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  • FIRST POST
    • copper2sulphate
    • By copper2sulphate 10th Oct 17, 12:09 PM
    • 7Posts
    • 0Thanks
    copper2sulphate
    Mortgage rejected despite perfect credit score
    • #1
    • 10th Oct 17, 12:09 PM
    Mortgage rejected despite perfect credit score 10th Oct 17 at 12:09 PM
    LTV 30%
    Bank TSB
    Credit score 999 out of 999

    First reply: rejected due to credit score
    Reply to appeal: rejected due to internal credit score criteria

    What a joke.
    Last edited by copper2sulphate; 10-10-2017 at 12:16 PM.
Page 1
    • zx81
    • By zx81 10th Oct 17, 12:12 PM
    • 13,683 Posts
    • 14,147 Thanks
    zx81
    • #2
    • 10th Oct 17, 12:12 PM
    • #2
    • 10th Oct 17, 12:12 PM
    Your CRA credit score is fictional and meaningless, as you have just found out.

    Lenders don't see it and wouldn't care if they did.

    Review the data on all three of your files and see where any issues may lie.

    Use a broker if you're not sure how to place your application in the right place.
    Last edited by zx81; 10-10-2017 at 12:16 PM.
    • Candyapple
    • By Candyapple 10th Oct 17, 12:14 PM
    • 2,347 Posts
    • 1,778 Thanks
    Candyapple
    • #3
    • 10th Oct 17, 12:14 PM
    • #3
    • 10th Oct 17, 12:14 PM
    Have you checked your other 2 credit reports?

    The free versions to check your credit files are below:
    Experian: www.moneysavingexpert.com/creditclub
    Equifax: www.clearscore.com
    Call Credit: www.noddle.co.uk
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • copper2sulphate
    • By copper2sulphate 10th Oct 17, 12:18 PM
    • 7 Posts
    • 0 Thanks
    copper2sulphate
    • #4
    • 10th Oct 17, 12:18 PM
    • #4
    • 10th Oct 17, 12:18 PM
    Went through a broker, yes.
    Used Experian because that's where they claimed they got their info
    • zx81
    • By zx81 10th Oct 17, 12:23 PM
    • 13,683 Posts
    • 14,147 Thanks
    zx81
    • #5
    • 10th Oct 17, 12:23 PM
    • #5
    • 10th Oct 17, 12:23 PM
    What sort of broker are you using? A real one, or one out of the back of an estate agent?

    In general, what is your credit history like? Do you have adverse history?

    If your broker is any good, they will be looking at alternatives, and understanding why you were declined.

    If they aren't any good, get one who is.
    • DCFC79
    • By DCFC79 10th Oct 17, 12:35 PM
    • 30,122 Posts
    • 19,063 Thanks
    DCFC79
    • #6
    • 10th Oct 17, 12:35 PM
    • #6
    • 10th Oct 17, 12:35 PM
    What sort of broker are you using? A real one, or one out of the back of an estate agent?

    In general, what is your credit history like? Do you have adverse history?

    If your broker is any good, they will be looking at alternatives, and understanding why you were declined.

    If they aren't any good, get one who is.
    Originally posted by zx81
    Can I just ask a question if I may please.

    You ask what kind of broker, is it best to use 1 who isn't out the back of an estate agent ? Whats the benefits of this ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • DCFC79
    • By DCFC79 10th Oct 17, 12:36 PM
    • 30,122 Posts
    • 19,063 Thanks
    DCFC79
    • #7
    • 10th Oct 17, 12:36 PM
    • #7
    • 10th Oct 17, 12:36 PM
    Went through a broker, yes.
    Used Experian because that's where they claimed they got their info
    Originally posted by copper2sulphate
    Even so it wont do any harm to check the other 2 agencies.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Fireflyaway
    • By Fireflyaway 10th Oct 17, 12:41 PM
    • 1,270 Posts
    • 1,288 Thanks
    Fireflyaway
    • #8
    • 10th Oct 17, 12:41 PM
    • #8
    • 10th Oct 17, 12:41 PM
    Find a whole of market lender who should only make an application once they are as satisfied as they can be that you will be accepted. You don't want a series of searches on your file.
    Have you dealt with tsb before? Been overdrawn / missed a payment with them etc? Could it be affordability rather than credit ? Have you actually got a credit history? A family friend of ours who is very wealthy ( net worth in excess of a million) was recently declined a mobile phone contract! He hasn't used credit in years so he had no history for them to base risk on. Try to identify the reason so it doesn't happen again.
    • zx81
    • By zx81 10th Oct 17, 12:44 PM
    • 13,683 Posts
    • 14,147 Thanks
    zx81
    • #9
    • 10th Oct 17, 12:44 PM
    • #9
    • 10th Oct 17, 12:44 PM
    Can I just ask a question if I may please.

    You ask what kind of broker, is it best to use 1 who isn't out the back of an estate agent ? Whats the benefits of this ?
    Originally posted by DCFC79
    The general quality of them tends to be low. They are also often not whole of market - so will only look at certain lenders.

    It's best to get whole of market and preferably also pay a fee in some instances, so that commission doesn't become the determining factor.

    It also means that the estate agent tends to be aware of your borrowing capabilities, which isn't useful if you're trying to negotiate on a house.
    • Candyapple
    • By Candyapple 10th Oct 17, 12:49 PM
    • 2,347 Posts
    • 1,778 Thanks
    Candyapple
    Can I just ask a question if I may please.

    You ask what kind of broker, is it best to use 1 who isn't out the back of an estate agent ? Whats the benefits of this ?
    Originally posted by DCFC79
    Estate agents are often very keen to get you to use their in-house mortgage broker because they may have sales targets to introduce a minimum number of customers to them each month. They also earn a fee if you choose to use the in-house adviser, which is why they can seem pushy.

    Independent mortgage brokers will also likely be able to search whole of market lenders whilst many in-house EA ones are limited to a select few lenders.

    Also don't forget that an independent broker may have more specialist knowledge of where best to place your application (i.e. say you were self-employed, or you had an adverse credit history etc.) or if you were purchasing a new build, an independent broker again would know which lender best to place your application with due to the timelines etc. whereas an in-house EA wouldn't have that knowledge.
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • DCFC79
    • By DCFC79 10th Oct 17, 5:56 PM
    • 30,122 Posts
    • 19,063 Thanks
    DCFC79
    The general quality of them tends to be low. They are also often not whole of market - so will only look at certain lenders.

    It's best to get whole of market and preferably also pay a fee in some instances, so that commission doesn't become the determining factor.

    It also means that the estate agent tends to be aware of your borrowing capabilities, which isn't useful if you're trying to negotiate on a house.
    Originally posted by zx81
    Estate agents are often very keen to get you to use their in-house mortgage broker because they may have sales targets to introduce a minimum number of customers to them each month. They also earn a fee if you choose to use the in-house adviser, which is why they can seem pushy.

    Independent mortgage brokers will also likely be able to search whole of market lenders whilst many in-house EA ones are limited to a select few lenders.

    Also don't forget that an independent broker may have more specialist knowledge of where best to place your application (i.e. say you were self-employed, or you had an adverse credit history etc.) or if you were purchasing a new build, an independent broker again would know which lender best to place your application with due to the timelines etc. whereas an in-house EA wouldn't have that knowledge.
    Originally posted by Candyapple
    Thanks

    Zx81 and Candyapple

    Wondered if that were the case, I shall stick to fully independent brokers.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Thrugelmir
    • By Thrugelmir 10th Oct 17, 6:36 PM
    • 55,554 Posts
    • 48,919 Thanks
    Thrugelmir
    LTV 30%
    Bank TSB
    Credit score 999 out of 999

    First reply: rejected due to credit score
    Reply to appeal: rejected due to internal credit score criteria

    What a joke.
    Originally posted by copper2sulphate
    How much debt do you owe?
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • PeacefulWaters
    • By PeacefulWaters 10th Oct 17, 8:23 PM
    • 6,991 Posts
    • 8,600 Thanks
    PeacefulWaters
    What do you do for a living? How long for?

    Self employed?

    Address stability?

    Poor relationship with lender?

    Stability of income?
    • enthusiasticsaver
    • By enthusiasticsaver 10th Oct 17, 9:34 PM
    • 4,432 Posts
    • 8,245 Thanks
    enthusiasticsaver
    The credit score is meaningless.

    Do you have any defaults or do you have any other debt? If you do what is the credit utilisation percentage?

    How long have you lived at your present address and are you registered on the electoral register?

    How long have you worked for your current employer and how stable is your income? Is the amount you wish to borrow too high for your income?

    All the answers to those questions will be more relevant when any lender looks at mortgage lending. As they all place emphasis on different things this is why a blanket credit score is no good in determining whether or not a mortgage is approved.

    It is probably wise to see what is on your credit report though in case there is something you are unaware of . Noddle is free.
    Countdown to early retirement on 21.12.17 2 months to go.
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