Finance declined? How?

[Speedking]

I dont understand how this finance keeps getting declined. I have cash here to buy the machine but wanted to use the finance option and then clear it off on the 11 month rather than using funds upfront.

I have a credit rating of 999 I have hardly any lending and have had loans in the past that are cleared, have always been accepted.

I really cant understand whats going on here with this finance group I tried around 6 months ago and it was the exact same thing?

 

[keynes]

It depends on a case by case basis and different lenders use different methods of assessing your credit ratings, even if you have a good credit record with Expedia for instance it may not worh anything with hitachi. You could try using a credit card instead with 0% interest in purchases

 

[steaky360]

As Keynes has said, every company has their own criteria for lending. I guess it is odd if one of the credit report agencies suggest you have a perfect credit score but again it might not be the same score that a different credit reference agency would give you (which Hitachi might use!).

I'd suggest if you've not had any credit recently (or have a lot of unused credit - i.e. credit cards with large available balances) that might be the reason why but I'm just speculating.

 

[SmokeDarKnight]

Yeah like the chaps say above its on case by case, i too have an excellent credit rating but have been denied finance from them, in fact i have been denied then bought a car the next week and got accepted.

Once strange thing i did notice with them is that when i applied the credit check didn't even show up on my Experian Credit Check Website thing that monitors your credit for you. This made me think that a variation of my address was flagging, some people use my house name as a Street address and others use it for a house name for example. I live on a farm so weird addressing.

Same with Tesco, i had a lot of problems getting a club card because when called it said my address didn't exist.

Finally even having great credit a credit provider still has a responsibility to provide a reasonable lending service. If the above wasn't true in either of our cases the credit company must have felt we had too much outstanding credits or they might feel that we would struggle with payments. They do this for our own protection, lending money id a dangerous thing if gone unchecked.

My advise would be to give them a call, they said they couldn't tell me anything over the phone but my application hade been declined and they would send out a letter with more information. Never received a letter.

More useful advise would be to sign up to experia to check that there isn't anything outstanding on your account that you are not aware of. Pretty sure they give you a month free trial but if you know your credit score is 999 already then perhaps you already use one.

Advise on most sites is that if you get denied don't repeat applications because each search will leave a trace on your score and take your score down a bit.

You may just have to use the cash or a credit card i guess.

 

[keynes]

Pretty sure they give you a month free trial but if you know your credit score is 999 already then perhaps you already use one.

The thing with experian is that the 999 rating seems very subjective and not always a good reflection of credit rating. They are just guide scores based on what credit rating agencies have and different lenders use different methods. I was once refused a loan and I wrote to the lender provider explaining my situation and providing further information, they came back to me accepting my previous application.

 

[ricbai]

In the UK, there are 3 main credit reference agencies: Experian, Callcredit and Equifax : not all companies use all three, so it's worth getting your statutory credit report from all of them occasionally (it's about £2 per agency: see MoneySavingExpert for the cheapest way and avoid the "rip-offs" packages offered by the agencies themselves): however, it does appear that Hitatchi use Experian (but you'll need to check with them directly to be sure).

Just remember that any application of credit takes into account many factors (not just the "credit reference information" - the "score" Experian offer you isn't [as far as I know] exposed to the lenders in anyway - it's just a way for Experian to convince you to pay you money: the lenders are more interested in how long you've been at an address, credit history with other lenders, linked associates and their credit history [wife previously bankrupted? a couple of people at your address in arrears? - you'll probably be big risk]), you income vs the item you are buying, the ability for the lenders to get their money back if you fail to pay (car? easy to repossess, reasonably high resell value, quite easy to track via DVLA and should be insured anyway - PC: not so much) - it might just be down to a spelling error on your application, the electoral roll or some other reasons - if you ask Hitatchi, they should be able to provide a lot more information.

Why hasn't it shown up on your credit record as a search yet? Well, it can take a few days - but sometimes lenders initially use what is called a "soft search" which just checks your address details, rough history etc etc - if they then decide that, yes they are going to lend to you, then they will do a "hard search" (for further information and to register the fact that they are becoming a lender to you) which will leave a footprint on your record. Some lenders go straight to the "hard search" to save time/money, but it means a lot of applications in a short period of time will leave many "applied for credit" footprints which may make other lenders (even the same lender) nervous ("why do they want so much credit in such a short time? are they buying stuff, selling it and then leaving the country with our money?").

Hope it helps - I'm not a credit expert or financial adviser, but that's just stuff I've picked up over the years.

 

[Speedking]

Doesnt many any sense, im a financial advisor , credit rating is perfectly fine this is one thing i know for a fact, cant seem to understand whats with hitachi.

 

[keynes]

Doesnt many any sense, im a financial advisor , credit rating is perfectly fine this is one thing i know for a fact, cant seem to understand whats with hitachi.

If they decline you it is for a reason, it could also be a mistake when entering your details. Hitachi initially declined my application because I entered only one of 2 surnames.a
But to not speculate it would be better to contact hitachi directly for them to explain their decision.

 

[mantadog]

Doesnt many any sense, im a financial advisor , credit rating is perfectly fine this is one thing i know for a fact, cant seem to understand whats with hitachi.

Sometime if you don't have much history it can be difficult to get credit. What about other people you live with? How long have you been at your current address? If your in finance yourself you will know 1000 things can go wrong with an application, so as other say it might be worth double checking.

 

[Boozad]

cant seem to understand whats with hitachi.

Ask on the Hitachi forums.

 

[Ash]

Hitachi do seem to be very strict with their tests. I know people with absolutely perfect credit histories be rejected by Hitachi. Shame PCS use them as there are much better options available.

 

[keynes]

Hitachi do seem to be very strict with their tests. I know people with absolutely perfect credit histories be rejected by Hitachi. Shame PCS use them as there are much better options available.

I found hitachi great, don't think there are many providers that offer 0% interest if you clear the full amount for computers purchases or at least I can't find another one. Customer service always reply promptly and clearing my balance online after 11 months as well as applying for the credit agreement took minutes.

 

[Pleb]

I used Hitachi to buy my desktop from PCS. It wasn't cheap and my credit rating is pretty much non-existent. So I don't know how they decide. Maybe they roll a dice?

 

[Androcles]

In my experience Hitachi give pretty much anyone credit (up to a couple of thousand) as long as they haven't got a horrendously bad credit rating, i think that those that have been turned down are probably either a huge credit risk or may have entered some details incorrectly, invalidating the application.

 

[SmokeDarKnight]

In my experience Hitachi give pretty much anyone credit (up to a couple of thousand) as long as they haven't got a horrendously bad credit rating, i think that those that have been turned down are probably either a huge credit risk or may have entered some details incorrectly, invalidating the application.

Yeah i'd agree with that, i applied a year ago and mine never showed up on my report so i guess i put my address in wrong. Or not as its shown on there database.

 

[thedude182]

i also got declined a few days ago, and they charged me the 184 pounds, its been 5 days and i haven`t received my money back, what should i do ? who should i contact hitachi or pcs?

 

[keynes]

i also got declined a few days ago, and they charged me the 184 pounds, its been 5 days and i haven`t received my money back, what should i do ? who should i contact hitachi or pcs?

Has it been 5 working days? I would suggest emailing PCS

 

[mantadog]

i also got declined a few days ago, and they charged me the 184 pounds, its been 5 days and i haven`t received my money back, what should i do ? who should i contact hitachi or pcs?

Has it been 5 working days?

Sometimes it takes an extra day or two to show in your bank by the time the bank processes it etc.