Help Finance referred

ProfMeowMeow

I have just applied for finance and got referred in the decision at the end. I know I have a poor credit score as I have checked on this website in the MSE credit score checker. However I do plan to pay off another finance I have with them. Should I ring them would this matter? As if it will still be declined I will use the money to make the purchase in full. Also if I ring them will it speed the process up?

DCFC79

ProfMeowMeow wrote: »

I have just applied for finance and got referred in the decision at the end. I know I have a poor credit score as I have checked on this website in the MSE credit score checker. However I do plan to pay off another finance I have with them. Should I ring them would this matter? As if it will still be declined I will use the money to make the purchase in full. Also if I ring them will it speed the process up?

Yes you may have a poor credit score but it isn't seen by lenders, just yourself.

The lender has no idea you will use it to pay off other finance you have with the them, you might change your mind, maybe this is the reason why it's been referred.

What exactly is on your credit file as they will have seen this, my money is on this being why it's been referred.

Vikipollard

Am I reading this right?:

- You have a finance agreement (1)
- You have the money to pay this off
- You have asked to borrow more money(2) to buy something
- If they decline the additional borrowing(2), you plan to use the money you were going to pay back finance agreement(1) with to buy the item you want.

If you have the money to pay for the item in full, why on earth are you considering getting finance for it?