Will I be accepted for PCP, poor credit.

Danielle1985x

Obviously I know no body can tell me for definite, but just interested in other people’s situations and whether they got accepted.

My credit score is poor, I have 6 missed payments on a catalogue account 4 months ago. Stupid I know, but I’ve learnt the error of my ways. My Equifax score is excellent, Experian poor, but I cannot see any differences on either of the files.

I have 3 credit cards, 1 Barclays which balance is now 0, credit limit £5000, and an MBNA card which I just opened to transfer my balance is £3500 credit limit around £4,500. I’m surprised I even got approved for this with such an poor credit score?
Nationwide credit card with £1500 limit not used in years.

Mortgage for just over 3 years, never missed or been late.

Car finance of £6k left, finishes in October. Never missed or been late on a payment either, by October time do you think my score will be good enough to be approved on another deal? If I stay with the same lender, will they run another credit check or just top up my loan.

Just wondered if anyone had been in a similar situation and what was their outcome?

Thanks

[Deleted User]

The score aren't used in deciding whether you get credit. They're made up. Only your credit history matters.

Any further borrowing will be subject to a credit check and a new loan. Whether you are accepted will depend on lenders criteria.

DCFC79

Replied on your other thread.

tonyh66

are you paying £6k off over the next 9 months?, you probably will get PCP if you are already on one.

Ebe_Scrooge

Danielle1985x wrote: »

My Equifax score is excellent, Experian poor, but I cannot see any differences on either of the files.

Proof, if any were needed, that the "scores" dished out by the CRAs are as useful and meaningful as a Donald Trump tweet :rotfl:

Mahsroh

You will always be guessing, as you've alluded to in your opening sentence.

Generally with PCP I think the chances of being approved a higher than say a bank loan or credit card, because the debt is secured against the car and the person offering the finance is trying to sell you a car, so it's in their interests to approve the application. It really is guessing game though.

My other half has got a 2 year old default in her credit history (paid/settled in full) relating to an old store credit involving her ex (don't ask!) and i'm 50/50 whether she'll get approved for PCP later this year, as she has little else in her credit history (no credit cards) - just her mobile phone and a Next store card/account. But we've just got apply and hope for the best.

System

Why doesn't she just save up to get a car?

tonyh66

Tarambor wrote: »

Why doesn't she just save up to get a car?

I think most people don't have the spare cash to save up a large amount over a short period, e.g £200 p/m = 10 months to buy a £2000 car, what do you do before you have a lump to spend?