credit score loss

rambo26

Hi all hope for some advice. After my car broke and I needed a new one I went to get finance from a car garage as I didn't have enough cash. After picking a car and going through details I got told a few days later I had been accepted for credit. Before getting car I was given some money so no longer needed credit. On telling the garage this they said I wouldn't be able to get credit anywhere else as they had to try a few companies to get me it. I wasn't told this and thought they had only tried one. This has now ruined my credit score and wanted to know is there anything that can be done.

Hazzinho

It'll only impact you short term, give it a few months, only issue is if you require credit now. Have you checked all 3 files to see how many searches have been performed?

rambo26

No I haven't checked just going off what garage told me. This was back in December.

The_Boss

rambo26 wrote: »

This has now ruined my credit score and wanted to know is there anything that can be done.

You don't have a credit score, so this is a spurious claim that you make.

They may have done a credit search or two - as suggested above, get your £2 statutory reports from Experian and Equifax and see what searches have been recorded on your credit file. You should obtain these reports at least once a year anyway. If the searches were done in December the impact will be lower now anyway. It was likely in the garage's terms and conditions that they may make multiple searches - did you check the terms and conditions?

rambo26

How do I not have a credit score?.

matttye

rambo26 wrote: »

How do I not have a credit score?.

The credit scores made up by the credit reference agencies Experian, Equifax and Noddle are seen only by you. Lenders do not get to see them. You have no global credit score.

Lenders will score you based on what's in your credit report (NOT the score) and also what you put on the application form.

Just to highlight how pointless the CRA credit scores really are, they don't take into account your employment situation or salary. So Experian might rate you 999 excellent if you're on benefits, but no bank is going to give you a £20k loan.

rambo26

That makes it clearer thanks.

DCFC79

rambo26 wrote: »

How do I not have a credit score?.

The credit score is just a figure given by the CRA's to represent how your credit file looks to you, thats the only use it has and no other.

Experian_company_representative

That's right. It's a guide to help you understand how a lender might interpret your report when it runs its scoring calculations. The CRAs actually help many lenders build their scoring systems so we use similar logic to calculate guide scores for the public. But they are not the same. Lenders' scores look a more information for starters.

James J

bsms1147

Whiner

rambo26 wrote: »

Hi all hope for some advice. After my car broke and I needed a new one I went to get finance from a car garage as I didn't have enough cash. After picking a car and going through details I got told a few days later I had been accepted for credit. Before getting car I was given some money so no longer needed credit. On telling the garage this they said I wouldn't be able to get credit anywhere else as they had to try a few companies to get me it. I wasn't told this and thought they had only tried one. This has now ruined my credit score and wanted to know is there anything that can be done.

The garage is chatting absolute rubbish as they want to sell you finance, and they want you signed up to the highest APR finance company as well, as thats the biggest kickback for them.