Equifax/Experian rating help please

Doglover88

Hi
3 months ago i applied for a top up on my existing mortgage to move house which has 3 more yrs to run, 5 yr fixed at 4.75% (as a 1st time buyer i wanted security for a few yrs). it was approved in principle so i found a house and sold mine. In that time ive been switching a credit card debt between 0% cards and when i went back to confirm my mortgage application it was turned down. Apparently my credit score had gone down from 3 to a 4? I have never defaulted or missed a payment so i assume the credit card applications effected it? Now i have to find another mortgage as my exisiting lender wont lend any more and pay a £7000 penalty for gettin out my existing deal. i applied for my credit file with equifax and experian about 6 months ago and all was ok does anyone know how long/whats needed for my score to go back up? is this how it works?
many thanks in advance

Glen

rushnowt

Hiya Glen.

Im sure there a far better qualified people than me to comment on this, but im pretty sure that even ringing for quotes on loans and enquires to credit card company's can adversly effect your credit rating

Im sure there must be members on here that work in this field who have more knowledge of this, that will be willing to give more advice, and i'm happy to stand corrected if this is not right

Pat__3

Glenbat, I have PM'd the board guide of the Credit Card board, and hopefully he may be able to offer some assistance or at least point you in the right direction.

Hope it gets sorted for you.:) Pat.

Galstonian

I'm not sure what to suggest. It seems to me that the situation is that you received an agreement in principle and this has not been followed through with an agreement in practice. I would be extremely upset by this and would immediately be asking why this is the case. Check what the agreement actually says to find what they committed to originally. If they say they changed their minds becuase the situation has changed then you have to be able to explain how it has actually changed for the better. If you can demonstrate that you have less debt and it is at more favourable rates than it was before (thus allowing you to clear it more quickly) then I would hope that underwriters would take this as a good thing. You do not say how this has all progressed, is it direct with the lender or through an intermediary? Has all communication been face to face, on the phone or written? I would suggest putting everything in writing and explaining that you are now suffering because of the change in their decision. You might want to do this by email then follow up with letters since speed is obviously important. Can I ask who the lender is? In fact if you can post more pertinent facts it might help - I've assumed your non-mortgage debt has gone down and that you have cancelled cards you are no longer using but you have not actually said this.

You might also want to enlist some help from the moetgages board - they will know better than me what an agrement in principle normally constitutes.

G