Cant Get a Mortgage

cantgetamortgage

Please Help!

I have recently applied for a mortgage to fail on credit score. This made me research and become aware of my credit score and the credit scoring process.
I currently rate as 'poor' on experian.
Reasons given for this are:

• Using a high percentage of my available credit (which refers to my only credit card)
• several credit agreements (assume refers to my 3 bank accounts + credit card + mobile phone)
• 2 late payments in the last 3 months (refers to 2 late payment flags on one of my bank accounts refering to an overdaft facility)

The high percentage of available credit in use is fine, I can fix that immediately by paying off some of the credit card. Anyone any idea what would be considered not to be high percentage???

Several credit agreements, how much is too much? I have 2 bank accounts + 1 joint + credit card + mobile phone, so 5 in total, doesn't seem much to me???

I am currently chasing up the late payments with bank as not sure how you can make late payments on an overdraft, and also, I recently cleared the overdraft.

My main question is, is their any hope of getting a mortgage in the next 4 weeks and from who???

Like I say by the time the credit file next updates I can clear a chunk off the credit card, but how well this will effect the score I don't know?
I am chasing up with the bank the late payment markers but is their any hope of having these removed?
And if I can't get them removed is that going to scupper my plans to get a mortgage this month?

The advice with bad credit scores seems to be fix it over a 6 month period but I don't have that long, I really need to do everything I can in the next 4 weeks or otherwise it makes no difference. So any guidance/advice you can give would be greatly appreciated.

VIGILANT22

How can you have a late payment on an authorised overdraft?...

cantgetamortgage

Thanks for the backup. Those are my thoughts exactly. I don't know if you've ever viewed your credit report but I have a lot of green coloured 0s on all my accounts which show the account is up to date/payments made on time etc. On the overdraft account though I have an orange coloured no.1 for this month and the month before last. According to the key on experian this either means, payments have been made late or I have exceeded my overdraft. Now I 100% certainly haven't exceeded my overdraft limit, which by the way is agreed and shows on my bank statement (but as a point of interest does not show on the credit report???), and being an overdraft, I have no payment date like my credit card. Now the month in between the 2 1s where the 0 is I paid off quite a large sum and also I have this month, (but the credit report has not been updated to reflect this yet).

So you think I have a case against these late payment flags?

cantgetamortgage

The main purpose of this thread was for me to hopefully get as much advise as possible as to how to get a mortgage in the next 4 weeks considering the circumstances outlined. Any help is appreciated! If you require clarification on any of the points I have mentioned please ask, I want to get this sorted out as soon as possible, so anyhting I can do to help you to help me, I am eager and willing.
Thanks!

VIGILANT22

Make an appt with yr bank and take yr credit report with you to get matters clarified......if you say you're considering applying for a mortgage they may become "very helpful."...however don't commit yourself to them....wait until you receive a positive outcome and then go and see a whole of market adviser....don't let the bank credit score you

cantgetamortgage

They told me it is because I did not make payment into the account within 30 days which is in the terms and conditions and there is nothing can be done to change it.

Is this true, is their no way I can have this removed from my credit file?

cantgetamortgage

Hi,
I have checked my credit report today and my score has improved to 'Fair' up from 'poor' and not far off 'good'.
However I should note that I am yet to have success in having the late payments removed so I still have 2 of those in the last 6 months. However they have updated my file to show this account is now cleared and up to date.
So I am thinking of having one last shot at getting a mortgage. I should note that I am going in for shared ownership so the lenders that seem to do this are Halifax and Barclays.
Which one do you think I should apply with? The deals are very similar so I want to go for the one that you guys think is most likely to give me a mortgage. If you think I still have no chance or can advise better lenders then let me know. I need to take action in next day or two as I fear someone else might beat us to the property.

Please Help!

TrickyDicky

Stop buying the experian ratings - they dont mean alot. Companies set their own rules for acceptance or rejection.

The main problems are usually:
Too much borrowing compared to salary
Too much available credit
Not on electoral roll

Another thing you havent said is how much deposit you have and the price range of houses you want to buy.

duarab

I had a few problems getting a mortgage but not due to bad credit, seemingly more to do with the fact i had two mortgages companies in the space of 8 month and the wife moved jobs, anyway the halifax endedup taking me with no problems, was told there not so harsh on there scoring.

gemmacantan1

Would suggest looking into Halifax. Explain your concerns! Mortgages are funny anyway. When we took out our first mortgage with Abbey we applied to Halifax, they basically laughed at us and we had a 25% deposit as well. They had nothing to offer us, Abbey did.

I unfortunately got into a little debt 3 1/2 years ago and was left with 5 defaults but have been clean since. Have been told that halifax will only search 3 years back so going to apply for a mortgage with them in the summer. (Was told by a broker). Our current mortgage company was a sub prime one and they no longer offer mortgages so we've been on variable for 6 months but not 100% happy staying on it for the foreseeable future!

Good luck, it might be worth contacting a broker as they usually can search the whole market on your behalf.

JA1000

Back to the question of it happening in 4 weeks - Nope. As it has been more than 4 weeks you are probably aware!!

Barclays will quote 6 weeks if you go to them not sure about Halifax but it wont be quick. Underwriters are just sooooooo busy with a busy housing market!!!

How did you 'repair' your credit score so quickly, just paying off the card?