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Posted: Sat Aug 30, 2014 2:12 am
by Kevin.27
my credit rating is showing good on experian i went to get a car but got turned down why is this
Posted: Sat Aug 30, 2014 4:38 am
by luluj
Hi kevin.27 .... Are you already in a iva or other debt solution?
Posted: Sat Aug 30, 2014 9:55 am
by Foggy
Credit rating is basically meaningless and all creditors use their own criteria.
Are you correctly shown on the Electoral Roll ?
Rating apart, are there any defaults or other nasties in your recent past --- have you seen a copy of your reports from all agencies? The lender might not use Experian.
How long have you been in your current job ?
What other loans do you have outstanding?
There are a lot more things than a credit score to getting a loan.
Posted: Sat Aug 30, 2014 11:52 am
by doritos
thats a simple one.
your rating is good.. fine
but I'm guessing you have credit on cards / other loans etc, which reduces your perceived ability to repay the loan.
it all factors into the algorithm that says yes / no at the end of it.
ALl the numbers have a meaning, its just a matter of understanding them.
Posted: Sat Aug 30, 2014 12:59 pm
by TzeKin
No one can give you THE answer as only the lender can tell you about you.
The credit file holds facts about you.How the C agencies interprete these facts in deciding on credit is very much their interpretation.
It does not mean you are not creditworthy....other lenders may think differently.
I would not apply for credit again for a 3 months though.Then try again if you must.