Turned down for car finance because I'm not British citizen?

noah271007

JW30, you are completely 100% wrong. Postcodes does not take into account when it comes to credit scoring. Lenders are NOT allowed to take this into account.

woody01

Vodafone_User wrote: »

HI all, just to let you know i'm actually female, so can we stop all the 'he's'.

In that case, i will give you some credit.
What would you like :kisses2:

noah271007

jw30 wrote: »

My point was to help the OP post as I know from my own experience I applied for car finance at my old address declined. I applied at my new address and have been in my new job only 9mths and was approved for a 58 plate car, I wasn't even on the voters.

I didn't have to put down any extra deposit or anything. The post code is a big key, at my previous address I was declined for top bank accounts and 0% credit cards.

At my new address out of 12 applications in 11mths I have been approved for 10 of them only bank of cypress and bank of ireland declining me.

If you keep getting declined move to an new address in an prosperous area and you too will soon find out what impact it has on your ability to obtain credit.

What a load of tosh!! Like i have just said above, lenders cannot and do not take into account where you live. It is discriminatory to suggest otherwise.

guli

noah271007 wrote: »

JW30, you are completely 100% wrong. Postcodes does not take into account when it comes to credit scoring. Lenders are NOT allowed to take this into account.

Hi Noah,

Playing the devil's advocate, do you have any documentation of regulations that lenders are NOT allowed to take this into account? THe problem is each lender's credit scoring is so opaque. I did have a quick look a few years back, but no success.

THanks

BadgerFace_2

Many moons ago, I bought a new car at the age of 18. I was immediately asked for a guarantor by the finance bloke, but the salesman told them where I lived, that was the end of that...no guarantor needed.

CannyJock

Postcode myth gets resurrected every now and again. It doesn't affect your credit score.

ACORN is the demographic profiling that some people confuse with credit scoring - it's used for marketing purposes. You can use this site to punch in your own postcode and see what it says
http://www.postcodeanywhere.co.uk/customer-profiling/try-it-now.aspx

I'm stoozing about 45K at the moment with another 25K available, waiting on Virgin and Natwest to get their act together on a decent repeat. I wouldn't have this if my postcode was a factor - ACORN shows my postcode as being:

Type
Low rise terraced estates of poorly-off workers

Group
Struggling Families

Category
Hard Pressed

Any

Another one here to say that you are never judged by your address or history of your address ANY MORE. It has been changed some years ago.


Also for the citizenship (in reply to Woody01) - if you live, earn & pay taxes in this country, why the hell would you need to go to your birth country to get credit? What you said is complete rubbish. Especially if you have no history in that country..

OP I can tell you for sure that the Citizenship was not the reason you were turned down.

Get your experian & equifax report and check it all over (that there are no wrong information).
Make sure you are on electroral roll
Stability in job AND address is also important (ie how often do you move - it's not massive impact, but there is some impact)

How large was the loan in relation to your spending money?

If you have just one credit card, maybe you don't have enough history for the lender to take a risk with high purchase with you.

Another reason could be that the specific lender has very tight criteria..