Help Credit Experts Needed!!! Declined for Car Finance

bubby08

Hi

I have an issue, I have recently been declined for car finance, with a car finance provider whom I have had two previous finance agreements. I have checked my credit file with Experian and Equifax my Equifax score although I know is irrelevant is excellent and my Experian score was good although it has dropped to fair in the last few days as I have just signed up for Virgin media (which I didn’t know would be a credit agreement). Also on MSE credit club it says my hit rate is over 70% and loan affordability v.good. 

I have no adverse credit, I am on the electoral roll and have been for the last 6 years. One credit card which I pay off in full every Month, although the utilisation over 6 months shows as high. 

No late payments. I have been told that by the dealership that affordability isn’t an issue so they just ran a soft search with another lender who is non mainstream and that was declined as well I’m really confused. 

where can I go from here to resolve this!

Best Regards 

MorningcoffeeIV

bubby08 said:

I have checked my credit file with Experian and Equifax my Equifax score although I know is irrelevant is excellent and my Experian score was good although it has dropped to fair in the last few days as I have just signed up for Virgin media

Did you check your actual files, or just look at the scores?

And did you also check TransUnion?

bubby08

No I always check through them, not had any updates other than searches. I don’t pay too much attention to scores, for example Experian can swing for no reason changes whatsoever. As I mentioned since the addition of the Virgin account, it dropped over to points. 

MorningcoffeeIV

That's why I was checking. The scores are useless, but you only talked about them, rather than any actual data, so I wasn't sure.

It may be affordability  - or it may just be a tightening of lending and you're now starting to fall outside of the criteria.

bubby08

Seems odd the as the dealership didn’t mention an issue with affordability. It seems odd that this would be the case across two different lenders

CliveOfIndia

According to your other thread on the same subject it would seem that affordability could well be the issue: https://forums.moneysavingexpert.com/discussion/6449679/car-finance-rejection#latest

You also asked what I suspect is the same questions in an earlier post: https://forums.moneysavingexpert.com/discussion/6449669/credit-club-wallet-workout#latest

It would be helpful to other forum members if you could keep all the relevant questions and information in one thread, this will allow you to receive more coherent advice.

bubby08

Thank you Clive 

however the question regarding the wallet workout was different, as I was purely looking for information as to why a raft of of lenders are provided and why one is listed that I am not eligible for. I will close the duplicate threads.