How long before im "Worthy" ?

[Deleted User]

Hey people! back in october 2018, I finally got my self out of a teenage crisis of debt, being silly , not managing my credit and defaulting multiple times over multiple accounts.

Now as I say, All my "BAD" debt is now clear, I have two credit cards, a mobile phone on contract, and a Hire purchase car (Car is coming to an end soon), My credit history has obviously improved, hence me being able to get the credit cards and mobile phone contract.

My question is, now that i'm paying everything on time in full, and not using a massive amount on my credit cards, how long may it take before I can get "Prime" options in terms of finance/pcp/credit in general?

Or is there no timescale realistically?

Defaults still show on my credit file from a few years back (Around 4 defaults in total).

But all my recent accounts and credit agreements all show up to date and paid off in full ETC.

DCFC79

[Deleted User] wrote:

Hey people! back in october 2018, I finally got my self out of a teenage crisis of debt, being silly , not managing my credit and defaulting multiple times over multiple accounts.

Now as I say, All my "BAD" debt is now clear, I have two credit cards, a mobile phone on contract, and a Hire purchase car (Car is coming to an end soon), My credit history has obviously improved, hence me being able to get the credit cards and mobile phone contract.

My question is, now that i'm paying everything on time in full, and not using a massive amount on my credit cards, how long may it take before I can get "Prime" options in terms of finance/pcp/credit in general?

Or is there no timescale realistically?

Defaults still show on my credit file from a few years back (Around 4 defaults in total).

But all my recent accounts and credit agreements all show up to date and paid off in full ETC.

There is no time scale, it requires patience.


Have you looked at what you could get in terms of pcp ?

[Deleted User]

I have been to a dealer recently to PX my current HP vehicle for a PCP agreement on a new Volkswagen Golf, But unfortunately I was declined by Blackhorse/Sinclair financial services.

Now I wasn't holding out any hopes in terms of acceptance anyway as I understand it could take up to 3 years to repair my credit history before a lender (Car lease/finance), will even consider me.

I just assumed naively that the fact my bank is offering me loans and credit cards that my history was stable enough for me to go and make that move..

I will probably reconsider it in another 3-6 months, but would like to of read any ones experience/advice with a similar matter.

[Deleted User]

DCFC79 wrote: »

There is no time scale, it requires patience.


Have you looked at what you could get in terms of pcp ?

Is there somewhere I could potentially check my eligibility for PCP without really affecting my credit?

[Deleted User]

Try a loan checker - if you're getting some reasonable chances there, then you could be reasonably confident of getting PCP, as it's secured on the vehicle.

But in the meantime, have you thought of saving up a couple of grand and buying the car outright? It would give you much more security should you hit another bump.

More people seem to come a cropper with car finance than any other, just because there's a shiny piece of metal attached to it.

[Deleted User]

Deleted_User wrote: »

Try a loan checker - if you're getting some reasonable chances there, then you could be reasonably confident of getting PCP, as it's secured on the vehicle.

But in the meantime, have you thought of saving up a couple of grand and buying the car outright? It would give you much more security should you hit another bump.

More people seem to come a cropper with car finance than any other, just because there's a shiny piece of metal attached to it.

I guess the main reason I like the sound of PCP is , IF I ever hit any issues in future (Which I'm hoping not as my financial life is now 1000x better than it was), I can hand it back with no issues.

Are there any loan checkers you'd recommend me trying?, I hate giving my details to these comparison sites, because of the amount of spam calls and emails you receive.

[Deleted User]

[Deleted User] wrote:

I guess the main reason I like the sound of PCP is , IF I ever hit any issues in future (Which I'm hoping not as my financial life is now 1000x better than it was), I can hand it back with no issues.

Only if you're paid more than half. In many cases, that means finding several thousand pounds, just when you've lost your job.

PCP is very popular, but I've alway just bought. A couple of hundred for my first one, a few thousand for later ones. The most was 14k for a nice 2 seater, but always from savings. And I still have the 14k one, 18 years later. Service, MOT, the odd repair, but nothing beats knowing that it's mine no one's taking it away on the back of a balliff's truck.

Anyhow - horses for courses and all that. But I would seriously looking at buying cheap and getting savings behind you.

Most of the major lenders have soft search checkers - just choose two or three. Just give a fake number if you don't want calls.

[Deleted User]

Deleted_User wrote: »

Only if you're paid more than half. In many cases, that means finding several thousand pounds, just when you've lost your job.

PCP is very popular, but I've alway just bought. A couple of hundred for my first one, a few thousand for later ones. The most was 14k for a nice 2 seater, but always from savings. And I still have the 14k one, 18 years later. Service, MOT, the odd repair, but nothing beats knowing that it's mine no one's taking it away on the back of a balliff's truck.

Anyhow - horses for courses and all that. But I would seriously looking at buying cheap and getting savings behind you.

Most of the major lenders have soft search checkers - just choose two or three. Just give a fake number if you don't want calls.

I completely understand why some people would like to purchase a car outright, I personally change my car every 2 maybe 3 years anyway, so buying really isn't a viable option for myself, I consider my self a petrol head.

I'll check a few of the big lenders, like sainsbury's etc? or would you go more toward the bank route?

I'm also managing to save a lot each PCM now, due to my job giving me the privilege of earning just shy of the super tax bracket.

So there's a benefit there.

DCFC79

[Deleted User] wrote:

I guess the main reason I like the sound of PCP is , IF I ever hit any issues in future (Which I'm hoping not as my financial life is now 1000x better than it was), I can hand it back with no issues.

Are there any loan checkers you'd recommend me trying?, I hate giving my details to these comparison sites, because of the amount of spam calls and emails you receive.

Can block calls on smart phones, if 1 rings you dont answer and google the number, if its a number thats a comparison site then block it,

[Deleted User]

DCFC79 wrote: »

Can block calls on smart phones, if 1 rings you dont answer and google the number, if its a number thats a comparison site then block it,

Yeah that’s fair enough!

I’ll get looking then

[Deleted User]

It takes as much time as each individual lender feels like giving you. There’s no timescale unfortunately