Credit cards

[Karl]

Right been applying and failing

Im after a new road bike but seeing its over £1000 i havent got the money to just go throw at it so i fought ill get another credit card out but thats not going to plan i keep getting rejected.

I already have 2 cards one that i owe £300 on and the other has nothing on it. Also have my car on finance and my insurance that i pay monthly. Never missed a payment on any of this so cant see why they wont let me have another card. Even rang both current card companys up to see if the have promotion offers on at the moment and both said no

So after taking to one guy on the phone he said sign up to credit expert and get a credit rating so i did my score is in the fair section and the risks to the lenders and it listed

Negative

You have made more then 3 applications for credit in the past 6 months.
You have several credit agreements and the outstanding balance is high.

Postive

You make all repayments on time and in full - No accounts have been payed late in the last 6 months
You are on the electrol roll
You dont have county judgements and have not been declared bacnk rupt in the last 6 years.

So how the hell can they all keep saying no. I have made all the applications as they all keep saying no!

As you can guess im a little bit pissed off right now all i want is to by the bike!

 

[maggi200]

Where is the bike? Do they not do finance on such items themselves?

I'm not sure whatelse to suggest other than save?

 

[Karl]

I have just asked my friend who works there if they do finance. Im expecting no as i reply though :lol:

I have another plan but he might get a bit anal towards me buying it online from a company that do finance then taking it to him to be built and put together. But i dont think he would be happy if i brought it else where.

 

[Matt]

There are loads of things that can change your score and each and every company have their own way of scoring you. It's not always down to your circumstances but theirs too.

The fact that you aren't in credit on a card at the moment will raise suspicion for them. Regardless of whether you have made all your payments previously the fact that you haven't paid that off will make them think you can't afford it and want another to pay it off.

To be fair, spending a grand on a bike you really don't need isn't something you should be in debt for :s

 

[Dee1983]

I was told once by a financial head that if you make to many applications in one go it can confuse the system.....Not sure how true that is mind as i was trying to clear up my financial mess a few years ago.

 

[toni_133]

have you checked your credit rating to make sure is ok?

 

[Dazza1]

Can't u get it on 1 of them bike schemes?

 

[Karl]

Matt

I see what your saying each card against your name gives you a bad score even though theres nothing on it. And the one with £300 will be dead in a month but because i have a card with them i would need to cancel it and wait 8 months to re-apply. I know this as i said to the women ill pay it off now if you give me a new card once i have :lol: didnt work though.

Also the bike is kinda needed as its alot lighter and better then what i have seeing my current bike needs a new chain and cassette every 800 mile but the new on is every 2500! so will be kinda saving in the long run no point put expensive parts on a cheap bike IMO.

Dee

From what im told every card you apply for and get rejected on effects your credit rating. Stupid me didnt think and try sainsburys first but everytime i try them for anything i get rejected so straight away that was a negative move.

Toni

I sure have and im in the fair section because of the information listed in the first post

Dazza

I tryed that on my first bike but work arent part of it and wont sign up

 

[maggi200]

Why not? You repay it out of your salary? The only disbenefit to them is short term cash flow, of which £1000 is nout. You get the VAT back as they can reclaim it. It's a pretty good scheme actually!

 

[Karl]

Why not? You repay it out of your salary? The only disbenefit to them is short term cash flow, of which £1000 is nout. You get the VAT back as they can reclaim it. It's a pretty good scheme actually!

Dont know they just wont take part ive asked and another keen cyclist asked about a year ago and we got no where. They did offer to lend me the money for a bike but i think if i tell him the price he will ask me to leave his office :lol:

 

[maggi200]

Can only ask. Have you explained the benefits of the scheme? They may not understand how it works and the benefits to you. What's the actual price of the bike?

 

[singlespeed]

I have just asked my friend who works there if they do finance. Im expecting no as i reply though :lol:

I have another plan but he might get a bit anal towards me buying it online from a company that do finance then taking it to him to be built and put together. But i dont think he would be happy if i brought it else where.

Unless you have decided on a custom build, from frame, forks and everything else, the amount of building for an off the peg bike (like you mentioned a few days ago) is likely to be fitting the peddles and maybe straightening the handlebars.

The chain and cassette is not going to last 3 times as long on the new bike, so that is a poor excuse. If you want light and cheap to run, bin all the gears and go fixie or singlespeed :lol:



Theres good info on the CRC website about ride to work, mentioning that the employer actualy saves money, due to them paying less NIC>>
https://www.chainreactioncycles.com/Information.aspx?TranslationLargeID=34

 

[Courtney]

Every time you apply for some sort of credit this goes on to your record as bad, meaning the more you do the worse it gets! Your best bet would be maybe to try with a company who doesn't offer a lot, like a capital one started card or something, then you can rebuild your financial score. Either that or have you considered a financial advisor? They don't usually charge coz they make their money from commission from the company they give you to use!

 

[Karl]

Maggi

£1160 but was £1500

They have read up on the scheme i might ask him again and see what he says. As the old saying goes you dont ask you dont know.

Singlespeed

Simply way to explain the frame weighs a ton! found that out up the shop yesterday when picking up another aluminium framed road bike :lol:

 

[Matt]

If its evens cycles then they do offer finance btw and pretty good deals.... if you get accepted. Usually store finance on things is harder to get and having buggered around with applications you're lessening your chance.

Can only try though!

 

[Karl]

Na would touch evans its a online company.

Im trying to work other ways as i also know the store owner where i want to get the bike.

 

[Al]

Use the heavier frame; you'll get more fit that way

 

[DrDrew]

Just a side note. I'm presuming credit expert is the same sort of set-up as experian for getting your credit score, and that they give you one month free access? (or something like that) One of my friends used to work at experian, and pointed out that if you do sign up for the free month, you need to remember to cancel pretty quickly - or you'll end up paying for future access you don't really want/need.

 

[Matt]

Yeah I can confirm the above. Mate of mine works at Experian and has mentioned this but I've used Credit Expert myself which started charging after x days. No way to cancel online either, you HAVE to phone them.

 

[Karl]

Yea thats the guys. I already cancelled it i sqeek when i walk so i got what i wanted and rang the straight up and cancelled she must have wondered why she got a phone call withing 5 minutes canceling the account :lol: