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  • FIRST POST
    • Danielle1985x
    • By Danielle1985x 14th Feb 18, 6:49 AM
    • 21Posts
    • 3Thanks
    Danielle1985x
    Will I be accepted for PCP, poor credit.
    • #1
    • 14th Feb 18, 6:49 AM
    Will I be accepted for PCP, poor credit. 14th Feb 18 at 6:49 AM
    Obviously I know no body can tell me for definite, but just interested in other peopleís 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 Iíve 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. Iím 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
Page 1
    • zx81
    • By zx81 14th Feb 18, 6:54 AM
    • 16,462 Posts
    • 17,515 Thanks
    zx81
    • #2
    • 14th Feb 18, 6:54 AM
    • #2
    • 14th Feb 18, 6:54 AM
    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
    • By DCFC79 14th Feb 18, 7:45 AM
    • 31,463 Posts
    • 19,869 Thanks
    DCFC79
    • #3
    • 14th Feb 18, 7:45 AM
    • #3
    • 14th Feb 18, 7:45 AM
    Replied on your other thread.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • tonyh66
    • By tonyh66 14th Feb 18, 12:31 PM
    • 1,122 Posts
    • 781 Thanks
    tonyh66
    • #4
    • 14th Feb 18, 12:31 PM
    • #4
    • 14th Feb 18, 12:31 PM
    are you paying £6k off over the next 9 months?, you probably will get PCP if you are already on one.
    • Ebe Scrooge
    • By Ebe Scrooge 14th Feb 18, 12:46 PM
    • 4,127 Posts
    • 3,569 Thanks
    Ebe Scrooge
    • #5
    • 14th Feb 18, 12:46 PM
    • #5
    • 14th Feb 18, 12:46 PM
    My Equifax score is excellent, Experian poor, but I cannot see any differences on either of the files.
    Originally posted by Danielle1985x

    Proof, if any were needed, that the "scores" dished out by the CRAs are as useful and meaningful as a Donald Trump tweet
    I may not know much about art, but I know what I like.
    • Mahsroh
    • By Mahsroh 14th Feb 18, 1:07 PM
    • 339 Posts
    • 330 Thanks
    Mahsroh
    • #6
    • 14th Feb 18, 1:07 PM
    • #6
    • 14th Feb 18, 1:07 PM
    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.
    • Tarambor
    • By Tarambor 14th Feb 18, 2:43 PM
    • 2,711 Posts
    • 1,946 Thanks
    Tarambor
    • #7
    • 14th Feb 18, 2:43 PM
    • #7
    • 14th Feb 18, 2:43 PM
    Why doesn't she just save up to get a car?
    • tonyh66
    • By tonyh66 14th Feb 18, 3:12 PM
    • 1,122 Posts
    • 781 Thanks
    tonyh66
    • #8
    • 14th Feb 18, 3:12 PM
    • #8
    • 14th Feb 18, 3:12 PM
    Why doesn't she just save up to get a car?
    Originally posted by Tarambor
    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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