Sainsbury's refused me credit?! Why?

Wickedkitten

missk_ensington wrote:

I didn't give his income, I applied as a single person getting a mortgage by myself. There was no way I was getting him involved in my mortgage knowing that he was a financial liability, didn;t wanna run the risk of him trying to take half when I'd stumped up £10k deposit. He had nothing to offer so never even mentioned his name, good job too as we've now split up! I can't understand why they would offer me a mortgage (I was offered by 2-3 places, and refused by none, I ultimately went with the best deal) but then 6 weeks later refused a measly credit card!?

Well if it is a self cert, as long as you have the deposit they usually don't care which is why they are also called Lie to Buy Mortgages, a lot of the ones taken out are being reviewed now however because of the amount of people that are being repossessed after getting one and then it comes out that they have lied about their income to get one then can't afford the repayments, and then in turn are procecuted for obtaining by deception and fraud.

It may just be because of the credit check that was done by whatever mortgage company, and if you've had a couple then they refused you because of that.

MikeLB

I didnt know about insurance either til I got my credit file. Its not the policy that gets linked but if you have done online insurance quotations sometimes they do automatic credit checks, they tend to crop up on your credit file - I was amazed to see 12 searches from More Than when I was looking at various car insurance prices when deciding on a new car!

If it is a typo, then they should be able to change that over the phone. It might be worth asking them to clarify the details on your application with you over the phone first. Once a search is on your file, it cant be removed, it stays on for 6 years. But it wont show up as credit refused on your file, just as another search. You can have notes added to your file for example if there are parts you disagree with or have reasons for.

Edinburghlass_2

As I understood your posts re your mortgage application you were ecomical with the truth to get the mortgage you wanted so perhaps the cc company actually worked out you couldn't afford the cc with the mortgage that you have

missk_ensington

Ah right, Ive never requested my file before but think its worth £2 of anyone's money! Wickedkitten- People who do that must be nuts, surely anyone who had falsely inflated their income would make bloody sure they had their repayments every month. Even if I lost my job and went on income support and had nothing, Id sooner not pay my gas/elec/water/TV and be a hermit, and use my £400 a month benefits to pay the mortgage!!

Surely they would only check you out if you'd defaulted, if you're going along quite happily paying every month and you have equity in the house I can't see them being bothered, at the end of the day bank never lose! It makes me sick I pay then £381 a month in pure interest!

missk_ensington

I've never seen a credit report so I dont know how specific they are: does it list my income for all to see as I'd put it on my mortgage application?? I can afford the CC I have about £1400 a month coming in and my mortgage on Interest Only is £381, and Im now council tax exempt (thank you Students Board!) I'll be skint until October, but thats only cos my ex fleeced me out of the childcare grant and I now have to pay £110 a week from my own pocket, claiming none of it back. I hate men! lol

Edinburghlass_2

missk_ensington wrote:

I've never seen a credit report so I dont know how specific they are: does it list my income for all to see as I'd put it on my mortgage application?? I can afford the CC I have about £1400 a month coming in and my mortgage on Interest Only is £381, and Im now council tax exempt (thank you Students Board!) I'll be skint until October, but thats only cos my ex fleeced me out of the childcare grant and I now have to pay £110 a week from my own pocket, claiming none of it back. I hate men! lol

According to previous posts again, you used your Childcare grant to make your deposit on your house so I hardly think he fleeced you out of it?

Wickedkitten

missk_ensington wrote:

Ah right, Ive never requested my file before but think its worth £2 of anyone's money! Wickedkitten- People who do that must be nuts, surely anyone who had falsely inflated their income would make bloody sure they had their repayments every month. Even if I lost my job and went on income support and had nothing, Id sooner not pay my gas/elec/water/TV and be a hermit, and use my £400 a month benefits to pay the mortgage!!

Surely they would only check you out if you'd defaulted, if you're going along quite happily paying every month and you have equity in the house I can't see them being bothered, at the end of the day bank never lose! It makes me sick I pay then £381 a month in pure interest!

It's not the banks that are investigating them, its the FSA.

missk_ensington

FSA???

Edinburghlass- Yes, and why was that?!?! Because he told me hand on heart, swearing on my sons life that if I used that grant he would pay the nursery every week. We all make mistakes in trusting a man.

Wickedkitten

missk_ensington wrote:

FSA???

Edinburghlass- Yes, and why was that?!?! Because he told me hand on heart, swearing on my sons life that if I used that grant he would pay the nursery every week. We all make mistakes in trusting a man.

Financial Services Authority, basically the organisation that regulates the banking industry. Apparently only 1% of all mortgages are self certification so mainly its just a matter of asking most people that have taken them out to send in an accountants certificate proving their income, or something that gives their total earnings to make sure that they match up with or exceeds the amount that they gave on the mortgage application.

missk_ensington

Yeah but isn't the whole point of self-certification to give people who earn cash and don't declare it a way of getting a mortgage?? (Obviously I'm not suggesting thats the official reasoning, but its common knowledge that it's a get out clause for tradesman earning hundreds in cash to get a mortgage, cos the banks realised there was a whole market out there that hadn't been tapped into. They're now onto doing mortgages for Muslims who don't pay interest in a roundabout way, where actually they do pay interest but re-name it rent and its okay again)

Surely requesting accounts for a mortgage you have obtained in a certain way because you didn't have any accounts is to some degree a contradiction?? If people had accounts all along they wouldn't ever have needed a self-cert?!?!