Credit File Help

[MadSkills]

Hi,

I'm looking for some help regarding BMW Finance. A few years ago I had a 900+ credit score. I made a PCP finance application on a new BMW & got declined. They told me to come back in three months with better wage slips, so I did and they declined me again. I asked why but I couldn't get any information from them.

This past year I have had late payments with my current car (which is paid off very soon) and a loan. I am finally in a decent job (after a two year struggle) and eventually would like a newer car on PCP.

What could be the reasons why I wasn't successful with BMW Finance the first time and what are my chances in the future with late payments (no CCJ's) on my credit file if I try again ?

Appreciate your help

Thanks

Edited by MadSkills on Sunday 13th October 19:41

Edited by MadSkills on Sunday 13th October 19:42

Edited by MadSkills on Sunday 13th October 19:42

[Mattt]

Check your credit file from all the Agencies and see what it says.

Missed payments won’t help.

[Helicopter123]

MadSkills said:

Hi,

I'm looking for some help regarding BMW Finance. A few years ago I had a 900+ credit score. I made a PCP finance application on a new BMW & got declined. They told me to come back in three months with better wage slips, so I did and they declined me again. I asked why but I couldn't get any information from them.

This past year I have had late payments with my current car (which is paid off very soon) and a loan. I am finally in a decent job (after a two year struggle) and eventually would like a newer car on PCP.

What could be the reasons why I wasn't successful with BMW Finance the first time and what are my chances in the future with late payments (no CCJ's) on my credit file if I try again ?

Appreciate your help

Thanks

Edited by MadSkills on Sunday 13th October 19:41

Edited by MadSkills on Sunday 13th October 19:42

Edited by MadSkills on Sunday 13th October 19:42

..
Almost impossible to get turned down for car finance - check your credit history for the (likely) reason..

[ChrisNic]

MadSkills said:

Hi,

I'm looking for some help regarding BMW Finance. A few years ago I had a 900+ credit score. I made a PCP finance application on a new BMW & got declined. They told me to come back in three months with better wage slips, so I did and they declined me again. I asked why but I couldn't get any information from them.

This past year I have had late payments with my current car (which is paid off very soon) and a loan. I am finally in a decent job (after a two year struggle) and eventually would like a newer car on PCP.

What could be the reasons why I wasn't successful with BMW Finance the first time and what are my chances in the future with late payments (no CCJ's) on my credit file if I try again ?

Appreciate your help

Thanks

Edited by MadSkills on Sunday 13th October 19:41

Edited by MadSkills on Sunday 13th October 19:42

Edited by MadSkills on Sunday 13th October 19:42

Maybe they quite rightly saw you as a high risk at the time so declined your application. Having missed payments since then they obviously were on to something.

Credit files heal with time, would you be more likely to lend money to a friend that had missed payments 4 months ago or 4 years ago.

Credit files aren’t an exact science nor witchcraft, a lot of common sense applies though.

[MadSkills]

So if the car I would like is £500 per month, and for 12 months since my last late payment I saved a visible £1000 per month, would they be happy with that ?

[chml]

MadSkills said:

So if the car I would like is £500 per month, and for 12 months since my last late payment I saved a visible £1000 per month, would they be happy with that ?

They don't see your savings on your credit profile. If it's BMW Finance then it will likely be Alphera - they are a prime lender and fairly rigid but it might be worth speaking to a dealer to see if it's a soft search in the first instance (Alphera only work via dealers, you can't go direct - unless this has changed in the last 12 months or so). What rate of interest are you looking for? Have you considered a broker/personal loan?

[MadSkills]

I was hoping if they could see I have a spare £1000 per month that would be the their 'affordability check' taken care of.

I haven't got so far to think of interest rates and haven't thought of a personal loan. Ideally I would like a PCP deal.