The Credit Crunch affecting me.?

  perpetual motion 12:59 27 Jan 2009
Locked

Last week i belive i posted a thread about the best pc for a grand, Ive got the money at hadn but ive tried to get a Dell XPS 730 on finance, The base unit ONLY cost £2600 with allsorts of nice's like TWO "1" gig Nvidia 880 Gtx's graph cards, Anyway ive got a almost excellent Credit history with NO CcJ's & never been Bankrupt, I have approached a good handfull of companies & applied for credit with them & i can lay down £600 deposit which is more then the 10% they are asking & YET i get refused??

Is this me or whats happening around us..?

  oresome 13:20 27 Jan 2009

I don't know your circumstances, but once you've applied for a loan, it's noted on your credit history. If you're turned down for whatever reason and subsequently apply for similar loans elsewhere, these are also noted and eventually the number of applications you're making will count against you.

  crosstrainer 13:20 27 Jan 2009

Yep, that's why they call it a credit crunch....They just won't lend. Seriously though, that's a lot of dosh for a pc....Thought about building your own? I'll bet:

click here

Would give you an account with credit if you had that much of a deposit.

  interzone55 13:25 27 Jan 2009

I had the same problem when I tried to get a £350 fridge on interest free credit from Currys.

The oddest thing is that Currys use HFC finance, which is owned by HSBC, who also own First Direct, my bank, so they should be fully aware that I'd have no trouble paying the finance.

In the end I slapped it on my credit card (which had only just been issued by my bank) and paid for it when the bill came.

I think that maybe HFC realised that the only time I've ever paid interest on a loan was for my cars, so they wouldn't have made any money from the deal, so they rejected me...

  wids001 13:38 27 Jan 2009

Really!

My son (21) self employed bricklayer who hasn't really worked since before Christmas has just been given a £1000 overdraft by Halifax and a credit card with a £2000 limit!

  The Brigadier 15:46 27 Jan 2009

Have a friend out of work due to ill health who has opened an account with Nationwide and has been given a credit card with £500 overdraft & all the live off per fortnight is £140.

Seems as they had a saver account & always had £100 or more in they were a safe bet!

My friend now does not know what to do with his new found credit!
Credit card now put safely in the draw for safe keeping!

  spuds 00:46 28 Jan 2009

Credit crunch-what credit crunch. I have just had a new television (from a store that I have never used previously), which I wanted on an 'interest free' agreement. Had to open a new credit card account, and it was all done there and then in the store. And I was asked what limit I waited as well.

The same thing as recently applied with my bank, asking if I would like a loan.

There seems to be plenty of money around, and all there for not asking!.

One thing that I noticed a few years ago. Applying for a loan on-line could either receive rejection or acceptance from different lenders, even though the same information was provided. Going to local offices of these companies, could and usually did, meet with different results. As in Little Britain, the computer said No.

  pavvi 09:49 28 Jan 2009

The decision is never given, it just gives the details of the proposed lender and the amount. Because the system doesn't know the outcome, your points score will decrease because it will assume that you may be overstretching yourself. So making multiple applications can affect any decision.

Make sure also when getting a mobile phone contract that the sales staff do not put through a credit check until you are ready to go ahead as if you look at all the networks then you end up with 5 searches done in a very short period of time. The system will assume that you have 5 contracts until these applications expire...

  Quickbeam 10:05 28 Jan 2009

It's the same with office equipment. I got knocked back for the cost of a new phone system, I reckon because I'm transport related, and transport is a very high risk area at the moment. I bought a second hand system from an office closure and that works fine for my current needs.

I think for a year or so we need to operate on the old 'make do and mend' philosophy... even if the government wants us to spend, we need to preserve our cash flows.

The banks certainly don't want to lend any of my money that they got from the government to keep them in business. This may backfire as we may well turn the present generation of 'chuck it and have it new' kids into a 'there's nothing wrong with the old one yet' generation.

  john bunyan 15:07 28 Jan 2009

What annoys me is that if a store offers free credit, someone pays for it. If one assumes the store pays a bank or someone for the credit, why won't they give me - a cash buyer - a discount equal to the fee they pay the finance company? The fact is that people who save up for things before buying (as I was taught to do)are subsidising these so - called free credit deals. Also even a small error in repayment can trigger massive interest charges, so I avoid them.

  Forum Editor 18:06 28 Jan 2009

because - as the others have said - you'll just make things worse.

If you were refused credit there was a reason, but it could be any one of a number, and the only way you're going to find out is to take a look at your credit status. You can do that by paying a fee to companies like Experian or Equifax.

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