Advice needed please :)

flossy190

Hi there im new to the site and wanted some advice after applying for a loan of £5000 for a car and also to pay the insurance and tax on it for the year it got rejected so i thought that was a little strange so i joined experian for my credit report

and there is NOTHING on there apart from my two banks which are in satisfactory condition there is nothing outstanding and i have never had a problem with paying bills ect all council tax water gas electric mobile phones ect all come out of my bank apart from one dd i missed for my mobile about 3 months ago thats all i can think of that could possibly make me get rejected? also my credit score is only 260?!? :eek: is this a mistake?!? iv missed one payment form my mobile phone like i say but surley this cannit hinder my chances of getting a loan?!?

any advice would be very much helpfull

also i can afford the repayments on a loan i work full time and come out with about 1040 after tax ect and me and my partner both split the bills 50/50 so paying the loan back is not a problem sorry for being long winded just wanted to make sure i got all the information in there also i dont want to keep applying only to get rejected again

inmypocketnottheirs

Are you on the electoral roll?

flossy190

inmypocketnottheirs wrote: »

Are you on the electoral roll?

hi yeah im on the electoral roll should of said that in the first place sorry

Tixy

When you say your banks are on youre report what do you mean? Do you mean you have overdrafts that appear? or bank loans or cards or what?

Does your phone contract appear on the report?

Are you financially associated to your partner?

flossy190

Tixy wrote: »

When you say your banks are on youre report what do you mean? Do you mean you have overdrafts that appear? or bank loans or cards or what?

Does your phone contract appear on the report?

Are you financially associated to your partner?

i have no o/d no loans or cards with either of them it just says who i bank with and the condition they are in my mobile contract is not even on there and im not linked to my partner in any way its all confusing

Tixy

Well if you have no credit accounts at all showing then you have no credit history for a new potential lender to assess how you will handle the credit.
Your mobile contract could be only on equifax.

You'll need to read this on how to improve your credit rating - and may need to start with a subprime card to build up a credit history - http://www.moneysavingexpert.com/loans/credit-rating-credit-score#improve

To be honest I thought that if you didn't have an overdraft or some form of credit then your bank could not report anything to the CRAs.

CHR15

Sounds like your complete LACK of credit history is dragging you down.

If you had been using a Credit Card each month, and paying the total off each month it will help demonstrate your credit worthiness.

They don't seem ot have anything to look at, which in your case, is as bad as having a poor credit history.

Rafter

Agree with the other posts. Your only source of loan is probably your own bank, who at least can confirm how much you are earning and how you maintain your current account.

As others have suggested, the only other way is to get yourself a 'credit builder' credit card - pay it in full and that will start to give your credit rating a boost.

Good luck

R.

Debs0778

Hi

I'm new so apologies if I'm not quite with it yet - but what about shopping around for a deal on HP with free insurance. Or even leasing a car - that way they have the car as security??

flossy190

Debs0778 wrote: »

Hi

I'm new so apologies if I'm not quite with it yet - but what about shopping around for a deal on HP with free insurance. Or even leasing a car - that way they have the car as security??

i would but some of the places to get a car have stupidley high APR iv spoke to my bank and they said iv got a good 7 years history with them so they cannit understand why i got rejected so then the bank manager called me back and he said it was because i have a bog standard bank account (i got the bog standard one so i wouldnt get in to debt with od ect when i was in college) so now iv got to upgrade it then wait 6 months so they can see the history on that one and apply again with them but to me they know my history so why cannit they upgrade the acc and et me apply for the loan?

inmypocketnottheirs

flossy190 wrote: »

i would but some of the places to get a car have stupidley high APR iv spoke to my bank and they said iv got a good 7 years history with them so they cannit understand why i got rejected so then the bank manager called me back and he said it was because i have a bog standard bank account (i got the bog standard one so i wouldnt get in to debt with od ect when i was in college) so now iv got to upgrade it then wait 6 months so they can see the history on that one and apply again with them but to me they know my history so why cannit they upgrade the acc and et me apply for the loan?

Because in this new era of responsible banking that is their criteria.