Earlier this year my wife and I applied for an building/improvement loan. We received a declined letter on the 19 Feb stating that the application was not approved because of affordability. And that we may not be able to support the repayments for the loan amount we applied for and that they would be happy to consider an application for a lesser loan amount. According to my calculations we can afford the repayments. Anyway, we reapplied for a lesser amount and we received another declined letter on 4 March which stated that we did not get approval for the loan because we don't satisfy the bank's credit requirements for the loan concerned based on a credit assessment taking into account their usual credit scoring models. What does that mean? My credit score is good, so I don't know. So, I am confused, we get declined for affordability, the get told they we will consider a lesser amount then we don't meet their credit requirements. We don't even get a counter offer from Nedbank. I asked Nedbank for an amount that we could afford, I am yet to receive a response. We are very frustrated with Nedbank and are looking at other banks.
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