Rejected by Tesco & Sainsburys... But Why?

Murgy91

Want to spend 2k on the car I've seen because I know it's in good condition and I'll be doin a lot of miles and it needs to be reliable.

Insurance is 800 on my moms through direct line which my mom has offered to pay. I can't ask my mom and dad for 2000 unfortunatly. Is sadly out of the question.

Thanks for everyones advice by the way

I intend to pay the loan back 150 a week to leve me 100 to live on which should be more than enough as I have no bills or anything to pay while I work so 100 a month should be ample.

CannyJock

It's been a while since I was 18, but in the current climate I'd say you'll be very lucky to get a £2k limit.

You'd maybe have more success if your parents applied for the card and bought the car for you - you can pay them back in 3 months from what you're saying so no major issue there. You've just had 2 application searches on your credit report this month, so further applications this month are unlikely to get you a better result.

A 0% purchase card is the best for this, full list of them here http://www.stoozing.com/purchases.php. They can also pay for the insurance with the 0% card and you can pay them that money back too

Be aware that car dealers will typically add on 3-5% for processing a credit card payment.

Alternative sources of funds might include something like Zopa but again, your age and lack of credit history will count against you.

YorkshireBoy

Murgy91 wrote: »

...I'll be doin a lot of miles...

...leve me 100 to live on which should be more than enough as I have no bills or anything to pay while I work so 100 a month should be ample.

I too do "a lot of miles" with my commute to work...my weekly fuel bill is over £50. If you've a similar commute then that's a large chunk of your £100.

BTW, insurance 'fronting' is frowned upon and could, if proven, render the insurance policy invalid. Maybe re-consider and get it in your own name?

big_Daddy_Dave

CannyJock wrote: »

You'd maybe have more success if your parents applied for the card and bought the car for you - you can pay them back in 3 months from what you're saying so no major issue there. You've just had 2 application searches on your credit report this month, so further applications this month are unlikely to get you a better result.

A 0% purchase card is the best for this, full list of them here http://www.stoozing.com/purchases.php. They can also pay for the insurance with the 0% card and you can pay them that money back too

thats a pretty good idea

the best option i reckon, why didnt i think of that

Murgy91

petrol costs are a company expense.
i have a definate disposible income of £150/week, including any unexpected extras.

CannyJock

Murgy91 wrote: »

petrol costs are a company expense.
i have a definate disposible income of £150/week, including any unexpected extras.

You'll still need to finance the expenses and reclaim them back unless they give you a fuel card. Mileage to/from your normal place of work isn't normally covered and if you're reimbursed at anything less than £0.40 per mile for the first 10k miles then you can get some additional tax benefit at the end of the tax year. Not the most exciting read ever, but google fixed profit car scheme and you'll see the details there.

And on the £150 disposable per week - you've never saw a garage bill on a £2k car obviously

Let us know the outcome either way

Murgy91

its a fuel card that ill be using, so company pays this includes my travel fuel cost to and from work luckily

Im thinking of a zopa loan, however you have to be 20 so im thinking zopa listings??

Good/bad??

Thanks for all your help really appreciate it

Murgy91

Hmmm. cant do that either, they turned me down... didnt realise it was an actual credit check... so thats probably made it worse.

I really do have no options really do i

MrTomato

As long as you get on the electoral roll it shouldn't be too much of I problem. I've said it a few times already, but I got a £1k credit card 2 days after I'd turned 18.

YorkshireBoy

Murgy91 wrote: »

didnt realise it was an actual credit check...

That's because you didn't read what you were applying for/agreeing to. Another valuable lesson learned?

I really do have no options really do i

What about...

I have a hsbc account. With a visa. Debit card and a Halifax visa debit card..

There are four options there aren't there?...a loan or credit card from either/both organisation?

After all, no-one knows your financial circumstances like your own current account provider, since they've been seeing your income, and how you manage your finances, for a couple of years haven't they?