I feel my score doesn't accurately reflect my file?

Rothstein

It takes months to improve your score significantly, seconds to reduce it, that's the frustrating part !

PixelPound

What hasn't been said is many lenders use national statistics for living costs, so whilst the OP may have low costs due to living at home and so a relatively high disposable income, he may be failing due to the fact that lenders don't agree with his amount of disposable income. You may be able to live within your means and through budgeting know you would be able to afford a high cost loan, but lenders could disagree if they use "average" higher living costs.

Ben8282

Your problem is not so much with being unable to get credit but in having been refused PCP for a £38,000 new car.
I don't believe this has anything to do with 'unknowns' or the odd late payment 3-4 years ago.
The fact is that you already have one PCP for the motorbike. £7000 outstanding you say. You also have £1500 additional debt. Reading between the lines, I get the impression this is probably the outstanding contract amount for an expensive mobile phone and some sort of virgin entertainment package?
You are going to have to make a balloon payment for the bike at some point. You say you are just going to return the bike, and that may well be so, but for the moment until the PCP is settled one way or another you still owe the money.
I have bought new cars but never with PCP and never a car with a purchase price well in excess of my annual salary. Have you given any thought as to how much it will cost a 23 year old male to insure such a vehicle? Have you given any thought as to how you are going to make the balloon payment?
As you already have one PCP, it does not surprise me at all that you are having difficulty getting a second. Settle the first PCP then try again. Maybe also give some thought to getting a car more appropriate to your age and income.
It's not so much that there is anything wrong with your credit history, it's just that there is nothing right about your financial situation to give the lender the confidence to effectively lend you £38,000.

dresdendave

Rothstein wrote: »

Why would anyone want to reduce their amount of debt ??

Money has never been cheaper....

Is this a serious question? Debt is debt regardless of how low interests rates are. No one can predict the future and it far easier to cope with (for example) redundancy, unplanned pregnancy if you are not carrying debts.

Anyone else want to add " score means nothing ", it's really helpful .....not !!

Do you all work at Poundland ?

Actually it is helpful if it stops someone paying interest needlessly because they think it will improve their (meaningless) credit score.

meer53

Ben8282 wrote: »

Your problem is not so much with being unable to get credit but in having been refused PCP for a £38,000 new car.
I don't believe this has anything to do with 'unknowns' or the odd late payment 3-4 years ago.
The fact is that you already have one PCP for the motorbike. £7000 outstanding you say. You also have £1500 additional debt. Reading between the lines, I get the impression this is probably the outstanding contract amount for an expensive mobile phone and some sort of virgin entertainment package?
You are going to have to make a balloon payment for the bike at some point. You say you are just going to return the bike, and that may well be so, but for the moment until the PCP is settled one way or another you still owe the money.
I have bought new cars but never with PCP and never a car with a purchase price well in excess of my annual salary. Have you given any thought as to how much it will cost a 23 year old male to insure such a vehicle? Have you given any thought as to how you are going to make the balloon payment?
As you already have one PCP, it does not surprise me at all that you are having difficulty getting a second. Settle the first PCP then try again. Maybe also give some thought to getting a car more appropriate to your age and income.
It's not so much that there is anything wrong with your credit history, it's just that there is nothing right about your financial situation to give the lender the confidence to effectively lend you £38,000.

The OP is getting the car, see post #31. At least we tried !

DCFC79

meer53 wrote: »

The OP is getting the car, see post #31. At least we tried !

Unfortunately the youth of today want to project a certain image.

Rothstein

dresdendave wrote: »

Is this a serious question? Debt is debt regardless of how low interests rates are. No one can predict the future and it far easier to cope with (for example) redundancy, unplanned pregnancy if you are not carrying debts.

Actually it is helpful if it stops someone paying interest needlessly because they think it will improve their (meaningless) credit score.

In your world maybe, but as participant in the reverse mortgage way of life, I see things very differently......

PixelPound

Rothstein wrote: »

Why would anyone want to reduce their amount of debt ??

Money has never been cheaper....

Unless the debt is free of fees and interest then its not really "Money Saving" that many people on this site believe in. Just because it is cheaper than it used to be, doesn't mean you should use it if there is an alternative.

My local shop about 100 yrds away has a cash machine inside that charges £1.95 for any cash withdrawal, and there is a no-fee cash machine at the supermarket about half a mile away. So I use the one at the supermarket, its about a 10 minute walk each way, should I not combine it with my usual shopping trip by car. Now should the corner shop's machine change its fee to a super low £1 or even 50p, with cash never been cheaper to get from there, would I use it? No there is a free alternative. It would only appeal to those can't be bothered making the effort, feel their time is more valuable than making the effort, or don't know about the fee-free machine at the supermarket.

Most people on this board prefer to avoid wasting money and just because the cost is less now than it used to be doesn't dismiss the fact that it still costs.