declined credit despite having 999 rating on experion

Beety_do_good

My Dad (74) wats to get credit to lease a pickup. He has perfect credit - a rating of 999 on Experion, but when he did the credit check he was declined. He has doesn't have any debt, has plenty in the bank and we can't understand why he's been declined. The only thing he says he can possibly think of is - he is a landlord and Purple Bricks Rental arm put a gas bill under his (the homeowner's) name and not the tenant, and this has a debt. He has tried to sort it, but Purple Bricks Rental has gone bus and so he can't get hold of the tenancy agreement from them. Bit, its not actually his debt anyway and is credit score hasn't been affected by it. Could this be the reason for being declined? Is there anything else that could be the cause? Thanks in advance!

magpies79

I’m sure more people who are knowledgeable will comment but one thing at least he’s finding out even at 74 is the score means nothing at all.

You mention he’s 74 is he retired does he have an income and if he holds no debt which definitely isn’t a bad thing what kind of credit history does he have.

all these will be factors on why he was declined among others things but it has nothing to do with his score being 999 that’s one thing i know for sure 

pramsay13

How much is he looking to borrow over how many years. 
As mentioned the score is simply a gimmick and lenders will look at a range of factors to decide if they are comfortable, and one that jumps out at me is his age. 

Beety_do_good

He was self employed since 1985 and has scaled it down, but isn't retired as such.. He owns many houses (some are mortgaged) so has good income, including a teachers pension. He's just wanting to lease the car, not sure about length of lease. 

born_again

Beety_do_good said:

My Dad (74) wats to get credit to lease a pickup. He has perfect credit - a rating of 999 on Experion, but when he did the credit check he was declined. He has doesn't have any debt, has plenty in the bank and we can't understand why he's been declined. The only thing he says he can possibly think of is - he is a landlord and Purple Bricks Rental arm put a gas bill under his (the homeowner's) name and not the tenant, and this has a debt. He has tried to sort it, but Purple Bricks Rental has gone bus and so he can't get hold of the tenancy agreement from them. Bit, its not actually his debt anyway and is credit score hasn't been affected by it. Could this be the reason for being declined? Is there anything else that could be the cause? Thanks in advance!

Credit score means noting to lenders.
Odds on his age is a deciding factor here. 
If the bill is in his name (makes no difference who run it up) he needs to settle it & chase who is liable for it. Could be showing as a default.

TBH. If he has the funds, best option is to purchase.

Mark_d

I don't think this rental debt would be the issue if it isn't on your dad's credit report - though you may have heard that Experian are not the only people who give credit reports.  Equifax and TransUnion are also major players.

Assuming all his credit reports are clean, then why would someone question him applying for a 10 year lease on a pickup?  Perhaps health/medical issues are likely to prevent your dad from keeping up with the lease payments for the full 10 years

Brie

His age might be one part.  But if he has mortgages and a debt that may be in default those are bigger factors.  Getting a creditor to change the name on a debt can be incredibly difficult.  It may be a case of paying this off and then waiting a few months to let the credit report be updated and then try again leasing.

  Mark_d said:

I don't think this rental debt I think it's a gas bill would be the issue if it isn't on your dad's credit report - though you may have heard that Experian are not the only people who give credit reports.  Equifax and TransUnion are also major players.

Assuming all his credit reports are clean, then why would someone question him applying for a 10 year lease on a pickup?  Perhaps health/medical issues are likely to prevent your dad from keeping up with the lease payments for the full 10 years  Are leases always for 10 years?  Could a shorter lease be possible and therefore easier to attain?

Nasqueron

You say he has good income but also several mortgages - that means he owes significant amounts of money, even if it is secured on a house which will be factored into any loan calculation. That and the age - credit after 65-70 is harder and even with a pension it all affects borrowing

Why is he looking to get credit for a lease? Do you mean he applied for a lease and was declined? If he has that sort of income why can't he pay for it monthly or use his presumably substantial savings?