Cant get car loan!

scott8629

Hi all, just found this site its fantastic, now can you help me?

I have just tryed to get a 10K car loan from lombard direct and they have knocked me back.

I have just finished paying off my setee (355/month) I have never defalted on this.

I also have a 5K loan which I pay 109/month never defalted, and a credit card with about 900 on it which I pay off every month.

I earn 20.5K/year with an extra circa 3.5k/year from a part time job. I am a home owner and I have never missed a bill etc.

The only problem I can think of is I have buisness account and I am silent director for a window company and I am a card holder on one of my dads accounts, I thhink his credit history may be a little tainted to say the least.

Im thinking of going straight to my bank manager and asking him what he can do for me, and if he says no, I will move accounts.


Any Ideas?


Scott

Debt_Free_Chick

First off, get your credit report. You need to see what the lenders are looking at when they credit check you. They cost £2 each and, as different lenders use different credit reference agencies, you should get all three

https://www.experian.co.uk
https://www.equifax.co.uk
https://www.callcredit.plc.uk

You can your report online, but each one will cost about £8-£10 that way. The £2 option gets a paper report by post.

There's information about interpreting your report on each website, or post back here with any questions.

scott8629

I have ordered my report from experian, are you saying I should order from all 3?

Scott

Debt_Free_Chick

It's up to you .... there is nothing that governs what gets reported to which CRA. So there might be something on one CRA file that's not on the other 2.

For a complete picture, you need all three ... as they are unlikely to be identical

STUDENT_2-2

These days Bank Managers have no decision what so ever in overturning decline decisions. The powers that be are with Underwriters. As I work in a bank the best thing to do is get copies of credit file, if there is nothing wrong with them, then go to the bank and ask them to appeal your decline. The worst thing to do is go to another lender and apply again because it will scar your credit file.

Oh, and when banks say they cannot say the reason for decline, they are lieing! Underwriters and Bank Staff with the right password can pinpoint exactly whats on the file that is declining you. Examples;

* Too Many Searches
* Aliases
* Defaults
* Misleading Info (If you say you have no loans and we find you do then this is a major decline!)
* I have seen people been accepted when they have missed two or three payments on credit cards, so this is not a big concern for us.

Hope this helps.

scott8629

I have just recieved a letter from Lombard saying that I was declined due to my previous address has some defaults.
This is my pearants address and it has nothing at all to do with me.

Why should I be refused credit when those defaults are not mine?

What can I do about this?

How many searches can you do in a month as I really need to buy a reliable car for work?

Scott

xela_17

scott8629 wrote:

I have just recieved a letter from Lombard saying that I was declined due to my previous address has some defaults.
This is my pearants address and it has nothing at all to do with me.

Why should I be refused credit when those defaults are not mine?

What can I do about this?

How many searches can you do in a month as I really need to buy a reliable car for work?

Scott

You can diassociate yourself from your parents on your credit file. That way any info about them will not affect you in any way. Can't remember how you do this exactly but I'm sure the experian website could tell you.

johannamse

scott8629 wrote:

How many searches can you do in a month as I really need to buy a reliable car for work?

Scott

You can get reliable cars for much much less than 10k. Are you sure you need, not want, to spend that much?