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  • FIRST POST
    • Robert8x
    • By Robert8x 18th Mar 17, 5:54 PM
    • 18Posts
    • 2Thanks
    Robert8x
    Issue getting finance
    • #1
    • 18th Mar 17, 5:54 PM
    Issue getting finance 18th Mar 17 at 5:54 PM
    Hello,
    I'm just having some issues getting finance, i want to pay for a laptop at university over 4 years, costing £1100 in total. I applied Thursday night for a loan, got accepted... Order was wrong so the company cancelled it, which also canceled the finance. So i tried a different company for laptops, order was fine and got finance accepted but i forgot to add express delivery, so i canceled the order. With the same company I've reapplied today and they've declined me, i tried 2 times today and it declined both applications! I checked my credit score on experia and it's 977 out of 999. Is it because I've applied for so many loans in a short period? All my other finances I've paid off, like my car insurance and iPad. What have i done wrong?
    Thanks for any advice
Page 1
    • Shakin Steve
    • By Shakin Steve 18th Mar 17, 6:05 PM
    • 932 Posts
    • 665 Thanks
    Shakin Steve
    • #2
    • 18th Mar 17, 6:05 PM
    • #2
    • 18th Mar 17, 6:05 PM
    What you've done wrong is not taken care when ordering this stuff and had your credit file searched four times in 24 hours.
    I came into this world with nothing and I've got most of it left.
    • Robert8x
    • By Robert8x 18th Mar 17, 8:35 PM
    • 18 Posts
    • 2 Thanks
    Robert8x
    • #3
    • 18th Mar 17, 8:35 PM
    • #3
    • 18th Mar 17, 8:35 PM
    Well, the first order was completely fine, they couldn't provide it though as it wasn't actually in stock, so really not that i haven't taken care... Thanks for the reply though
    • Ben8282
    • By Ben8282 18th Mar 17, 8:37 PM
    • 2,003 Posts
    • 877 Thanks
    Ben8282
    • #4
    • 18th Mar 17, 8:37 PM
    • #4
    • 18th Mar 17, 8:37 PM
    Why did you cancel an order, especially one for which a credit application had been made, simply because you forgot to add express delivery? Could you not have called them and added it or something?
    Agree with the above. It is quite obvious why the second finance application from the same people was refused, especially immediately after the previous application(s) to the other people as well.
    • Robert8x
    • By Robert8x 18th Mar 17, 8:43 PM
    • 18 Posts
    • 2 Thanks
    Robert8x
    • #5
    • 18th Mar 17, 8:43 PM
    • #5
    • 18th Mar 17, 8:43 PM
    Also, how long should i leave it before i do it again?
    • Robert8x
    • By Robert8x 18th Mar 17, 8:45 PM
    • 18 Posts
    • 2 Thanks
    Robert8x
    • #6
    • 18th Mar 17, 8:45 PM
    • #6
    • 18th Mar 17, 8:45 PM
    And Ben, fair enough, I've never really done finance before apart from my car so I'm new to this, there is no need to talk to me in a way that implies I'm stupid, i was just asking for some advice. I thought it would be easier to cancel and reorder, i didn't know that I'd have to reapply for the same company as it was the same price
    • Shakin Steve
    • By Shakin Steve 18th Mar 17, 8:52 PM
    • 932 Posts
    • 665 Thanks
    Shakin Steve
    • #7
    • 18th Mar 17, 8:52 PM
    • #7
    • 18th Mar 17, 8:52 PM
    The first company cancelled the finance, after doing a search. You cancelled the second one, after they had done a search. The third and fourth applications in quick succession were two more searches. I'm not sure whether all four will have been hard searches but, if they were, they are there until they drop off in at least six months.
    I came into this world with nothing and I've got most of it left.
    • Robert8x
    • By Robert8x 18th Mar 17, 8:55 PM
    • 18 Posts
    • 2 Thanks
    Robert8x
    • #8
    • 18th Mar 17, 8:55 PM
    • #8
    • 18th Mar 17, 8:55 PM
    So basically can't get a laptop within this month?
    • Robert8x
    • By Robert8x 18th Mar 17, 9:01 PM
    • 18 Posts
    • 2 Thanks
    Robert8x
    • #9
    • 18th Mar 17, 9:01 PM
    • #9
    • 18th Mar 17, 9:01 PM
    Forgot to ask also, maybe if i called and explained why there was multiple applications they would reconsider?
    • Shakin Steve
    • By Shakin Steve 18th Mar 17, 9:14 PM
    • 932 Posts
    • 665 Thanks
    Shakin Steve
    I don't know what to tell you, Robert. You're obviously a young lad with very little experience of how to deal with credit applications and the effect they can have on your finances. Its such a shame that young people are not properly educated about such important life skills.
    Please don't see this post as patronising, it's not.

    Is there no one who give you advice at uni? The students union maybe?
    I came into this world with nothing and I've got most of it left.
    • GothicStirling
    • By GothicStirling 18th Mar 17, 9:54 PM
    • 939 Posts
    • 697 Thanks
    GothicStirling
    So basically can't get a laptop within this month?
    Originally posted by Robert8x
    Is it possible for your parents to take the finance out in their name, and you give them the money each month?
    • freeisgood
    • By freeisgood 19th Mar 17, 10:44 AM
    • 480 Posts
    • 733 Thanks
    freeisgood
    Or how about a cheap second hand one?
    • zippygeorgeandben
    • By zippygeorgeandben 19th Mar 17, 11:06 AM
    • 661 Posts
    • 754 Thanks
    zippygeorgeandben
    Is it possible for your parents to take the finance out in their name, and you give them the money each month?
    Originally posted by GothicStirling
    This is what I was wondering and you set a standing order to your parents each month so you pay them without fail. Do you need a new laptop? How about a reconditioned one?

    Oh and credit scores mean NOTHING. Only you see it, not the companies/lenders. They just see your history and as you've made 4 applications in a short space of time, they see it as someone who is desperate for money.
    The mistake you made was cancelling the 2nd order really but, hey, you've joined this forum and won't make that mistake in the future
    Good luck.
    End Sep 2016 End August 2017
    £8236.57 £4876.49
    (Tesco 4.8%) £222.61pcm
    £6185.75 £851.34 (Zopa 4.0%) £48.99pcm

    £5344.50
    £2890.04 (Sainsburys 0% until 06/19) £140pcm
    £2000.00 £1333.35 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £11499.70 Original DFD May 2019.
    • SuperAllyB
    • By SuperAllyB 20th Mar 17, 10:25 AM
    • 572 Posts
    • 453 Thanks
    SuperAllyB
    Forgot to ask also, maybe if i called and explained why there was multiple applications they would reconsider?
    Originally posted by Robert8x
    No idea what the chances of success would be, but certainly wouldn't cost a lot to try.
    • Money Rollercoaster
    • By Money Rollercoaster 20th Mar 17, 11:26 AM
    • 246 Posts
    • 598 Thanks
    Money Rollercoaster
    I would suggest that 4 years to pay off a laptop is too long and that you should be looking at outgoing models from last years' range etc rather than the bleeding edge of performance stuff. You should be looking at it as "what is the least I can get away with spending?"


    What sort of course is it you are doing?


    Also, remember, you'll probably have to budget for insurance ...
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
    • enthusiasticsaver
    • By enthusiasticsaver 20th Mar 17, 5:08 PM
    • 4,241 Posts
    • 7,654 Thanks
    enthusiasticsaver
    £1100 for a laptop sounds steep. Do you really need one that expensive? Buying one over 4 years will be expensive as you will have interest on top of that. We have bought both our daughters reasonably high spec laptops over the last year both for less than £400 each.
    Countdown to early retirement on 21.12.17 3 months to go.
    • Arleen
    • By Arleen 20th Mar 17, 5:27 PM
    • 944 Posts
    • 696 Thanks
    Arleen
    For 1100 quid laptop you better be majoring in 3D modelling, or is that laptop primarily for gaming and some studying on the side?

    Realistically you won't be getting a finance product this month; four searches mean you are desperate for funding. But this is actually good, as you can browse ebay and buy some nice, second hand, laptop for 200-300 (much closer to 200) quid that will be more than adequate for day-to-day studies and normal use.
    • AndyPix
    • By AndyPix 22nd Mar 17, 2:43 PM
    • 2,690 Posts
    • 1,814 Thanks
    AndyPix
    Im guessing you are wanting the latest macbook pro that all students seem to feel they need.


    If i were you , i would take this as a lucky escape and get yourself a reconditioned business laptop from ebay for around £200 that will do everything you need it to do


    Running with scissors since 1978
    • Tarambor
    • By Tarambor 22nd Mar 17, 5:29 PM
    • 1,152 Posts
    • 796 Thanks
    Tarambor
    I have a Macbook Pro. I've also been to uni. I would go on Ebay and buy an ex-corporate Thinkpad T430 which is plenty powerful enough, is pretty much bombproof and will cost you under £200 with a 12 month guarantee and won't leave you sat in tears when it gets nicked or broken especially as you realise you've still got another 3 years to pay on a laptop you no longer have.

    Remember that if you borrow £1100 you'll have around £1300-£1500 less to live on over the duration of your degree.
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