Refused credit despite good score

Dazzab99

Hi


Both my partner and I have recently been turned down for car finance with RCI. They used Experian for the credit search.


We both have scores of 888 which comes up as Good, neither of us have any defaults and are on the Electrol role. I think the issue we face is that due to my job over the last few years I have had to move around every 6 months so when people ask for 3 years worth of address's its normally quite a few.


Is there any way around this when applying for finance as the address thing seems to be the biggest problem when applying?


Thanks

[Deleted User]

Sadly, you're the only one who will ever see your credit score, so that won't help you.

Address may be an issue, but so may affordability or a lack of credit history.

Double_V

Deleted_User wrote: »

Sadly, you're the only one who will ever see your credit score, so that won't help you.

Address may be an issue, but so may affordability or a lack of credit history.

So the credit score doesn't mean anything when asking for loan ?

[Deleted User]

No. Lenders don't use the CRAs credit scores - it's just a marketing gimmick to keep you interested. It has no meaning as the CRAs don't know if you have a job, or an income, or what the lenders' individual criteria are.

Lenders will look at your credit history, income, loan purpose and so on.

Dazzab99

The only information they asked for on the Finance form was


Last 3 years address


Work address


Bank Acc details


It never asked for any details on income, so not sure how they can take that in to account when I haven't told them.

Superscrooge

I'm surprised that any finance company would lend you money without knowing your income?

Affordability is usually a major consideration, especially with a car purchase which will probably lose a third of its value as soon as you drive it off the forecourt.

Other options might be financing via a bank loan, 0% money transfer card, or perhaps a cheaper car:D