bad credit score

[smiffy66]

we have a credit score of 569 which looks to be a bad score, will we be able to get a loas for a car or will we get rejected?

[reborn71]

Hi Smiffy66,

 

Did you get the score from Equifax/Experian? If so that is just their interpretation of your credit score. Individual lenders will have their own criteria against which you will be scored.

 

Having said that 569 is quite low. Do you have defaults, CCJ's or missed payments on your record? If so it is likely the high street banks would decline your application

[smiffy66]

we tried to use my wife's name as she only has a few missed payments. i have defaults against my name. does that count towards her bad score?

[reborn71]

Missing payments to credit cards or loans has a negative impact on your credit score, so this may be the reason for your wife's low CRA score.

 

 

Regarding your defaults, that may also be having an affect. Do you have a joint current account, joint mortgage, joint credit cards or have previously applied for credit jointly? If so there is a 'financial association' between the two of you. If this is the case then lenders may also search your credit record as part of any lending decision.

 

Hope this helps.

Edited November 21, 2010 by reborn71

[Tingy]

Best guess is as above, that they consider you financially linked to your wife (or somebody else) who has poor credit.

[buddy7]

Hi in similar position probably worse! Did you manage to get a loan at all?

[Tingy]

Can I throw in a word of caution here please and it is intended to be constructive. Most of us end up on this site because we have abused credit in some shape or form in the past. Most of us are no longer credit worthy. Many of us have been to the 100% guaranteed loan places (you could definitely buy a car just down the road for us and be accepted). Most of us whave learnt an unpleasant and hard lesson and would never again touch credit with a barge pole.

 

Cars - you can pick up a reliable one for under £500 as long as you don't mind it being old and it's not a status symbol. I drive an old 1995 Audi A8. It's brilliant. It has never let me down once and drives like a dream - paid £250. My last car was expensive - a Citroen Xsara diesel, still going strong with well over 200000 miles on the clock, bought for £500, sold for £350 - had to put a clutch in it, but otherwise 100% reliable.

 

You are presumably posting here for a reason. Please think before taking out any loans and be sure you can afford them. I used to be brilliant at convincing myself I could afford things when I knew damn well I couldn't!

[liquidauctions]

Had finance before and would never do it again! Im all cash since 2008

If you have around 2k to play with go to a trade auction. I bought a Vectra 2004 diesel with 67k on the clock for £1900 drove it for 18 months and sold it for £1950 (a year ago). After then im loving these trade auctions. Bought a 2006 accord 2.2 diesel for £5400 last week. Valued at £7800 (low mileage, fully loaded) Got it up for £6000 quick sale

[Tingy]

Had finance before and would never do it again! Im all cash since 2008

If you have around 2k to play with go to a trade auction. I bought a Vectra 2004 diesel with 67k on the clock for £1900 drove it for 18 months and sold it for £1950 (a year ago). After then im loving these trade auctions. Bought a 2006 accord 2.2 diesel for £5400 last week. Valued at £7800 (low mileage, fully loaded) Got it up for £6000 quick sale

 

I used to have similar fun buying and selling cars through the local adtrader - buy a bargain, clean it up, service it etc... and quick turn around. Used to do one a week and was making £400ish profit each time. Had to use the money one week to repay a debt and never got going again. Probably a good thing as doing it that frequently I'd have had to register as a trader anyway. Enjoyed doing it though!

[liquidauctions]

I used to have similar fun buying and selling cars through the local adtrader - buy a bargain, clean it up, service it etc... and quick turn around. Used to do one a week and was making £400ish profit each time. Had to use the money one week to repay a debt and never got going again. Probably a good thing as doing it that frequently I'd have had to register as a trader anyway. Enjoyed doing it though!

 

Ive set up as a trader. Got the insurance and plates sorted already. Its a good side business

[Tingy]

Brilliant - well done you! There's good money to be made. Gutting when you buy your first lemon though, especially if like me, you're not prepared to sell it on without it being right.

[liquidauctions]

Been through that before. I just tend to stick to fleet auctions now. All cars are less than 3 years old and clean ones aswell. under 3k you get stung alot and its difficult to sell