Apple Finance

Morty151

I've heard about MSE from my dad who suggested I come here, so I'm sorry if this isn't the right place to ask.


Buuuuuuut...


Today, I went to the Apple Store near me to buy a new iphone on finance. We went through the process, I had all documentation with me that I would need, and the application was declined there and then.


The thing is, I've had a MacBook on finance there last year which was paid for in July this year. I thought it would be an in and out situation and I'd be sitting here on a Wednesday night browsing on my new iPhone. Alas, I'm not.


They told me to sign in to Experian, which I did, and my credit score is nigh on 900. I spoke to Barclays Partner Finance who could only say it was declined due to "policy". This could mean some information was given incorrectly. I think this could have happened, because the gentleman serving me in the Apple store was distracted by a shoplifter for most of the process, and as such, so was I. I could have missed something because of this.


I want to try it again tomorrow, but Apple said it would affect my credit rating. I've no immediate plans to finance anything for the next few months or year anyway so I'm wondering if it may be worth a hit to my credit score for a little while, if it would mean I can complete the finance.


I have moved a year ago, but I've been on the electoral register for the last 9 months since January. I bank with Starling which is registered to my address, and I have broadband at my current address. In addition, I've recently taken a contract with the network Smarty because it was cheaper than any of the main providers.


TL;DR: Finance declined, credit score seems okay, decision for decline was vague and arbitrary. Is it worth trying again and risk my credit score for however long.


Thanks and sorry again if this is in the wrong forum!:)

debitcardmayhem

Perhaps here https://forums.moneysavingexpert.com/forumdisplay.php?f=257
Perhaps cornucopia may get you moved

Cornucopia

Thread moved to Credit File & Ratings.

BoGoF

Ignore your score, it means absolutely zero.

Whats your income and outgoings. What other credit lines do you have?

Morty151

I earn 17.5-18k/year.


I pay 325 rent, recently paid off my O2 contract, contents which is about £5(?), about £60 on utilities, broadband at £29, Council tax ~£100. I'm well within a comfortable place to afford it.

[Deleted User]

Your score plays no part in lending decisions.

Maybe this time around you just don’t fit the criteria they’re looking for in a customer for finance.

BoGoF

Morty151 wrote: »

I earn 17.5-18k/year.


I pay 325 rent, recently paid off my O2 contract, contents which is about £5(?), about £60 on utilities, broadband at £29, Council tax ~£100. I'm well within a comfortable place to afford it.

As you have discovered it's not your decision to make if you can afford it. You are on a low income.

What credit agreements actually show on your credit file.

Ben8282

Your credit score is a meaningless number made up by the CRA's as a marketing tool.
Experian have no idea of some very important factors in applications for credit, such as for example your salary.
However, the score is perhaps indicative of the manner in which your accounts have been maintained and could reflect Experian's opinion on your ability to obtain credit based entirely on the incomplete information available to them. A score of less than 900 would indicate to me that perhaps everything contained in the credit files was not quite perfect?
However, the score would not have been seen by Barclays finance or have played any part in their lending decision.
You don't have a credit rating to be affected. Too many applications for credit in a very short period of time can make you look desperate for credit and can cause lenders to be wary. However, assuming this is not the case here, one single hard search will have no negative effect whatsoever. Even Experian say that. There will be no 'hit' to your meaningless credit score.
The fact that the person you spoke to at Barclays Finance mentioned the possibility of information being given incorrectly could be their way of telling you without actually telling you that this was the problem. Is there any way that you could obtain a copy of what information was actually submitted by the store, especially if as you say there were distractions during the application process. However, there is no guarantee that this was the reason for the decline.
Having made an application and had it declined, in your place I think I would be reluctant to make repeated applications to the same lender. Could you not consider financing this purchase in a different way. The representative APR from Apple Finance is 14.9%. Perhaps a 0% purchases credit card?
If you do decide to apply again to Apple Finance, try doing so online and entering the information yourself. I do however have a concern that, having declined an application today, they may have a policy to auto-decline another application made so soon. Please check this before applying that there is no minimum waiting period before a further application can be made to them.

d123

Morty151 wrote: »

I've recently taken a contract with the network Smarty because it was cheaper than any of the main providers.

Just as an FYI, Smarty is PAYG, not contract, so it won't be reporting to any credit agencies.