credit score and finance Started by: Claire

if ur credit rating is not as good as they want it there ask if u have someone that can gaurentee you x but its usually fairly easy to get finance ur credit rating does not need to be as good as it does for a personal loan x

him being a guarntor just means his agreaing to make payments if for some reason u default on a payment they will take it from him instead so u need to make sure you dont default lol, it dont tend to effect there raiting, and obv if you get the finance even with him on there as a gaurentor then it improves your raiting even more so long as you dont default a payment and u make all on time x

if its in your name and his just a gaurntor i dont think it effects his rating although im not 100% sure but if you default ur payments i dont think that will lower his rating as they would use his ddetails to cover missing payments so in therory that would boost his rating more!, but when i looked into the finance it was going to be 500 deposit and monthly payments of 135 ish so if u say you can pay it of at a higher amount they will love you and hopefully go out of there way to give you the finance x

there try it first in just your name i think unless there sure you cant do it with out a gaurtntour but unless your under 18 or dont have a regular wage or earn usually around 10 grand a year maybe 12 then there should not be a problem doing it in your own name without gaurentour, and if you can put a bigger deposit down then u have to borrow less but they like 500 deposit to confirm the op date however a few people i know did actually even do 500 deposit from there finance total aswell

i dont think finance being refused lowers it as it works slightly differently to loans (even though its a loan in a way lol) they will ask you details and if they think it wont go through on ur own details they will ask for a gaurntour or if someone can do it for you x

most the time they just look for someone who has a regular wage for finance to be honnest x

Hi Girls, I applied for MYA Finance and initially got declined, I was absolutely gutted! I basically don’t have a credit score because I’ve never had a credit card and I have missed a couple of phone bills in the past. (I have also been declined for a credit card, i know what the viscous cycle feels like) I didn’t have anyone in my family willing to be a guarantor so I thought that was that……
I then spoke with Wanda at the Birmingham clinic about it and she suggested I sent the finance company (121 finance) my last 3 months bank statements to prove that I could afford to pay them off every month….. I did this, highlighting my income and my essential outgoings and I GOT APPROVED – the next day!! Basically your application is sent to a human being rather than an automated robot system to consider whether you can afford it. Their job title is ‘loan underwriters’ if you google this is gives you more information!
Hope this helps! xxxx

1) £500 deposit (To MYA)

2) £325 first months (Post Op) payment to cover all the 121 document fees

3) £160 a month for 3 years!

I am borrowing £3,950 from them so its so expensive – its 15% interest per annum and 33.39% APR.

You can pay it off early as you like so that it doesn’t cost you as much, I plan to throw my summer bonus at it and hopefully get it down to a 2 years. The repayments were something like £270 a month if you go for 2 years which I cant afford!

Hope that makes sense!

Charlie