Jessops Refused me Finance :(

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andiphoto

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yesterday i tried to get a D90 and D5000 on finance from jessops for them to turn me down.

In the last year ive managed to get a Car and Settee on finance.. why cant i get a camera :(
 
II hate to sound harsh - but you don't actually have a right to borrow money - its the finance companies yes or no at the end of the day.

That you've bought a car and a sofa on finance recently may well be counting against you
 
perhaps you have a poor credit rating, made any late payments on credit cards recently?
 
lol, Jessops finance refuses a lot of people. We never expected it to go through whenever a customer came in! It's like the card machines in our shop. They used to decline the card even when there wasn't a reason!
 
I think it's fair to say, credit is a lot harder to get these days. If I were you I'd try and get a credit card with low or even zero interest for 12 months. But wait 3 months before you try, too many requests for credit, in a short time, normally means automatic refusal.
 
Ive got a 10k car on finance, 5k loan with the bank, overdraft, 2 mobile contracts (dont ask) and I got refused for a £250 topman store card!!

Im quite glad I did now but at the time I was rather annoyed as in thoery it doesnt make sense....my credit history is good....never missed a payment....weird
 
Jessops finance refused me too when I tried to buy a D700. I think because we'd had a lot of changes of address.

I just bought it outright i a few weeks later from Warehouse Express instead.
 
It may be that upon credit scoring the recent purchases have gone against you, also will depend on what credit scoring company they use, some seem to have tightened up over the last 18 months. Sometimes better to either save and then try a bit of haggling or using a new credit card with 0% on purchases for 9 months.
 
I have to say, I found Jessops finance brilliant - Never got refused, and used it for 4 different purchases. Back end of last year I had 2 running together - I've always paid them before the interest free credit finishes and never missed a payment.

I think I must have a good credit rating, haven't moved in 10 years, no late finance and only ever 1 credit card showing any balance.
 
noneforit said:
Ive got a 10k car on finance, 5k loan with the bank, overdraft, 2 mobile contracts (dont ask) and I got refused for a £250 topman store card!!

Im quite glad I did now but at the time I was rather annoyed as in thoery it doesnt make sense....my credit history is good....never missed a payment....weird
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It can sometimes be worse having a squeaky clean credit history. If you clear you CC balance in full every month, they're never going to make any money out of you, so it's cheaper just to decline your application.
 
Jim.R said:
It can sometimes be worse having a squeaky clean credit history. If you clear you CC balance in full every month, they're never going to make any money out of you, so it's cheaper just to decline your application.
Click to expand...

can't agree with that. I've had credit for 13 years and never missed a single payment, never paid any interest and not been refused credit once.
 
Just got refused by Vodafone for a N900..
Squeaky clean credit history,Credit cards/overdraft etc all fine..
They even gave me a contract blackberry in Jan only to refuse me now... wtf :D
 
noneforit said:
Ive got a 10k car on finance, 5k loan with the bank, overdraft, 2 mobile contracts (dont ask) and I got refused for a £250 topman store card!!

Im quite glad I did now but at the time I was rather annoyed as in thoery it doesnt make sense....my credit history is good....never missed a payment....weird
Click to expand...

that's a blessing in disguise!! :lol:
 
joescrivens said:
can't agree with that. I've had credit for 13 years and never missed a single payment, never paid any interest and not been refused credit once.
Click to expand...

It's most common when applying for credit and (especially) store cards (hence saying it after the poster mentioned being declined a Topman card).
Obviously with things like loans, car finance and mobile contracts, never missing a payment and always clearing your balance are seen as good things :D
Remember, the CC companies want you to leave money on the card each month so you can pay them huge amounts of interest on it. If you never pay that, it costs them more to run your account than they make from you in transaction charges (what they charge the retailer when you use your card).
 
Lots of things affect your Credit score so dont assume that just because you pay your bills you have a high score. If you shopped around for your car or sofa, each time they check to see if you are suitable counts as a credit check. More than 3 checks in 6 months lowers your score automatically. you have a limit of finance per month too, which experian etc work out how much you can afford to repay. your best bet is to follow Harvey Nikons advice. Register for the experian credit check, find out what the problem is and get it rectified.

Not being on the electoral role is one of the biggest cripplers if you believe to have a good credit score and get turned down for credit. Mine went up by 300 when I realised I wasnt on it.
 
Jim.R said:
It can sometimes be worse having a squeaky clean credit history. If you clear you CC balance in full every month, they're never going to make any money out of you, so it's cheaper just to decline your application.
Click to expand...

Sorry pal, I disagree with that. It shows you can manage your finance well. They make money out of you by charging you an admin/arrangement fee. Finance companies will have an arrangement with the shop too and earn that way.

living off your credit card throughout the month then paying it off at the end before the interest is due is what CC's were invented for and is a brilliant way to gain credit. They work out how easy your debit would be paid back if it was all recalled (which most finance is subject to) which also affects your score
 
I went into a Vodafone shop to buy a very basic PAYG mobile with a 30 day Freedom package (total cost £10). When I tried to pay for it with CASH, I was told they had to do a credit check and they would ONLY accept direct debit as a payment because it was viewed as a contract (even though it was only a 30 day contract). Their credit check turned me down and they refused to sell me the phone.

I later found out that I was turned down because I had moved house recently and the electoral roll hadn't been updated. But it comes to something when a high street shop refuses to accept cash. Is that even legal??
 
Credit companies also make decisions based on the finance you already have. Wether you are good at paying or not. For example if your already paying out £500 per month on finance and you only have an income of say £1000 and your supporting a family. Probably wouldn't be a good idea to give you more finance as they would just end up not getting paid and chasing a debt.

This wasn't a problem back in the day and that is exactly how we got where we are now.
 
Jim.R said:
It's most common when applying for credit and (especially) store cards (hence saying it after the poster mentioned being declined a Topman card).
Obviously with things like loans, car finance and mobile contracts, never missing a payment and always clearing your balance are seen as good things :D
Click to expand...

cross posted so I retract my statement lol
 
most applications are just credit scored, points are awarded for:

Time at address
In work/type of work
Method of payment
Age
married/single
homeowner vs rented
etc

any CCJ's or late payments will often override an otherwise successful application
 
If you don't fit their profile of what they would like a customer to be then they'll declin you regardless of credit score. I remember reading Barclaycard turned away 60% of appllicants, just cause they didn't fit
 
I got refused credit (which I didn't really need, but it was free for x-months) for some camera stuff and when I enquired why it seemed to be because my CCs are still in my single name, the Council Tax/register thingy was in my married name and so "i" didn't live at the address I'd given. Had to correct that and then it was fine. Odd, never had a problem with credit card applications - they're obviously less picky (or were).
 
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