BMW FS Declined

2

Comments

  • meer53
    meer53 Posts: 10,217 Forumite
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    I'd give it a couple of years before applying ! In the meantime, buy a used car for £5k.
  • MABLE
    MABLE Posts: 4,080 Forumite
    First Anniversary First Post
    Lakha123 wrote: »
    I recently applied for a PCP on a New BMW list price of around £34k
    I had a deposit of 5k with repayment of around £400 per month for 48 months.

    However my proposal was declined with no reason given.

    I recently took out my first mortgage in January and also took out my first credit card in February with a limit of £500.

    All accounts are up to date and paid on time in full.

    Credit card utilization is less than 30% and always paid in full when I receive my statement.

    Experian score 830 so just over 'Fair'

    Bad Points which are listed in Experian

    Try to Increase credit limit
    2 New accounts within the last 6 months
    And the average age of the accounts.

    I have never missed any payments and don't have an CCJ'S and affordability is not a problem.

    Age 21

    How long should i give it before I try and re apply.

    It's a bit early for the silly season but honestly are you serious. You could only get a credit limit of £500 on a credit card and recently taken on a mortgage and then you apply for a £34k car. I think you really need to be realistic in your expectations when taken out a PCP and go for something at least with a more releastic price based on the information you have shared on this forum.

    As for me we have recently bought a £15k car and I am sure people do not think any of less of me for this and hopefully I am not being judged by the vehicle I drive.
  • dresdendave
    dresdendave Posts: 889 Forumite
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    usefulmale wrote: »
    Why do you feel the need to pay 34 grand for a car that will spend 8 hours a day parked up at work and another 8 parked in your drive overnight?


    Just use the 5 grand to get a reasonable car and put the £400 a month into your savings for 4 years instead. An easy way to make 24 grand.

    I was going to make a similar suggestion, 5k on a car and overpay the mortgage by £400 a month. Could end up paying the mortgage several years early, which is the equivalent to a massive pay rise.
  • MABLE
    MABLE Posts: 4,080 Forumite
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    dresdendave wrote: »
    I was going to make a similar suggestion, 5k on a car and overpay the mortgage by £400 a month. Could end up paying the mortgage several years early, which is the equivalent to a massive pay rise.

    Yes but when you are 21 you want the world!
  • k3lvc
    k3lvc Posts: 4,174 Forumite
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    £34k @ 21yo ? And with a mortgage ?

    Come on - put us out our misery and tell us what you do for a living ?
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    k3lvc wrote: »
    £34k @ 21yo ? And with a mortgage ?

    Come on - put us out our misery and tell us what you do for a living ?

    Truck driver would do it. They'd be on that kind of wage, albeit for a standard 55-60hr week, and where I live they'd have no problem getting a mortgage on a house.
  • Tallaght
    Tallaght Posts: 1,632 Forumite
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    Insurance will cost a fair bit too.
  • redpete
    redpete Posts: 4,692 Forumite
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    Tarambor wrote: »
    Truck driver would do it. They'd be on that kind of wage, albeit for a standard 55-60hr week, and where I live they'd have no problem getting a mortgage on a house.

    They haven't said what their income is, £34k is the price of the car they want to buy, at 21!
    loose does not rhyme with choose but lose does and is the word you meant to write.
  • redpete
    redpete Posts: 4,692 Forumite
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    edited 11 June 2018 at 9:03AM
    Lakha123 wrote: »
    However my proposal was declined with no reason given.

    If it were me considering your applicaton (but note I am not a lender) the reasons would be:

    -Only 5 months worth of credit history. Not enough time to confirm you can manage a mortgage and credit card.
    -Only £500 CC limit so someone else doesn't have confidence in your ability to handle credit.
    -No idea what your income is or for how long you have a history of employment to show it is sustainable.
    -Why on earth does a 21 yr old think they are entitled to a brand new expensive BMW.
    loose does not rhyme with choose but lose does and is the word you meant to write.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    First Anniversary Name Dropper First Post
    I can only see the OP's problem as a good thing for him.

    Move along.
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