Will I be accepted for PCP, poor credit.

Danielle1985x
Danielle1985x Posts: 29 Forumite
in Loans
Obviously I know no body can tell me for definite, but just interested in other people’s situations and whether they got accepted.

My credit score is poor, I have 6 missed payments on a catalogue account 4 months ago. Stupid I know, but I’ve learnt the error of my ways. My Equifax score is excellent, Experian poor, but I cannot see any differences on either of the files.

I have 3 credit cards, 1 Barclays which balance is now 0, credit limit £5000, and an MBNA card which I just opened to transfer my balance is £3500 credit limit around £4,500. I’m surprised I even got approved for this with such an poor credit score?
Nationwide credit card with £1500 limit not used in years.

Mortgage for just over 3 years, never missed or been late.

Car finance of £6k left, finishes in October. Never missed or been late on a payment either, by October time do you think my score will be good enough to be approved on another deal? If I stay with the same lender, will they run another credit check or just top up my loan.

Just wondered if anyone had been in a similar situation and what was their outcome?

Thanks

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    The score aren't used in deciding whether you get credit. They're made up. Only your credit history matters.

    Any further borrowing will be subject to a credit check and a new loan. Whether you are accepted will depend on lenders criteria.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
    Replied on your other thread.
  • tonyh66
    tonyh66 Posts: 1,736 Forumite
    First Anniversary Name Dropper First Post
    are you paying £6k off over the next 9 months?, you probably will get PCP if you are already on one.
  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Danielle1985x wrote: »
    My Equifax score is excellent, Experian poor, but I cannot see any differences on either of the files.


    Proof, if any were needed, that the "scores" dished out by the CRAs are as useful and meaningful as a Donald Trump tweet :rotfl:
  • Mahsroh
    Mahsroh Posts: 769 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    You will always be guessing, as you've alluded to in your opening sentence.

    Generally with PCP I think the chances of being approved a higher than say a bank loan or credit card, because the debt is secured against the car and the person offering the finance is trying to sell you a car, so it's in their interests to approve the application. It really is guessing game though.

    My other half has got a 2 year old default in her credit history (paid/settled in full) relating to an old store credit involving her ex (don't ask!) and i'm 50/50 whether she'll get approved for PCP later this year, as she has little else in her credit history (no credit cards) - just her mobile phone and a Next store card/account. But we've just got apply and hope for the best.
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    Why doesn't she just save up to get a car?
  • tonyh66
    tonyh66 Posts: 1,736 Forumite
    First Anniversary Name Dropper First Post
    Tarambor wrote: »
    Why doesn't she just save up to get a car?

    I think most people don't have the spare cash to save up a large amount over a short period, e.g £200 p/m = 10 months to buy a £2000 car, what do you do before you have a lump to spend?
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