turned down again

mummytwinton

:mad: :mad: :mad:


just phoned nationwide to see why they turned us down for a new mortgage after being told it was our credit check. so spoke to manager who said she couldn't tell us but in a round about way said it could be due to having too many credit cards with high limits even thou i don' use them it all adds up.

i phoned c&g for a mortgage & got knocked back by them too.

we have a virgin one account at mo which is why i have been using so many 0% credit cards but never again canceling all but one card now & never taking them out again too much trouble.

what is worse is we are only asking for the same amount as we have now not even adding any on

asharon

what if you closed the cards down ? If you have no baklance on them it might sway them.

mummytwinton

we don't have any out standing amounts we had 20k on 2 up to last week which i have cleared now. car loan is now paid so from last week we only have a mortgage but about 5 cards which if we went to the max we could have over 35k on them do you think that is what has happened.


how long should we wait after canceling them all before applying again for a new mortgage?
the rates r going up which doesn't cheer me up as i want to do it now.
also we have asked to see our credit check but have to wait for a code though the post?????

lisyloo

If you still want to pursue it then try to arrange an appointment to discuss this with a person.
It's a case of "computer says no" and you might have better luck with a person.

If you are closing down cards then bear in mind it could take 2-3 months for the company to close them (administratively) and then update the credit report.

Continually getting turned down isn't good either (searches show to other lenders) - so don't re-apply until you know these cards are showing as closed on your credit report.

Ben_Baileys

How many credit cards did you have? I hadn't thought this could affect my chances - bit worried now. I have 5 - but only have outstanding balances on 2 of them.

mummytwinton

we only have 5 all with clear balance on. i took them all out at 0% to clear some from my one account on advice it was the best way to go but now i wish i never had. i think we will have to wait months to get a clear record. both mortgage compaines i have tried have siad give it 6 months before trying again.
great so now i miss out on the low rates all for saving a few £ on 0%never ever again

MortgageMamma

Mummy
firstly, re the cards, equifax and experian will usually be updated within 28 days of the changes/

Re the mortgage, please do not apply anywhere else or you will trash your credit rating. I really think you ought to take some professional advice now.

Kind regards

MM

The_Mortgage_Lady

Hi mummytwinton,

You must be incredibly frustrated...

Getting a copy of your credit file is definately a good next step. My brother in law recently used Equifax.co.uk to get his report, it did cost £14.95 which is quite a lot considering it's your information and you can usually get it for about £2.50 but he was able to see everything online within a couple of minutes.

From this, you will be able to see if they may be something else that is causing your 'rejections'. I find it very hard to believe that you are being rejected because of high credit limits on your credit cards, especially when you have nil balances.

Have you thought about speaking to an independent mortgage advisor, they will have the knowledge to be able to direct you to a lender that will be sympathetic to your particular circumstances...

Hope this helps!

mummytwinton

is it worth calling an independent advisor or should i wait to see what my credit check says

AndrewSmith

I would wait until you get your credit report.

Once you have the information to hand then the advisor will be able to do a more accurate job of recommending an appropriate product and lender to you based on their knowledge and experience in the marketplace, coupled with the information brought to light by the credit search.

Some Advisors have the facility to carry out an experian search for you. I, although don't do it often, have the facility to carry out an Experian search in your living room using my laptop for a cost of £8.95, for example. Many other firms use a similar system. Ask your chosen broker if they have this option available.

Speaking to an advisor without the information to hand will serve no real benefit to you as he may recommend something that is not available to you due to whatever may be on your credit file.

It would also be useful for your chosen broker to see a copy of the application (if you have a paper copy) that was submitted to the Nationwide, this will allow them to see the basis on which their decision was made.

Andy

MortgageMamma

I agree with Andy, this is the best thing to do, but if you are prepared to wait you can actually get your credit report in the post for £2.50 under your statutory rights. Its best to get a report from experian http://www.experian.co.uk and equifax http://www.equifax.co.uk as they are both individual and can hold differing information about you. A lot of lenders will check with both of these but very few with equifax alone, they mostly do experian checks.