Car Leasing Applications Declined

ontheroad1970

Points isn’t all they look at. I don’t understand how you have a low score when you are making payments in full on cc. That wouldn’t give you a lower score. It might make you unattractive to some cc lenders as they see you as someone they can’t make a profit on. They tend to want those that leave a balance on but stays well within limit but gives them some interest. 

The relation between the credit score you get at a consumer facing website is different to what a lender sees. It’s quite nuanced. 

Also in the current circumstances lenders are looking at things a lot stricter since they need to consider the possibility of a debtor losing their job and being unable to pay. 

Grumpy_chap

k0zmic said:

the offer is so good on the lease agreements for this car (sub 1% lease to value ratio). 

What does that mean please "sub 1% lease to value ratio"?

k0zmic

sweetsand said:

k0zmic said:

sweetsand said:

k0zmic said:

I should add, never missed a credit card payment, no overdraft, no mortgage or other loans, or dependents etc. 

Do you have savings?
possibly becuse you have not really borrowed money and pay your cc without paying interest? Sounds crazy but that is what a friend was told.
all seems well, so I am as confused as you are.

 Yes, have savings. Showed my bank account on appeal which included my bonus payment but also have other accounts (NS&I, ISAs etc.) 

Thanks OP
Looking at our credit points or whatever they are called, i regsitered with someone last night did a check on me then my OH - we have very low rating -  This is becuse we've hardly borrowed money and the cc's are paid off without paying interest and the last mortage was more than 15 years ago we have saving etc, long history of sving, property all paid for - therefore, IMHO you are lacking credit history hence your not too bad score but those cehcking it do not have decent sytems in place to let them know that you are hardly a risk and if things went wrong they could easily recover their money.
Have you considered buying a pre-reg or neearly new car as you have the money? Sure it may not meet your requirements just a thought.
ATB

I see. 

Yes, could be lacking credit history, I have 3/4 years worth. 
Car model is 2020 so, not many pre-reg or nearly new models out yet, but I will keep looking, hopefully more come out soon. 

Thanks

k0zmic

ontheroad1970 said:

Points isn’t all they look at. I don’t understand how you have a low score when you are making payments in full on cc. That wouldn’t give you a lower score. It might make you unattractive to some cc lenders as they see you as someone they can’t make a profit on. They tend to want those that leave a balance on but stays well within limit but gives them some interest. 

The relation between the credit score you get at a consumer facing website is different to what a lender sees. It’s quite nuanced. 

Also in the current circumstances lenders are looking at things a lot stricter since they need to consider the possibility of a debtor losing their job and being unable to pay. 

My score is "Good" on Experian, but was "Average" on Equifax (seems to be quite volatile). The latter made an error in taking me off the electoral roll (was always on) so that was rectified, so maybe that had an impact on one of the applications. 

Fair point re. debtor losing job. 

Grumpy_chap

The scores mean very little.  It is credit history that lenders assess.

k0zmic

Grumpy_chap said:

k0zmic said:

the offer is so good on the lease agreements for this car (sub 1% lease to value ratio). 

What does that mean please "sub 1% lease to value ratio"?

See below: 
https://carleasetips.com/car-leasing-terms/lease-value-ratio/
Just a way of pricing / comparing different offers vs. the list price. 

sweetsand

Never really checked our scores until last night, checked with a few others, they are low, lol.
Low becuse the last time we had borrowed money outstanding was about 15 years ago when we
paid off on a property that we were renting

We use our join CC to protect ourselves and they have upped that to 12k I think, never been over that as we then use our debit card and never paid a penny in interest.
I get confused with leasing, pcp, etc, etc. and we only do cash buys and sales.
It is odd and I've said this before that the OP has a decent income, property and savings and they won't even entertain a 200 quid lease.

ATB

CocoM2020

How have you not been permanently banned as your posts are beyond idiotic/irrelevant/nonsense!!! Nothing you says makes sense! You have no real knowledge or advice but post to inflate your already over sized ego! 

Scrapit

I have lots of credit on cards and never pay interest on them thanks to martins advice. I have a perfect credit rating according to his/experians ratings.

k0zmic

All, 
By way of an update, I got a family member (who has had a mortgage previously but now owns house outright (similar value to my flat), has less income and a 'thicker' credit file) to apply. 
They were accepted. So, I guess I was declined on basis of having thin credit file maybe. 
Thanks for the help.