did their credit check for the last loan.
Or maybe it's like Terminator 3. The Machines are taking over!