not a traditional loan but turned down for a lease car

Lisalouise1974

My partner has worked for the same business for 10 years and had a company car, but is now moving to a car allowance and is looking to take a personal lease agreement, but has been turned down today. The only bill he pays is his mobile phone bill. He is registered at our address ie on the electoral register, bank account registered here etc but all the bills for the house are in my name, he doesn't even have a CC or a personal loan. He is debt free and earns 35k plus a year. His car goes back in a month and there is no wriggle room for his company to extend his car. His experian credit rating is 999, I assume he has been turned down because he has no proven track record of repaying anything? He has appealed the decision but the broker isn't holding out much hope. Any suggestions anyone?

[Deleted User]

His high credit score means he's a high risk.

He need to build up a credit history but that's not done overnight. However, he should make a start by getting a credit card if he can and using that wisely.

In the meantime, he should look to see what car he can buy with his savings.

Grumpy_chap

Deleted_User said:

His high credit score means he's a high risk.

His high credit score means nothing.

His "thin" credit history is what makes him a high risk.

[Deleted User]

Grumpy_chap said:

Deleted_User said:

His high credit score means he's a high risk.

His high credit score means nothing.

Whoosh.  😁

[Deleted User]

Grumpy_chap said:

Deleted_User said:

His high credit score means he's a high risk.

His high credit score means nothing.

His "thin" credit history is what makes him a high risk.

It was a joke but a rather clever one, as 999 on Experian does imply that there is little or no credit history known for that person, hence they won't take a risk on a lease. My MSE / Experian score is 999 as that has been broken since it was created. I at least have more sensible (as much as credit scores can be anyway) scoring on the other 2

OP you might do better trying to build some credit history e.g. partner getting a basic credit card, using every month and paying off in full every month. In the meantime, given a 35k salary and no debt, use his emergency fund or savings to buy a cheap run-around with an MOT for a year, use that and look after it and maybe get 2 years from it if it passes the MOT while you build up a bit of history. Or try leasing on a cheaper car

worid

Slightly worried reading that 999 credit score on Experian may go against you.  I have had several loans all paid off and am still paying a mortgage and I have a 999 credit score.  I was thinking of leasing a car if my lovely very old Honda Jazz decides not to out live me and at my age leasing a fairly new car seemed a better option than a loan.  I am nealy 73.  I think probably I would have to pay off mortgage first as I couldn't afford both which would make me 75 so may not be eligible for any sort of loan or lease anyway.

[Deleted User]

Your score neither goes against or for you.

You're assessed on your circumstances. It sounds like you will struggle on affordability.

Grumpy_chap

Deleted_User said:

999 on Experian does imply that there is little or no credit history known for that person,

I simply thought that 999 on Experian simply meant little or no change in circumstances.

Anecdotally, I've heard people in bankruptcy claiming "999" score.  That may, or may not, be correct.

I also have "999" score, but not the same circumstances as a person in bankruptcy, but there has been very little change in my credit history. 
Oddly, I am fairly sure that if I enrolled to the "boost" product (whatever it is called) where I share access to bank account details, my "score" would decrease as current affordability would not show a positive based on both my wife and I currently on minimum wage (mine being part time also).

Reverting back to the OP's case, what are the rules for the car that has to be provided by the car allowance in lieu of the company car?  What savings would be available to support a car acquisition?  

[Deleted User]

Grumpy_chap said:

Deleted_User said:

999 on Experian does imply that there is little or no credit history known for that person,

I simply thought that 999 on Experian simply meant little or no change in circumstances.

Anecdotally, I've heard people in bankruptcy claiming "999" score.  That may, or may not, be correct.

I also have "999" score, but not the same circumstances as a person in bankruptcy, but there has been very little change in my credit history. 
Oddly, I am fairly sure that if I enrolled to the "boost" product (whatever it is called) where I share access to bank account details, my "score" would decrease as current affordability would not show a positive based on both my wife and I currently on minimum wage (mine being part time also).

Reverting back to the OP's case, what are the rules for the car that has to be provided by the car allowance in lieu of the company car?  What savings would be available to support a car acquisition?  

999 is given to bankrupts yes, as they have a blank slate, the MSE/Experian one is broken though, it seems to give everyone 999 but then daft stuff like 1/5 chance of even a credit builder card. Generally a 999 (or 100%) on any agency is likely to be the case that the person has no history so they can't judge them.

I think the "boost" would normally do nothing, at worst, as they wouldn't want people to sign up for it and see their fictitious score go down and stop going on the site - their whole shtick is based on the human monkey brain thing of wanting numbers to go up, so sending them down, people might unlink their bank or write on forums saying how their "score went down", add in a few hysterical posts with scam in the title and they're onto a loser.

Suppose that the OP ought to use the savings they built up from earning 35k with seemingly limited outgoings and put their car allowance towards that

Grumpy_chap

Deleted_User said:

I think the "boost" would normally do nothing, 
people might write on forums a few hysterical posts with scam in the title 

I thought that happened anyway - I must think wrongly.

Thrugelmir

What's the value of the car he wishes to lease?  Not being a property owner may well be a negative as far as financing goes.