Credit Check

stuwelly85

Hi,

Just been reading some threads on credit checks, in particular experians. I wont be paying for any more scores, and need to cancel monthly membership.

Was hoping for some guidance, Im 24, looking to buy first house, finished being a student about 2 years ago. I recently got declined a mortgage with Nationwide, and I'm not really sure why, as I thought I'd be fine on a credit check, as Im generally careful with my spending.

I've got 6 accounts (some debit, one credit card, another mobile phone) Registered on electoral role, pay off my only credit card in full monthly, and today had a score of 860, (was 836 last month, I now know I'm a fool for paying to look again!).

In the summary bit, it said it had nothing on me that is going against me?

All my main bank accounts are registered to my parents address, as I was advised to leave them there whilst I was a student jumping from one house to another. I did change address' for my mobile bill, and Experian have two address other than my parents. I currently live in a house and rent off a friend who bought his house about 16 months ago. Should I transfer all billing details to this address?? I'm concerned that this aspect could have caused my be declined, as I can't see anything else?

I appreciate there are other lenders but im looking at a new build with a developers gifted deposit, and there aren't many lenders happy with this scenario. This means a much large deposit required and monthly repayments on an older house.

Sorry for waffling, thanks for any advice thats posted.

Regards

Stu

Andy_Ches

I could just be down to the current climate I'm afraid.

BigTA78

I am in the same position as you. I have a Exp score in the 800s but was turned down for a credit card recently with my bank (Halifax).
I managed to contact the underwritters and they explained that it was because they couldn't confirm my address so they were unsure whether it was a potential fraud.
It turns out that Halifax have my postcode down wrong. So my application said one thing and the Experian report another. Eventually they agreed that on the correct postcode after searching with the Royal Mail and I've been accepted.
The moral is, double check all the information you gave on your application matches that on your credit report. Any mis-match could cause your application to fail.
What's annoying is that I only got a bog standard rejection letter from Halifax with no reason, just a recommendation to contact Experian. If I hadn't have contacted the underwritters to find out exactly why, I wouldn't have found out.

never-in-doubt

these scores are marketing techniques and have no relevance or bearing to what credit (if any) you may or may not get offered.

They should be banned because they are so way off the mark they belong in Mars (maybe even Pluto some days!).....

Each lender applies different marker points to each piece of data. For instance Barclays may want address stability whereas Vanquis may be happy if you have an employer. There is no way to know or predict what each company has set in place as their acceptance markers - its impossible! These scorecards are unique to each lender and therefore the CRA's could never deploy a scorecard to weigh up all the different lenders criteria.

It is a sales tool for those naive people that pay for it!

davethorp

I've said it before and I'll say it again

Bung me a fiver and I'll generate a random number between 1 and 1000 which will be every bit as accurate as the credit scores from the CRAs but 95p cheaper.

In fact as a special one off promotion, I'll do buy one get one free so you'll receive two (possibly different) scores!

sutton111

davethorp wrote: »

I've said it before and I'll say it again

Bung me a fiver and I'll generate a random number between 1 and 1000 which will be every bit as accurate as the credit scores from the CRAs but 95p cheaper.

In fact as a special one off promotion, I'll do buy one get one free so you'll receive two (possibly different) scores!

:rotfl::rotfl:

You should do 3 for 2!!

Moggles_2

BigTA78 wrote: »

I have a Exp score in the 800s but was turned down for a credit card recently with my bank (Halifax). I managed to contact the underwriters and they explained that it was because they couldn't confirm my address so they were unsure whether it was a potential fraud. It turns out that Halifax have my postcode down wrong. So my application said one thing and the Experian report another. The moral is, double check all the information you gave on your application matches that on your credit report. Any mis-match could cause your application to fail. What's annoying is that I only got a bog standard rejection letter from Halifax with no reason, just a recommendation to contact Experian. If I hadn't have contacted the underwriters to find out exactly why, I wouldn't have found out.

Thanks for posting, BigTA

When completing applications, I would make sure your name and current address matches your details as they appear on the electoral register and credit files. Pay particular attention to the way first name(s) as well as surname are recorded. Also a line of your address may be inserted/omitted or the order reversed, where new build, a house name or a block of flats is involved. You'd be surprised how often this happens.

Getting this right obviates the need to produce ID every time you apply for credit facilities.

More importantly, some lenders routinely reject applicants whose ID cannot be verified electronically via the CRAs. An extra line inserted in your address (eg. previously unused house name) can immediately kibosh an application