LanCat

You are entitled to see your own credit file, for a couple of quid

RobWhite

Hi,

I have just been through the same thing as you, nearly pulled my hair out. My problem was to many previous addresses, been divorced and moved around until I found somewhere to buy.

I applied to literaly 20 companies, and yes it does leave a bad credit trail, what happens is all the lenders can see if you have been refused by another one, so the more refusals then the more bad credit people can see.

Best thing to do, as I looked into it.

1st try Direct LIne, you can apply online and get instant approval.

2nd, IF (inteligent Finance) are great, very low interest rates and they are internet based to. (if.com I think or .co.uk) Also quite lenient.

finally, Try the Halifax for one, they are good and if you get refused they pass you straight on to a company called Cettlem who assess your application and are more lenient (but the % rates are higher)

Be careful of the Yellow Pages ones though interest rates are sky high.

Good luck

Rob

STi wanna Subaru

iTrader: (1)

I'm in the situation where I have found the car I want so now's the time to sort out some finance. The car is a private sale so I was looking at a personal loan. This is where I hit a stumbling block. I'm looking for just over £10K over 4 years which I'm happy I can pay back with no problems but having applied for one unsecured personal loan and being rejected I'm unsure as what to do next. I'm told that each time you apply for a loan it effects your credit rating so I am looking for advice as I presume if i've been rejected once I most likely will be again. I think the reason for being rejected is most likely to be with my lack of credit history. I'm 24 now, I had a small personal loan at 19 which I paid off no problems. Only a year ago did I get a credit card again no defaulted payments. I still live at home (no mortgage).
Is it possible to get a company to provide hire purchase for a private purchase, this way the loan is secured against the car and not me.

Any advice welcome except save up

kav

Hi mate
You need to find out why your application got bounced. It may be that you've been blackballed unfairly, your name's in a central credit registry and everyone you go to for a loan will work off the same data with the same result - "naff off!". It doesn't sound like you've got any skeletons in the closet so you've got nothing to worry about.
Go back to the lot who bounced you and ask them why you were rejected.
Cheers
Kav

dsmith

Wife (or Girlfriend as she was then) had a similair problem a few years back. Been working since 16, never been overdrawn, never had a loan, never had a credit card, all the house bills were in my name, we were renting (in my name) etc. Therefore as far as the credit rating systems went she didn't exist.

First time she applied for a credit card it got bounced. She wouldn't let it drop though. Eventually ended up sending something like a years bank statements to the company. Once you're on the map as it were it gets easier.....

Regards

BarryK

Just to say Cetelem are a French based crdit co. half owned by the Halifax, they are not some "Knee cap" finance outfit, they are similar to Shopacheck and stuff like that.

These things are worked out on points usually (credit scoring) and no lender is under any obligation to tell you why, specifically, you were turned down. Check your credit file as above from Equifax, they are the most generally used, but from what you say it is unlikely anything on there bothered them.

Sometimes they don't want to lend money to specific groups, a bit like insurers really, as all loans are "underwritten" in any case, they are assessing a risk. Weird way of looking at things but that's how it works.

Like insurers, there is always somebody who will lend you the money, but it may cost more.

Incidentally, there is no "trail of rejection" only a trail of what they call "searches" ie the evidence that you applied to other credit companies, often that doesn't include banks. Visit your own bank (arrange to see them first rather than walk in off the street), have all your figures with you, pay slips etc. and do it professionally like a "business plan". They're usually more impressed and inclined to deal with people who have obviously given it some thought.

Oh and don't tell them the full amount you want to borrow is the value of a car. That is to say if you want 10k, tell them your looking at cars around 15k and making up the difference from your savings. Get it? The car will be an "asset" worth more than what you owe them.

MOst of all though, consider if they have a good point and you don't really want to strap yourself to a 10k loan at an age when your life could well change radically in 2/3 years?

Anyway, good luck, don't do anything in a hurry where finance is concerned.

STi wanna Subaru

iTrader: (1)

Thanks for all the advice guys. It has helped that people have explained the processes involved and given me people to try. I was a bit put off after the first rejection and thought it would be the same everywhere I went. My experience in this field is limited and when you speak to the banks/loan companies it feels like they have some secret file on you but wont tell you what is in it. I feel a lot more confident now and hopefully should be able to arrange a loan for my first scooby (If it's not sold by the time I arrange a loan).

Thanks again, most appreciated

dba

hmm,you should find it easier to get credit from the garage,as they can reclaim the car.As stated there are many reasons why you could be refused,but i suspect its your personal circumstances as your rightly say.For you to get a car on finance,a main dealer may be the only option.Or you get a parent to act as gaurantor,and even than it will be your bank who are more likely to do it.

polarbearit

I have to say that I doubt it is the age causing a problem, I have had a big mortgage since 20 without problems.

That said last week I was rejected for a bank account for the 1st time ever, so I am now waiting for my credit file to be returned!

Jon

STi wanna Subaru

iTrader: (1)

I have been offered a loan by Direct Line for the amount I required, that's the problem required! The car i was going to look at I've been informed by a member of this board has been crash damaged and subsiquently repaired but not by a 'professional outfit'. I'm walking away. It's time to keep looking but at least I have the finance arranged if the right car comes up.

Thanks for the help again