Applying for car finance and credit rating

subcapsular

Hi I applying for car finance in the very near future and would like some advice before doing so.

My current car has just given up on me and it does not make economical sense to repair it!

I have a fairly good salary about 44k per annum and am a homeowner with about 50 LTV on my property.

I have a good credit rating with no defaults or any adverse credit problems or any late payments or defaults.

My current faulty car I have sold and cleared the small amount of HP finance outstanding just yesterday.

For my work I do 30k miles a year and am getting a very good deal on a new car on a personal lease.

Experian rates me as excellent 999 score and noddles rates me as 'good' with 3/5.

I have two credit cards and HSBC one with 5k limit and 0 balance and a Tesco credit card which has a low intest rate and a 7,700 balance.


I am having a major refurb on my property and have utilised my tesco credit card to fund a few large purchases and currently have utilised about 6k of my limit. I'm paying of about 2k a month and it should be cleared in next 2 months.

I've never applied for a personal lease before always using classic hire purchase agreements

What are chances of a rejection because of my credit card limit being used ?

Should I clear it first?...and wait before I apply?
I'm without a car at present but the deal I'm being offered is beating most dealers.

ashp_2

I'm no expert but if this was me I would be confident I would be accepted. May be worth waiting 4 weeks for that HP to show as settled and get your CC balance down a tad but that's 4 weeks without a car!

subcapsular

This is my issue!
Timing isn't great...if it was two months down the line I wouldn't hesitate in applying but just don't want to be rejected so it affects my credit rating for the future,

Waiting could be a option but I have no transport to get to work and the deal I'm being offered most likely won't be available as it's a stock car hat the lease company are selling and once stock has gone its gone

ashp_2

subcapsular wrote: »

This is my issue!
Timing isn't great...if it was two months down the line I wouldn't hesitate in applying but just don't want to be rejected so it affects my credit rating for the future,

Waiting could be a option but I have no transport to get to work and the deal I'm being offered most likely won't be available as it's a stock car hat the lease company are selling and once stock has gone its gone

It's a bit of a dilemma, Cars never break at a good time! Personally I would be surprised if you got rejected. Probably 300 quid to rent a small car for a month or go for the finance and cross your fingers and toes!

I see you have your checked experian and callcredit (Noddle) ratings. Probably worth checking your Equifax one too if you have not already (Clearscore)

DCFC79

Your credit rating isnt seen by anyone but you.

What matters is the information is correct.

subcapsular

DCFC79 wrote: »

Your credit rating isnt seen by anyone but you.

What matters is the information is correct.

Information is correct to an extent....HP settlement won't show for a few weeks.

Credit card balances will show but can't do anything about that for two months!

House refurbs! And cars! ....both a pain in the whatsit!

mrmagooooooo

There is no reason whatsoever that you will be rejected now.

When i took out my personal car lease i had a lot more than that and i earn slightly less

You'll be fine

subcapsular

mrmagooooooo wrote: »

There is no reason whatsoever that you will be rejected now.

When i took out my personal car lease i had a lot more than that and i earn slightly less

You'll be fine

Thanks I took the bullet and applied...got accepted with in the hour! Was surprised!

First time personal lease! Out of interest how much do you pay for ur lease?

I've just signed up to a 30k per annum lease for about £340 a month!