Barclays and how they credit score you?

neenmarie

Hi

Can anyone tell me how Barclays make their decisions on weather to lend you money or not. We were after £20,000 additional borrowing on the mortgage but were declined. My credit score is good but hubby's not so. What are the actual things they look at when making a decision to lend or not? Our mortgage advisor said to bring in the credit reports for her to look at but is it best to get hubby's payments to where they should be before going in and maybe re-applying again?

Thanks x

beecher2

https://forums.moneysavingexpert.com/discussion/comment/42008504#Comment_42008504

Why not stick to this thread and post the information kingstreet asked for?
Barclays maybe didn't like the fact you wanted to consolidate debt, or didn't like the defaults your husband has. You're probably best to see what your mortgage adviser says though as they will know the full picture.

Have you been on Debt Free Wannabee for help with budgeting? Might be worth doing so to tackle your debts without consolidating them.

Thrugelmir

The purpose of the debt is just as likely to influence an underwriters decision as anything else. Consolidating debt and withdrawing further funds for home improvements doesn't suggest good money management skills. Not a judgement on you personally, just a statistical fact.

neenmarie

beecher2 wrote: »

https://forums.moneysavingexpert.com/discussion/comment/42008504#Comment_42008504

Why not stick to this thread and post the information kingstreet asked for?
Barclays maybe didn't like the fact you wanted to consolidate debt, or didn't like the defaults your husband has. You're probably best to see what your mortgage adviser says though as they will know the full picture.

Have you been on Debt Free Wannabee for help with budgeting? Might be worth doing so to tackle your debts without consolidating them.

We didn't mention to barclays about consolidating the debts but you are probably right it will be my husbands late payments and a few defaults. Do you think if we can get the defaults removed and the payment up to date we would have more chance with the additional borrowing?

Senior_Paper_Monitor

Defaults don't get 'removed' (unless they were issued in very clear error in reporting) - yes getting 'up to date' will help (but not necessarily solve).

Rebuilding credit files is a long term process.

Thrugelmir

neenmarie wrote: »

We didn't mention to barclays about consolidating the debts but you are probably right it will be my husbands late payments and a few defaults. Do you think if we can get the defaults removed and the payment up to date we would have more chance with the additional borrowing?

Visit the Debt Free Wannabe board. Both of you need to tackle your own issues first and manage/organise your personal finances better. Trying to take the easy option of borrowing over a longer term doesn't solve the fundamental causes.

neenmarie

Senior_Paper_Monitor wrote: »

Defaults don't get 'removed' (unless they were issued in very clear error in reporting) - yes getting 'up to date' will help (but not necessarily solve).

Rebuilding credit files is a long term process.

They can get removed! I have written to 2 companies asking for the defaults to be removed and they have said the defaults will be gone by the end of the month. It depends how you word the letter I think! :T

Senior_Paper_Monitor

Well that's told me then - I've been doing it wrong all this time !

GMS

neenmarie wrote: »

They can get removed! I have written to 2 companies asking for the defaults to be removed and they have said the defaults will be gone by the end of the month. It depends how you word the letter I think! :T

Gone on what grounds? Or do they mean show as satisfied?

Defaults can be removed as can any incorrect information but there would usually need to be a good reason for doing so. If you can write letters and have them removed you should start a credit repair business!

neenmarie

GMS wrote: »

Gone on what grounds? Or do they mean show as satisfied?

Defaults can be removed as can any incorrect information but there would usually need to be a good reason for doing so. If you can write letters and have them removed you should start a credit repair business!

Ha ha maybe you are right! I wrote to them explaining the situation I had at the time and they wrote back and agreed with my situation and said they would remove them completely from my credit file. I just followed a template letter i got from this site and adjusted it to my situation and bingo got the result I wanted! Never say never!!!

kingstreet

IIRC there were a few tiddlers for daft amounts, like £60.

There's one for £500 isn't there? If you get that removed, I'll be truly impressed.