Thought I'd jump back in here and share an interesting experience from today.
I recently paid out a 40k loan which id had for the last 3 years. No issues, no defaults, paid on time every time etc. Today I am arguably better off financially from work, assets and disposable income (because the 40k is paid down) by a significant margin from 3 years ago..
I applied for a 12k loan with the same lender I just paid out 40k to so i could get a solar system installed that was large enough to cover my electricity usage completely where the repayments were to be less than my monthly bill (~200 bucks for the next 5 years). Putting me in an even mor epositive position.
Declined lol.
I went to their branch to talk it through. did their calcs again, same result. Decline. Didn't even make it to credit check because it didn't meet their internal credit criteria.
Interesting times.