HSBC to share credit records...

ti1980 wrote:

http://money.guardian.co.uk/creditanddebt/story/0,1456,1536174,00.html

Some people will little credit history will be pretty pleased but it might affect some stoozing activity.

Oh S!!T!

This causes me a major problem :mad: just applied for a new mortage (posted off yesterday :mad: ) and we didn't note on it the lovely loan my husband has had for last 2 years with First Direct (part of HSBC) or the fact that it has another 3 years to run :mad: Well, they have never registered anything on the credit reference sheets, not our loan, his or my First Direct Gold Credit Cards nor any 'wee' overdraft we may have ever had.....

Sweating buckets now! :mad: :mad: :mad:

Just phoned him at work and read out the Guardian Article to him, he's sweating buckets now :mad:

He says to say, if asked...I didn't know he had it! Yeah right LOL

This was a good day...now it's gone totally haywire! :mad: :mad:

Rafter wrote:

Ember,

Probably won't change quick enough to impact your application.

You are technically lying on an application form - do you really need to?

R.

No, not at all.....it was a stupid thing to miss off. We are wanting to borrow £15,000 less than the property is worth. We both have A+++ credit ratings and me personally am one of the few who score the full 1000 on Credit Experts own 'internal' scoring....never been refused credit, nor ever defaulted.

If the records for HSBC are introduced from 1st August, and it will be another 7 weeks until our purchase is finalised, are you sure it won't be a problem?

With our income and credit rating being so good, I can't see them turning us down on this issue, but, I suppose (well...actually) we did miss something off the form.

The reason was this: 4 colums to list outstanding loans/credit cards etc....As we use 4 credit cards regularly, with current small balances that are paid off every month, and these are listed on credit records, we thought it was more important to list those than a loan that wouldn't even show up in their credit searches.

We did have a decision in principal prior to our offer on property being accepted and they did do a credit search for that. However, I have been told that they usually do another credit search just prior to releasing funds for the mortgage.

Are we going to have a problem??? Stressed to the limits here! :eek:

Rafter wrote:

I'm sure you will be fine - if they query it, say it is an oversight and also demonstrate that your cards are all paid in full.

They would only make an issue of it if you were applying for a 100% mortgage and had a poorer credit rating I guess.

Don't loose any sleep over it - I'm sure you will be absolutely fine.

R.

Thank You for responding Rafter....sat here stressed to the limits, he's even coming home from work early as he is so worried :eek:

Don't want to get in bother and also, we are tied into a contract to purchase as it's a Scottish property...my dream home so I DON'T WANT TO LOSE IT :eek:

Are you sure I have nothing to worry about?

Starting to calm down...hysteria was setting in I think....poor husband has to come home to me this afternoon LOL :eek: