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Discussion Starter · #1 ·
Hi everyone :)
I'm in a bit of a pickle...I am desperate to get a Juke but am having problems with financing it.
I've got a credit score of 'excellent' but I have also been searched by companies quite a few times...which I believe can make companies wary of you.
I'm young (20) and there seems to be disagreement over whether this would affect me or not. I have a well paying job with low outgoings and can easily afford monthly payments on a Juke but everywhere seems to be rejecting me.
I have no debts, the only credit account I have is a credit card that I don't use. I've never had anything bad happen to me money-wise, I can see no reason why I would be refused.
Does anyone have any insider information about what the problem could be? Or has anyone been in a similar situation? Or does anyone have any advice about what might be the best course of action?
Thanks in advance!
Noodles
 

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The problem might be that you don't use your credit card, and hence there is no real record of you, in respect of credit.

A similar thing happened to me in the USA, many years ago, when I wanted to get a credit card. No credit record = no chance of getting a credit card, circular argument. Got around it by getting a Bank Loan (which I didn't physically need) to buy a car, then got a credit record.

Then could get a credit card - DUH!
 

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I was always able to get mobile phones on contract etc without ever having owned a credit card
 

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Hi Noodles,
I'm no expert but it may be your lack of credit worthiness (ie you haven't really had any credit in the past). My leasing company told me that you could be searched up to 6 times in a short space of time before it really had an impact on your credit rating.
If you are taking out a loan for the car, perhaps try your own bank first as they will have a better understanding of your situation (or they should have!), or if it's a leasing company explain your situation to them and they can talk directly to their finance company or the underwriters directly. The leasing company I use for my business did this for another vehicle for us and sorted it out when the person leasing it had no credit history at all.
Hope you get it sorted out.
Duckie
 

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Yar for something big like this you need a credit history. I have an excelent credit rating but never had a credit card or store cards. this didnt prevent me from getting things like mobile phone contracts or anything small but they wouldnt acept me for the Juke. My mrs financed the last car so she had previous credit history. In the end we stuck the Juke in her name but the money comes out of my account. strange i know :(
You might have to either use your credit card or go hey a store card for a few weeks.
Like marks and sparks or topshop etc
 

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try your own bank where u have your current account, they should be more forgiving! Also, apply for a credit card and use it for a few weeks!
 

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Discussion Starter · #7 ·
I got a quote from my bank (where I've been a customer for 13 years!) and the best interest rate they could give me was 24.3% - which for me just seems far too high, as other places (like Sainsburys finance) were offering me 7.2% (although they declined me...).
I have a store card for Warehouse that I don't use (have used once in the past) and although I said I don't use my credit card, I have used it in the past, only about 4 months ago, then it was all paid off.
I'm hanging all my hopes on a leasing company who has explained my situation to their underwriters. They requested that I have a guarantor, so I am using my mum, who has a perfect credit history, with a mortgage and various credit cards and schemes. I am expecting them to say no, as everywhere else has. Just seems so frustrating - am going round in circles!
I've applied for two 'build your credit score' style credit cards, which hopefully will help things, it's just hard to know if that will be of any help at all, especially when my credit score on credit expert is 999!
 

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Keep your fingers and toes crossed that it works out Noodles. The only other thing I can suggest is that you sign up to get a copy of your credit report from the 2 main credit agencies (Experian and Equifax I think). There might be something lurking on your credit report you aren't aware of. The moneysavingsexpert website has a good bit on how to improve your credit rating - it might be worth a look.
Duckie
 

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Have you tried finance from nissan? our son brought a limited edition corsa from vauxhall last october and got his finance through vauxhall he is 19. Edited by: yellmandy
 

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oh sorry about that hope i haven't rubbed salt into the wound! have you spoke to a nice family member and get them to do the finance and pay them back each month?
 

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Discussion Starter · #12 ·
I've tried but none of them seem to want to...I've already got my sofa in my mums name as they wouldn't accept me for that back in December before all this car malarky!
 

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My credit rating is excelent too, but I was worried if I get my Juke. Tried to apply for a credit card, but was rejected twice. But I got my Juke after proving my income and stuff, had to fax bank statements...
 

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hmm if what you say is true, something isnt quite right, I have a perfect credit score a few loans and a car on finance and Nissan accepted my details i did get declined for a credit card recently which I found quite funny given I have 2 already with extremely high limits I cant fathom out thes credit companies, I am amased that with you rating Nissan wont accept you as the car is the security really unlucky
 

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oh bless don't give up you know what they say it comes to those who wait (but they never say how long you have to wait for!) good luck keep us informed
 

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Capital one do an excellent credit building card, my wife had a dismal credit rating and we managed to get a mortgage after a few months with that. So it worked.The interest is high on it though.
 

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I rebuilt my credit after making it very bad
Best Advice I got
Is use your credit card for stuff and pay it off in full every month never miss a payment
now that you have been rejected I would say only sub prime lenders will finance you you wont get premium (read good rate) lenders touching you.
Applying for more credit will make things worse for you.
go to www.creditexpert.co.uk and take up their trial check your rating and then if it is ok cancel the trial (you can only do this once every 12 months).
If not ok use it to find out what is on your record it might be the wrong info and you need to apply to get it taken off
also look at the www.moneysavingexpert.com forums for more advice
but not using you have can be just as bad as none.
If you do use your card ensure you pay it off in full!!!!
 

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@ Noodles1691 - Make sure that you are on the electoral role as this proves your address. Each time you apply for credit the company will run a credit check which shows up on your report and can effect a credit decision just because your file has been searched so many times in a short space of time. A good leasing company I have dealt with in the past is http://www.lingscars.com/they were very quick and very customer focused. As for your car loan I would use a price comparison website and do some research on the % IR as there are deals to be had, someone with your credit I would expect to get a deal between 5.5% - 7.5%, but I wouldn't pay more on a car loan. Try the lease route if you drive less than 10k pa it's a good alternative.
 

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noodles

I feel really sorry for you as the banks have got us into this position and eveyone is tarred with the same brush... a bit like this insurance malarkey.

i too have an excellent credit rating and have never in my life even had a red bill reminder but that said I have a store card and over the past year my credit limit on this card has dropped by 3K despite the fact I am still paying all my bills.

As was mentioned before - make sure you are on the electoral register as this can have a negative impact on credit rating.

Also sounds daft but have you tried a local credit union - they are regulated and APR is usually quite low....

All the very best of luck

Fee x
 

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You could try a personal contract hire, rather than purchasing...doesn't work on the same basis as you're not financing the vehicle. That way you can still drive the car, but without buying it...it can often work out more cost effective too...I get a car allowance from work, so that's what I've done...they just look at bank statements, payslips etc. to ensure you can afford the monthly rental...
 
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