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  • FIRST POST
    • phantom177
    • By phantom177 14th Sep 17, 5:56 PM
    • 12Posts
    • 1Thanks
    phantom177
    credit rating
    • #1
    • 14th Sep 17, 5:56 PM
    credit rating 14th Sep 17 at 5:56 PM
    hi my son and wife tried for a mortgage and where declined as there credit rating was low and they needed 15% deposit which they havent got they where told because they hadn't had a loan on a credit card and repaid itthat is why they needed 15% deposit!
    but if they had multiple loans with a credit union and repaid them all would this improve there chances
Page 1
    • kingstreet
    • By kingstreet 14th Sep 17, 6:22 PM
    • 31,938 Posts
    • 17,069 Thanks
    kingstreet
    • #2
    • 14th Sep 17, 6:22 PM
    • #2
    • 14th Sep 17, 6:22 PM
    Lenders source data from one or more of the credit reference agencies (CRAs) - Equifax, Experian, or Call Credit.

    For the mortgage lender to see account conduct and use it to help their credit worthiness, the provider of their credit has to feed data back to the CRA in question.

    If they apply to a mortgage lender which takes data from CRA 1 and their credit provider feeds data only to CRA 2 or 3, the data will not be visible. Same if the credit provider doesn't feed data to any of the CRAs which is possible with a Credit Union.

    They need to get advice from an independent mortgage broker, possibly about sourcing from a non-credit scoring lender where a human being makes the decisions.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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