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RJM Law
RJM Law, Lawyer
Category: Finance
Satisfied Customers: 3833
Experience:  LL.B (Hons)
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I’ve been declined a finance agreement on a car that would

Customer Question

Hi I’ve been declined a finance agreement on a car that would be £221 a month. This is because my credit score is only 222. How can I help myself to get approved so I can begin to to move out and get a car?
Assistant: Where is this? And when did the issue begin?
Customer: Volkswagen south nottingham and I applied for the car on finance last Friday
Assistant: What steps have you taken so far?
Customer: I’ve contacted the finance people and they have said they won’t disclose why so I signed up to ClearScore and my credit score is 222 and it advices me to take a credit card out to better my score
Assistant: Anything else you want the lawyer to know before I connect you?
Customer: No that’s everything, except I have no outstanding debt and sufficient funds to take the car on finance . I have also put 1000 deposit down already and 200 left to pay if and when I collect the car
Submitted: 2 years ago.
Category: Finance
Expert:  RJM Law replied 2 years ago.

Hello, if your question is related on how to advance you credit score then you have to show that you are a "good risk" you can do this by paying off any debt you may have. There may be some debts which you are not aware of and if you use a company such as "Experian" then they will tell you what monies are still outstanding, get these cleared off first. Secondly to show that you are a good risk then yo have to show that you can be trusted to pay debt. The advice about he credit card is good advice, you can get a credit card with a small amount of credit on it, for example £300.00. Use the card for your monthly expenses and then pay this off at the end of each month with the cash you would have used to buy the same items. This will show that you accumulate and clear dabt every month and your credit score will start to improve. I hope this has helped.

I would be obliged if you could Click to “accept” the answer and leave me a 5 star rating (this will not cost any extra). This will tell the website that I have responded to your question, you can, of course, continue to ask any follow up questions.

Kind regards

Ross

Expert:  RJM Law replied 2 years ago.

I would be obliged if you could Click to “accept” the answer and leave me a 5 star rating (this will not cost any extra). This will tell the website that I have responded to your question, you can, of course, continue to ask any follow up questions.

Kind regards

Ross