Northern Rock Application

TimDarracott

I've just applied for a northern rock loan over the telephone, we got to the final stage where i was told my application has been referred to the under writers.

Any idea what this could mean?

My credit report looks good, the loan that i cleared at the end of october is still showing however i explained this to the guy and he said this wouldn't be a problem.

The only thing i can think of is he has put i don't have a loan on the application and when they did the checks it has flagged that according to my report i have a loan, could this be the case?

My credit score is 999 if this means anything.

Any help appreciated, has anyone else been in the same situation?

Cheers

chani1

It could refer for many reasons however the main reason could just be simple checks, they do this with many customers just to make sure what you have said matches your credit file I wouldn't worry about the loan as they do not decline loans for that reason unless theres a huge amount of debt that you havn't told them about , they may also check your affordability but I feel when a loan is reffered it is actually a posative thing as they do all they can to help you get the loan. With your credit score and the fact you have no adverse credit there should be no problem .

ohmsoft

In addition to the above - there are set limits (based on loan to income - time in employment - credit score etc) that non underwriting staff can sign off with their lending mandates - if it's over this but within company lending criteria it goes off to the underwriters who are empowered to make the decisions.

As Chani1 says - nothing to worry about....

.....and yes was in the same situation with NR and they did offer me the amount i wanted (albiet at a slightly higher rate of 6.9)

hth

TimDarracott

Well i have just spoken to them, and the reason it was reffered is due to a mis spelt name.

upon correcting that i have been declined, i don't understand why.

The only thing i can think is the loan balance still outstanding on my credit report.

Now i don't want to fill my file with credit checks, can anyone suggest how i could speed up the amount of time my previous loan is taking to be removed.

eater_of_its

I was in the same situation. Got my rejection letter today, I am using Experian CreditExpert at the moment, and I was surprised to be rejected seeing as though my record is clean.

The rejection letter said that they used Equifax so I got a copy of my Equifax record and this shows a default against my name. The default was essentially a misunderstanding between myself and the notoriously poor NTL customer support and I'm in the process of trying to remove the black mark from my record. The thing is that I need to get a loan urgently and I'm not sure how long it will take to get my record cleared. I would also like to clear this search from my record.

TimDarracott

Well i applied for a Virgin loan today and will find out in 24 hours whether or not they can offer me it.

I'm a customer of virgin anyway and have never had a problem with their card. I've decided i'll try one more time depending on what virgin have to say, failing that it's speak nicely to the parents.

Has anyone got any sure fire hit loan providers, i don't mind paying a little extra interest, anything less than 8% is fine with me, just need to be able to make higher payments when i want.

TimDarracott

Virgin came to the rescue, fantabulous.

Bring on the track car