Credit file - rating - applying

[Deleted User]

Hey people!

As stated in a recent post once more..I recently cleared my old HP finance agreement, and a few others, so my overall borrowing is now £300 in total, from a medium sum of £7180.

They have now dropped from my file, and been updated, showing settled and paid in full.

I was currently in the market to purchase a new car on PCP, now my finances are on track, And I'm able to afford it comfortably.

I want to know if there is a higher chance of me being accepted on said PCP , now that the total borrowing has come down over £6500?

This was cleared back in February, So not long ago at all, Is it best i wait for 6 months after originally settling? or wont that make a difference, in terms of me applying for example, today or in july? Thanks.

[Deleted User]

Reduced debt means lenders view you as lower risk and as having greater affordability.

[Deleted User]

Deleted_User wrote: »

Reduced debt means lenders view you as lower risk and as having greater affordability.

Would it be worth me waiting for 6 months after ? or would me applying now make no difference in terms of me waiting for 6 months and applying now?

Willing2Learn

The fact that your credit file shows you have a history of successful credit account management, would normally mean a credit application would have a greater chance of success.

Edit: And well done on reducing your debt from £7,180 to a paltry £300!!

[Deleted User]

Willing2Learn wrote: »

The fact that your credit file shows you have a history of successful credit account management, would normally mean a credit application would have a greater chance of success.

Edit: And well done on reducing your debt from £7,180 to a paltry £300!!

Ah that's great, thanks!
P.s thankyou! has been a long winded process, but now done! Credit card bills and that's it so far, So all in all, i'm in the best position i've been in since 2013.