Experian credit score of 975

cvt1

Hello

I would like some help with this please, as it's all a bit over my head. I need to buy a new car, as my old one has high miles and is thirsty.

I want a small, reliable car and have seen one which requires 6k in finance. It needs to be frugal and low mileage as I travel a lot and am often at remote locations and at risk from lone working. I do about 6oo miles a month and this car is low mileage and is from a dealership. I know nothing about cars and really need the reliability. I'm 49 and rent my home.

I have been offered finance at a whopping 33%!!!!!!!!!!! which is just not a goer! I thought my credit rating must be dire, so I paid for an experian report and it says it's excellent at 975. I have read that the magic number, isn't necessary going to give me magic credit, but I have no idea why I'm only offered credit at this awful rate.

I have moved every two years for the last four because of my divorce, but work full time in the same post on about 28k p/a and have no adverse payments outstanding apart from 2, in 2008/9 which were just late, because I forgot to pay them and cleared them in full, within weeks.

I've noticed that the report doesn't have details of my new address on it, nor any record of my electoral registration here; yet it's linked to past addresses.

Any help gratefully received. Thank you.

Tixy

When did you last move house?
When did you contact the council to go on the electoral roll?
Have you informed anyone you have credit with, your bank etc about your new address?
What open credit accounts do you have that appear on your credit file?

Do you have any existing debts?

bigadaj

Did the DMP just slip your mind during the initial post?

If you are on a DMP then surely one of the rules is that you can't apply for any more credit.

Unfortunately just another example of what a waste of time the paid for scores are.

erimus1

cvt1 wrote: »

I'm sorry for not detailing the DMP. Sadly, this was due to my dear ex leaving me, after loading my cards with his own debt, whilst he relived his youth. It is almost at an end, yet this isn't recorded on my credit file anywhere and I am after constructive advice as to why this might be, not vehemence . The fact that my score is high, but there is a DMP is in place, but not recorded, confuses me; hence my post here.

Maybe, I'll go and find advice elsewhere. Thanks all.

No need to be like that - we are all here to help each other. Your DMP will not show on your credit report but the debts assigned to t may. I say may because not all three of the main agencies hold the same information.

Where this in mind. There are three main credit reference agencies. When you apply for credit, the lenders will apply to at least one, possibly two, and even all three of the agencies.

In the same respect, not all of theses agencies have all the information on you. You can use ths to your advantage - get a copy of all three main credit reports. See which is bet, and use ths to your advantage by trying to fnd which lined searches your best report.

erimus1

bigadaj wrote: »

Did the DMP just slip your mind during the initial post?

If you are on a DMP then surely one of the rules is that you can't apply for any more credit.

Unfortunately just another example of what a waste of time the paid for scores are.

Lol - see where yoi're comining from.

bigadaj

Apologies if my comment sounded harsh but it seemed an important thing to leave out.

I would repeat though that as far as I know you can't take out further credit whilst on a DMP, doing so could make the plan invalid.

erimus1

bigadaj wrote: »

Apologies if my comment sounded harsh but it seemed an important thing to leave out.

I would repeat though that as far as I know you can't take out further credit whilst on a DMP, doing so could make the plan invalid.

I don't thnk you need to apologise. People come in here for advice from people tat may have experience with their problem. But I think everyone expects a modicum of common sense first.

bigadaj

Ok, let's go through this from basics.

You are in a DMP but keeping to it and hopefully out in the near future. You rent you home, have moved recentlyand want a medium sized loan.

The positives are that you are in stable employment and are keeping to your plan.

Objectively, which is the only way this can be assessed, you are a medium high risk, which is why you are getting the rates back you have quoted. The existence of the DMP means that, whether this were due to unusual or other circumstances, people who have lent you money before have not got their money back. The only option is then to charge you a higher rate to ameliorate that risk.

You need to get a credit report from the three main CRAs as checking one will only give you a partial picture.

When does your DMP end, as at tis point you will probably have access to reasonable rate loans, presume there are no friends or relatives to borrow the money from.

I'm sorry if you have health issues but were trying to sort out your problem here, and some times the truth isn't what you what to hear.

Apples2

I've seen posts on here from clients of Payplan who obtained further credit.

Payplan threw the whole DMP out and refused to get back involved. One of the major condtions of a DMP is NOT to obtain further credit.

Before you continue down this path, speak to whoever is managing your DMP to discuss your idea. I wouldn't be at all surprised if they frown upon one of their clients trying to get a nearly new car from a main dealer on finance.

arbroath_lass

cvt1 wrote: »

it is a diesel and has very low mileage. Thank you

I'm no expert but I don't think 600 miles a month is enough mileage to warrant a diesel. Maybe try asking on the motoring board? You'd likely be better off with petrol.

bigadaj

Fair enough, I am not trying to be critical; well not mentioning the DMP was an issue but there we go.

I understand your reasoning in the purchase and it is sensible, the problem is you need to look at this from the other side, so as a prospective lender would. We can sympathise as much as we like but without knowing you then you still come across as a high risk, with consequent high rates.

As apples has noted above you need to consider the issue of credit with your DMP seriously as well as this could lead to more problems.

Good luck.