please help! credit rating pain!

Iain99

Myself and my girlfriend are looking to get a house together and we have found one we like and have been to see a broker about setting up a mortgage. We have found a five year fixed rate with the Coventry Building Society that sounds like the ideal mortgage to us (the house we are looking to buy is in coventry), and we have both had our credit reports done and scores came through as both of us having 999 excellent scores however the Coventry wont entertain us for a mortgage because 13 months ago i had two late payments on my credit card of £26 and £32. I also was not on the electoral role for one year. Is this normal for lenders to be this strict. I am on the electoral role now and havent missed a credit card payment in 13 months. Is there a way of wiping those blemishes from my history?? On the report it says they will show for 36 months! I really hope we dont have to wait that long. We have looked at another lender the woolwich who came back to us with the same reason of my two late payments for not giving us a mortgage...If any one can help id much appreciate it!

_Andy_

You can't wipe the information,its a factual report of how you've conducted credit agreements. If people could wipe missed payments there would be no point in credit files.

Pammy

Yeah they are that strict in the current climate. I have been looking at lenders criteria and many won't accept ANY missed payments in the last 12 months. But many do. Some for example will state no more than 2 late payments.

I'm not sure if there is a process for you to appeal the decision and explain the circumstances, maybe someone can advise.

Btw thanks for this topic. I almost forgot to pay my phone bill and this reminded me.

benjo

You can get the items removed from your credit file - if they are factually incorrect and you are able to prove that. If they are factually correct, then you cannot remove them, since lenders have the right to know who is likely to pay them back and who isnt.

I would stop applying for random mortgages at this moment in time, since the more searches you have on your credit file the worse your score will get, take a deep breath and step away from it....then find a good, whole of market mortgage broker - not one attached to a bank/building society and take your credit files to them, that is your best bet at the moment.

Alternatively, wait until your credit file is squeeky clean and reapply - you will get a better interest rate with a clean credit file.

Either way, goodluck.

Iain99

many thanks for all your posts it has been very helpful, we are seeing a whole of the market broker at the minute so fingers crossed we will get a decent rate and I will definitly question one of the late payments with the credit card company. Thanks again!

JEWISHPRINCESS

This goes to show how useless and inacurate these "credit scores" the CRS's are selling really are. How can you have a perfect credit score of 999 if you have 2 late payments? I have no late payments, no ccj's, infact no adverse information on my file at all yet I received a poor score of 580 and was accepted for a mortgage. with HBOS.

I definately think you will be able to get a mortgage Iain so try not to worry too much. Goodluck.

Pammy

Iain99 wrote: »

many thanks for all your posts it has been very helpful, we are seeing a whole of the market broker at the minute so fingers crossed we will get a decent rate and I will definitly question one of the late payments with the credit card company. Thanks again!

Iain could you post the outcome of this, it would be great to know what happens. So many people post a question but its the outcome that is also helpful to many of us in a similar situation.

Best of luck

speedbird1973

JEWISHPRINCESS wrote: »

This goes to show how useless and inacurate these "credit scores" the CRS's are selling really are. How can you have a perfect credit score of 999 if you have 2 late payments? I have no late payments, no ccj's, infact no adverse information on my file at all yet I received a poor score of 580 and was accepted for a mortgage. with HBOS.

I definately think you will be able to get a mortgage Iain so try not to worry too much. Goodluck.

2 late payments in 12 months is REALLY picky! A good broker will point you to an equally good product that isn't so fussy I'm sure. 2 missed payments would be a different kettle of fish!

TEDDYRUKSPIN

Late / missed payments stay on your file for 6 years.

Lenders are more strict now.