Clean Up Your Credit File BEFORE Applying For Finance

Wednesday, 4. February 2009

My advice when applying for finance is make sure you check your credit file and sort out any errors. If you went through a difficult patch, divorce, redundancy, death in the family etc. and things are fine now make sure that you put that information on your credit file (as explained in my book ‘An Insider Guide To Car Finance’) by entering a Notice of Correction, this also applies if you think that an error has been made. If you do that the finance companies MUST read the notice so you don’t fall into autoscore. Also, today’s big tip is beg borrow or steal to put down a bigger initial rental, Rob the piggy bank or sell your wallpaper on eBay but raise some extra dosh if you have weak credit to reduce the risk. You also reduce your monthly payments which is great for your cash flow. Finally if you have had a problem on your file make some notes and pass them across to the broker, obviously you can’t do this if you are applying online. If the broker is any good he will make sure that he passes your notes to the underwriter and if it’s me add my own notes to support. Remember you may only get the one chance so give yourself the best opportunity. Look, I’m the UK‘s no 1 expert on car finance, I’ve been on Radio 4’s Money Box programme and I am still registered as an expert witness in car finance fraud cases so why on earth would you want to use anyone else to finance a car. Even on the odd occasion when our rates are a little higher than a bucket shop is quoting on the Internet isn’t it worth paying a little extra for the support of the UK’s number 1? OK ’nuff said! By Graham Hill