Poor credit score - credit applications only

gracie1

Hi all!

I'd love some help on this if you can.

My situation is this:

1. I had been going for an keyworker equity share loan to buy a house. At the time of applying for it I had to apply for the mortgage at the same time. I have since found out that funding has run out so I won't be using this scheme or the Nationwide mortgage I applied for.

2. In the last week I applied for a current account and a credit card to get some 0% credit deals.

3. I have since found a house I think I can buy without the keyworker scheme.

4. Having been turned down for the credit card I checked my credit score with Experian.

This is where the panic attack starts...

My credit score is in the "Poor" category. Experian/credit expert says that this is simply because of my three credit applications in the last three months. It says that everything else in my report is positive.

Given this score I'm realy worried that I won't get the mortgage on the new house I want to buy.

Would a letter to the mortgage company explaining that the three credit applications don't accurately reflect my risk hold any sway do you think?

Any advice would be incredibly welcome

Thank you!

Shakethedisease

I wouldn't have thought 3 searches in 3 months would put you in the 'poor' category straight off. I've got a 3 year old ccj on mine and mine is coming up as 'fair' in Experian.

Is there nothing else on it at all. Any loans, arrears or defaults/missed payments in previous years ? Are you on the electoral role ? Or perhaps you've never had credit at all before ?

Other than that, I'm not quite sure why 3 searches would affect you so badly.

gracie1

Thanks for your reply. When I click on the "factors affecting you score" link it comes up with this - only indicating credit apps as a problem! Weird hey? Seems that this is the only issue - so do people think a letter to the mortgage co. would have any impact?

...or am I missing something?!


Factors that are having a positive effect on your score

• You make all your repayments on time and in full - no accounts have been paid late in the past six months
• You are on the electoral roll (registered to vote) at your current address
• The outstanding balance on your credit accounts (excluding your mortgage) is low
• You don't have any county court judgments and you have not been declared bankrupt in the last six years

Factors that are having a negative effect on your score

• You have made three or more applications for credit in the past six months

naijapower

This whole credit score business is rubbish and meaningless. Not worth paying for as it is conflicting.
Think it is about time someone makes a formal complaint to Experian for taking our £5.95 and feeding us with rubbish

gracie1

So, naijpower, you think they're meaningless because they're not accurate or because they're not used by the people lending money?

If mortgage lenders use them then unfortunately they're very meaningful to me!

I love to believe it's the latter!