Experian...does all banks, building society use this?

malima

Hi, i have just checked my credit report, and i got an excellent score, so why did i get refused a higher mortgage?
TIA
malima

---lee---

Crytal ball time? Obvious questions would be how much is the house worth, how much equity you have etc. Also, what do you mean by higher mortgage - a second mortgage - a remortgage for a higher amount?

No banks or building societies use any of the CRA's scores. They use the data provided by the CRA's (what credit accounts you hold and how you operate them) to calculate their own score. They also use information that they hold about you (if for example you have a current account with them already). Each use their own criterin known only to themselfs.

If an application is refused as a result of adverse information held by a CRA, the bank/building society should tell you this.

Mortgage_Help_4

It could be that you did not match their criteria and have nothing to do with your credit score, i.e. you may have passed the credit score but failed their affordability calculator which you can usually check on line via the lender's website. Check your affordability with the lenders website as it takes 5 mintues at most and also if your credit report that you have access to shows any late payments for cards or loans over the last 3 years then most lenders are being picky with these things as wll. Some clients fail the credit score if they have made 2 late payments to any account within the last 2 years. Show your credit report to an independent or whole of market mortgage broker and they should be able to advise you better.