Loan to acquire new car - Experian only

WWH2013

Hi, I am looking to acquire a loan to purchase a new car. I am not a home owner, but I have been at my current address for 15years+ and I have held my current job for over 3 years now.

I picked up my credit reports and ratings last week. Experian is the only one with a good report. Equifax and Call Credit have a bad report showing all kinds of stuff that shouldn't be there. I have worked on getting some of these removed but I don't think those profiles are going to look any good.

Are there any Loan providers who only use Experian? My credit rating is nearly 900 with Experian.

Thanks

gb12345

WWH2013 wrote: »

My credit rating is nearly 900 with Experian.

That is just a meaningless number I am afraid.

Lenders will want to consider the affordability of the loan.

How much do you earn?
How much do you want to borrow?
Do you have other loans/credit cards?

And what are the things that "shouldn't be there" but are that are on your other credit reports?

DCFC79

Well first of all the number 900 means diddly squat.

WWH2013

How much do you earn?
£450 savings per week after tax & expenses paid.

How much do you want to borrow?
£17,000

Do you have other loans/credit cards?
0 £0

And what are the things that "shouldn't be there" but are that are on your other credit reports?
2 defaults from mobile phone companies.

Got scammed by the one company when I took out my first phone contract and they put a default on my report. Shop has since closed down and I've been trying for years to get this removed, even paid money and they didn't remove it.

The one default is due to leave my account in 7 months time, the other in 3 years.

gb12345

WWH2013 wrote: »

How much do you earn?
£450 savings per week after tax & expenses paid.

How much do you want to borrow?
£17,000

Do you have other loans/credit cards?
0 £0

Most lenders will go up to 50% of your gross salary as a upper figure they would consider. So you would need to be earning over £34,000 to get that.

Have you ever had credit cards or loans? If not this could count against you as you will have no credit history.

As to your original question - I doubt that lenders are going to advertise which agency they use and many of them will check more than one.

Your best bet might be to speak to your own bank, as they will know the way your current account is handled and might look at you as more than just a pass/fail by a program.

WWH2013

Thanks for the information. I think i will work on making my accounts extra sweet for the next 6 months and then apply for just under 50% of my gross salary.

I do not have any loans or credit card history currently being reported on my profiles. Do you think I should start using one or two cards over the next 6 months?

Should I consider adding anything else such as mobile phone contracts? I keep my outgoings to a minimum. I use pay as you go mobile sim card etc.

gb12345

WWH2013 wrote: »

Thanks for the information. I think i will work on making my accounts extra sweet for the next 6 months and then apply for just under 50% of my gross salary.

I do not have any loans or credit card history currently being reported on my profiles. Do you think I should start using one or two cards over the next 6 months?

Should I consider adding anything else such as mobile phone contracts? I keep my outgoings to a minimum. I use pay as you go mobile sim card etc.

If you've got credit cards then using them and clearing them every month is a good way to build credit - as is a mobile phone contract.