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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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My Credit Report Says I have too much Credit

Hi I have recently done an experian credit report which says I have too much credit, I have 1 missed payment on a credit card from about 3 years ago but other than that nothing bad. I do have 5 credit cards, about 5 catalogues, mortgage, contract mobile phone, sadly I lost my job about 2 years and was relying on payday loan lenders which were always paid back on time. Sadly they seem to do the opposite of what they say on the TV and I now have loads of these all over my credit file, even though they are all paid on time in full.

Posted by Dan Whitaker on


Hi Dan, Thank you for your question and comments. From what you have said i can understand why some lenders may think you are over exposed. Lenders get nervous when you have too much credit as you obviously have to service the debt with monthly payments.
How much do you earn per calender month and what are your outgoings? How much is left over for car finance of we can help you? It'd be a good start to clear all the payday loans on your file as some car finance providers don't like to see these on people's files as it looks as though you're taking out more debt to service your current agreements. Is this the case? Lastly, have you applied for car finance recently and if so who with? Have a good evening. Kind Regards, Edwin

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