Referred Credit Check??

thailand06

I've just been on the phone to YBS applying for a mortgage and they have told me that my credit check has been referred to an underwriter and will make a decision in 48 hours as to whether I qualify for a mortgage - has anyone been in a similar situation..and what was the outcome?

Conrad

A credit file often contains info that needs clarification / further investigation, and this is where a Human underwriter is required.

It could be one of thousands of different reasons, so listing them here would take me weeks!

Whenever you mix computers and personal details there is a chance wires can get crossed. As an example some people show me a utility bill where thier name is perhaps one letter different to that on thier passport, which resulted from some long distant error by the call centre staff at the utility supplier. As I say there are thousands if not millions of different inconsistency permutations.
So all you can do is wait.

thailand06

Thanks Conrad, do I need to allow them the full 48 hours or can I call back tomorrow morning to see whether they have reached a decision? They told me that they would not be calling me, the onus is on me to chase them!

Just one other thing, I checked my credit report with Experian yesterday (out of curiosity) and apparently my credit score is 699 which is "poor".!! This was shocking as a few months ago I had a good rating. They had listed some positive and negative indicators which makes up my rating:

Positive
Listed on the electrol poll
Have never been declared bankrupt
No CCJ's / Defaults

Negative
1 outstanding loan to repay

This is exactly how it read. Im shocked that I've been rated as "poor" because of this 1 loan (I took out part finance on my car, there is £2000 left over 12 months to pay). I have never missed a payment and had no trouble with GE Capital when they did my credit check for the car finance...how could I be out in this category?

RobertoMoir

Credit ratings from these kinds of sites are useful but I wouldn't pay too much attention to the scores as such.