Bad Credit Score - Car Lease

[SilliamWhale]

Trying to get a car on a business lease for my father.

Apparently we have too bad a credit score but I've just checked it up on one of those free websites and both of us have an excellent credit score. Underwriters won't divulge to lease company what the problem is so I don't really know what to do. Any ideas of what to do?

All of debt is held conventionally and commerically (ie loan, mortgage) so no credit cards or personal loans which I'm wondering not helping?

 

[Great In Grass]

Open a free 30-day account with Equifax https://www.equifax.co.uk/ most of the banks use them. You can then go back through your credit history where you may find what is affecting your credit score.

 

[Lincs Lass]

Will Clear Score give you any details

 

[bobk]

Trying to get a car on a business lease for my father.

Apparently we have too bad a credit score but I've just checked it up on one of those free websites and both of us have an excellent credit score. Underwriters won't divulge to lease company what the problem is so I don't really know what to do. Any ideas of what to do?

All of debt is held conventionally and commerically (ie loan, mortgage) so no credit cards or personal loans which I'm wondering not helping?

That's why you have a bad credit score .

 

[SilliamWhale]

That's why you have a bad credit score .

I suspected that. What can I do about it?

 

[Great In Grass]

I suspected that. What can I do about it?

Credit cards & personal loans aren't the only criteria they use standing orders and direct debits are also looked at. Swapping from contract to sim only with Vodafone caused me a problem for a while only found out that was the problem after the bank told me to join Equifax where I found the problem.

 

[Chae1]

I suspected that. What can I do about it?

Ironically get into debt!

Was same when i tried to get a mortgage. Had never had credit card or paid anything up so wouldn't give me one.

 

[Bob c]

having no credit cards witch is great
but it works against you when applying for credit / loan

 

[rusty]

We had similar when trying to get a new electricity contract through our broker. Only current borrowings are the remaining 2 payments on the 0% finance on a new tractor. Have credit cards payed of automatically each month. Wasn't just us though, broker had same problem with other sound businesses and this electric firm. He gave up using them in the end because of their daft credit department.

 

[SilliamWhale]

I suppose another option is to try and put it into my mothers name as she has m and s and tesco credit cards etc.?

I've pretty much found credit cards of very limited use (beyond one that clears monthly)

 

[kiwi pom]

Does putting things on your credit card then clearing them each month not help your score?

 

[Beowulf]

Does putting things on your credit card then clearing them each month not help your score?

Not as much as you might think. Credit scoring is only one part of the equation, lenders also conduct customer scoring (essentially profit scoring).

A lender only has a limited amount of working capital, and like any business they will allocate their capital to the most profitable enterprises. If you're the sort of person who pays your bill off in full each month, thereby generating no interest charges, then you are considered a good credit risk but a poor profit prospect.

 

[milkloss]

Check your electoral roll etc. My postcode had been wrong for 20 plus years and it took a lot of sorting because the easy way to correct it would have destroyed my credit rating. Then I found an erroneous ccj on me that I’ll confess I haven’t bothered to get removed yet.......long story. I think some checks used by companies will show this sort of thing earlier than you would normally see on a paid for search by equivalent etc.

 

[MAF_MHayes]

Hi guys,

I work for Midlands Farm Finance (you may have seen our ads popping up every now and again). @SilliamWhale we might be able to help. Is it alright I drop you a personal message?

 

[Still Farming]

I suppose another option is to try and put it into my mothers name as she has m and s and tesco credit cards etc.?

I've pretty much found credit cards of very limited use (beyond one that clears monthly)

A while ago you stated on here about a divorce or troubles ?
Whould that have anything flagging up at that address maybe ???

 

[SilliamWhale]

A while ago you stated on here about a divorce or troubles ?
Whould that have anything flagging up at that address maybe ???

No. Dont think so. I found another company in the end. Divorce was more about where to find a huge amount of cash in a 2 month period without asset stripping the farm and feeling sh!t about it

Do you know what I think the real reason was? The lease companys offer was too cheap and I think they didnt want to go through with the deal and this was a way of shutting down the offer

 

[Mursal]

.
Martin Lewis on the telly gives very good advice .......

Basically take out credit cards that are available to you (not that many if your score is bad) and spend a little on each one every month. BUT, PAY BACK IN FULL .................

The cards will have to be in the same name as the car lease.
So if its Mickey Mouse Farms, that's getting the lease, get the cards in that name.

 

[deleted user 837354]

Electoral roll is a classic. I was refused a mobile phone contract once because my details on the electoral register were wrong (wrong address).

 

[Mursal]

But why had you a different address?

 

[deleted user 837354]

But why had you a different address?

At the time I was on the run from the CIA due to my role in the Iraqi chemical weapons program and for acting as a go-between for the American government and Saddam's regime. The arrangement was designed to transfer technology between both nations which I then threatened to expose. I had to use a safe house outside of Erbil which has the worst Indian takeaways known to man and I nearly lost my second fake passport there. I only got back into the UK by entering the EU - pretending to be a Yazidi (my Arabic is pretty convincing) goat-herder who was fleeing persecution. It was hard enough getting across the Med to Venice in a canoe jammed solid with a filing cabinet full of the documents that formed my proof, much less towing a 10 tonne stainless steel tank full of sarin gas precursors in my wake. The Italian border guards were easily convinced that the silo was full of semi-fermented goatscheese and one whiff of the contents seemed to satisfy them of that fact so they waved me through happily and even called me a cab to the train station. My Italian is very weak but after much back and forth the Italians directed me to board the appropriate train and they even loaded my tank of sarin on to the train with a Merlo, saving my back I can tell you. It was an uneventful ride through Austria but I nearly filled my pants when I realised the train wasn't stopping in Austria and I was in fact on a free train ride organised by the German government, something I immediately realised as having a significant historical portent and likely no happy ending.

Thankfully the train had to stop before it reached the German frontier as it's DPF had clogged. Seizing my chance I jumped off and a good pull on the Italian-made ratchet straps saw my sarin gas tank freed as well. Happily I had not got more than 10 yards down the embankment before I came across a Polish trucker looking for a back load; my remaining 3 euros and a handful of Iraqi dinars proved sufficient to get me and my tank and filing cabinet to Dover. I slept most of the way or would have were it not for the Polish drivers love of dance-techno music which he played at maximum watts throughout the entire trip. Crossing the channel was easy because I still knew the MI5 codeword and the sniffer dogs seemed to dislike the smells associated with the truck. Not that any amount of armed police were going to chance their arm by aiming at a truck with 10 tonnes of sarin on board.

I am fortunate that Experian were able to help me with my financial woes and explain the reason I could not be trusted with a contract mobile. After having to pay a monthly fee to access what constituted my own information and voicing my displeasure at the fact to them over the phone, I came away happier and also now knew the best place to dispose of 10 tonnes of sarin.