Credit report questions?

magic7794

Having been turned down for credit last week I have just checked my credit file and got my credit score.

Experian told me my score was 599 POOR.

Now, it says that going for me is that i have made all payments on time and in full but going against me is:
You have made three or more applications for credit in the past six months
You have several credit agreements (excluding mortgages), and the outstanding balance is high

What i want to know is that as I pay off more of my debt will my score improve?

and also i HAVE to get another car at the end of the year (my current car lease is up) - am i going to be able to get finance through a garage do you think? even if the cost is going to be higher due to my credit score?

wayne99

Your credit score means little as experian know nothing about each lenders lending criteria, cancel the score its a waste of money.

all sorts of things can cause declines, but as we do not know individual lenders criteria its impossible to say for sure why you were declined.

a few reasons for declines:

not on electoral role at current address
not lived at address long enough
invalid address links on credit report compared to application
to much available credit
no existing credit accounts
to close to limits on existing credit
over limit
late payments
defaults / ccj's
to many credit searches
wages below lenders minimum criteria
to much debt compared to income
financially linked to another person with bad credit
not in job long enough
not been with bank long enough
CIFAS markers
NHUNTER information
debt management marker
arrangement to pay marker


the list goes on and on, have you checked your credit reports with all three CRA's ? namely Equifax, Experian and Call Credit ? there may be incorrect information on them.

Do not pay for your score anymore.

You can get all three reports for £2.00 each (Statutory report)

You can appeal the decline if you feel there is nothing wrong with your credit, there is an appeal letter somewhere on here that you can use, its worth the price of a stamp.

magic7794

Thanks, have checked equifax and experian and they dont look that bad to me but....

what do you think with regards to the car question? i dont intend to go for a car out of my budget for car payments every month but will i get?

wayne99

you should be ok, as long as you dont apply for anything else between now and then, no one can guarantee that you will get accepted, but car finance is usually a little easier to get than unsecured credit as its secured on the vehicle.

most garages will search multiple lenders when you apply for car finance, as long as you can afford the repayments, have no adverse credit you should be ok, but *should* doesn't mean 100% acceptance.

Just make sure that when you do apply and get your APR check with your bank and see if a loan would be a cheaper option for you.

good luck