refused credit/mortgage, dont knpw why ??

jilliehogan

I have recently moved into a property with my boyfriend. Currently he is on a tracker mortgage. As we are expecting our first baby we decided to put our finances in one place and apply for a joint mortgage with Natwest whilst the rates are good.
Unfortunetly we were declined but told that we could appeal. We were advised to get a copy of our credit reports and to use Equifax.
We both obtained our credit reports and paid to get our credit ratings also. These have been submitted to natwest.
I have had defaults on my file around 10 years ago that quite rightly are now wiped off my report and my credit score is 408 showing good, my partner score is fair.
The mortgage advisor told me that the Natwest search has highlighted that I have 5 defaults so I called Equifax who are puzzled and say that my report is clear and the only thing that they can see are defaults on our current property but under the last occupiers name, Equifax assure me that this should not afffect our morgage application. I have also applyed for a credit card which I also got declined for, I am presuming this is because I have only been at the new address for 2 months ???
Can anyone shed any light on what I can do to find out what the problem is?? I have obtained another report from Experian and this shows no problems either.

danielanthony

Those scores you mention are really bad, so the credit reference agency must tell you why you didn't score higher as there is little mention of any other possibility in you post. Also, how many addresses have you had in the past 3 years? Are you registered to vote at your current address and is this registered with Experian, Equifax and Call Credit?

jilliehogan

Hi Danielanthony, thanks for your post.
We have filled in the electoral application form for our new address but it has not registered on any of the three reports as yet, mortgage advisor says that this shouldn't be a problem??
Each agency seems to have a different scoring system, under the Equifax scale 410 is good, the scoring is different on callcredit and experian, however the scores all show good
Have lived at 3 addresses in last 3 years.

SouthCoast

Advice on credit ratings and scoring can be found here:

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Thrugelmir

Did you approach your boyfriends existing lender for a new mortgage?

danielanthony

I would say that you have little chance of getting a mortgage until the CRA's have you registered to vote at your current address. Also, 3 addresses in the last 3 years wont be looked on in a good light either. I would say (from what i have read on here about credit scoring) that until you're down to two addresses in the last three years and the CRA's have updated your registered voting address then its not worth applying.

Conrad

Jillie

None of us will be able to shed any meaningful illumination. Lenders are VERY risk averse and tend to want only A/B social profiles. Typically these profiles will be in decent jobs, show patterns of stablity etc. Moving home 3 times in 3 years will count against you.

As for the scores by third party agencies such as Equifax, as I keep saying on here, these are virtually meaningless.

Each lender built and operates it's own internal scoring.

As for your adviser telling you not being on the electoral roll won't be an issue - he must be new at the job is all I can say.

All you can do is try some other lenders.
There is apoosibility no one will accept your application in which case you need to improve your score over the comming months.

In a nutshell to do this - behave in the way the most geeky librarian / civil servant type you know behaves. They for example would never miss a single payment by even a day, they would enroll on the voters register, they will treble check every comany thet interact with has thier name spelt correctly and so on.

jilliehogan

thanks for all the advice guys

Jonbvn

Conrad wrote: »

......they will treble check every comany thet interact with has thier name spelt correctly and so on.

I.e. not like the above sentence;);):p