I have a good credit score yet I cant get credit !!WHY>???

basieman

Hi Harrystar89,
When you say you want to buy a car for £3000, is it for use in the business? If it is, you may want to look at leasing or contract hire?

And good luck with the business- BTW.....I think you have just taught us all a very salutory lesson. "Don't judge a book by it's cover"!:beer:

alexthecheese

How do you actually see your credit rating on Equifax? I signed up earlier but can't get the number.

harrystar89

basieman wrote: »

Hi Harrystar89,
When you say you want to buy a car for £3000, is it for use in the business? If it is, you may want to look at leasing or contract hire?

And good luck with the business- BTW.....I think you have just taught us all a very salutory lesson. "Don't judge a book by it's cover"!:beer:

:-) Thanks I have to work very very hard at what I do but it brings money in,and I enjoy it,Mainly because I,m very good with people so It helps we make Horse showjumps and Within 3years we now the largest company in My area,with 3Big sponsor deals at major competition centre's across the country so not doing to badly.

Yeah I did think about leasing,But seems quite expensive,Do you know if they do the same kind of credit checks with leasing that they do if your buying the car??

My credit score with Equifax is currentley 797 and the same with call credit,Also In reply to the other Question I get my credit scores from a website called checkmyfile There quite good you can get all three reports from Experian,Equifax,and callcredit for £19.** so quite reasonable.

:-)Thanks again for everyones help,Really kind of you all

theoretica

I would hope that for your own bank you need not show your self employed accounts and things- after all they have access to your bank records to see how you handle finances. Unfortunately as you have been using your overdraft (while not having a loan) they may wonder how you will manage to afford the loan as that will increase your outgoings. Do you have much in your savings account?

Can you pay off your current loan early and save on interest by doing so? It might be possible to save money by borrowing 3k instead of 2k and closing your high interest loan then buying the car.

basieman

Hi Harrystar89

Sorry, I don't know the ins and outs of leasing or contract hire. Perhaps your accountant or a business friend could help, or, indeed, one of our posters might be able to help.

A thought did occur to me - How friendly are you with your sponsors? Why not let THEM buy you the car? If you offer to sponsor their activities on the car/van and in turn it will create advertising for your business? - "Firme la Douce" - as Del Boy might say!

It was just a thought! Whichever way you go, you really have to be realistic and rein in your spending - the minimum wage for an adult is, currently, only £216 per 37 hr.week, so as you are only 20 you are doing pretty well at £3-400!, but it's not a fortune. If the major problem is obtaining materials etc from suppliers - why don't you ask for a Trade Account, if you haven't got one already. Once the customer has paid you, though, please, make sure the account is settled as soon after as possible!

See if there is any other way of getting the finance you need, rather than giving your hard-earned money back to the finance companies. Do try the Citizen's Advice Bureau in your area. They will welcome your enquiry and may, indeed, suggest alternative methods of funding that might allow you to expand your existing business.
I know you are not asking for millions- but you do deserve more help than you are currently getting from the banks and credit institutions etc. Good Luck to you and who knows everytime we look at the Hickstead jumps or Badminton and see "Sponsored by HarryStar89", I'll be able to say "I knew him when had nothing!" All the very best to you.:T

Ritchie74

Hi and firstly well done for standing up for yourself, some people on here can really put off newbies! However, welcome to MSE, most of us are nice :-)
Anyway, just wondering what timeframe you applied for the 2xcredit cards and mobile phone contract? If these were in quick succession then you may look too 'credit hungry' to lenders. I realise you were accepted for the phone contract, lending criteria is usually less strict for these. This still wouldn't account for the first decline however (assuming you applied for a CC before the contract). How many searches are showing on your file and how many months ago were these?
I agree your best option is to try your bank, maybe hold off for 3 months first and, as suggested, use your existing CC and pay off in full each month.

Good luck with sorting out a car and in the business,
Rich

harrystar89

Hi,:-) Thanks for all your replys. First off in reply to theoretica Problem is I,m with natwest and for personal banking there fab,but my business manager is usless!! to say the least lol I,ve been trying to get her to call me back for 6months now,just to talk about a credit card machine!!! very annoying, so chances of me acturley getting her to contact me about a loan is zero! unforunatley ...... And I would move banks,only natwest do offer quite cheap rates for business bank accounts.

I did think about getting out a slightly larger loan to pay off my high % loan early, as i pay £50.56!! PCM for a loan of £1100,at 48% APR with interest,I,m still paying the interest off!!! seems very high to me for a loan that small.

And thanks Basieman:0) Are business name is Quality-Jumps-4-u and Hickstead would be worth alot of money,so if at any point you see a sponsor sign there with are name on it,behind it will be me doing my "Happy Dance!"" lmao

I think I,ll give A car leasing company a call today and ask them what kind of credit checks they run to see if they do differ from say one a loan company would check.

Hi richie74!! :-) Thanks for your comment, I,ve delt with people like "Moneybags" all my life, Best to just let them get on with it,I mainly just find it funny now that they dont have anything better to do,But oh well lol the rest of you seem really friendly:0)

I appiled for 1xCredit card with the Halifax ,which got turned down for,then I appiled for the Contract phone which they accepted me for, (quite an expensive one they gave me an iphone and a £800 laptop free for £25 a month!"!) anyway then I appiled for a card with egg but again got turned down and that was about 3weeks after the phone.

I just dont get it, I mean my credit score is above Average, I have never defaulted with any credit I,ve had, If anything I pay it off early , I live in a good area so cant be where I live, There is 1 thing tho, My parents whom I live with have very very very bad credit,although They own the property which values highly My dad was ill at the start of the resession and we lost alot of money,then they defaulted etc etc etc

Would that go against me??? I have no joint accounts or anything with them,but there credit really is awful.and its pretty much with every bank you could think of.

Let me know what you think

Thanks again guys.