Advice - Credit rating

shellybelly_3

Hi

Not sure if this is the right place, but i will ask anyway.

I currently have a mortgage with northern rock, my fixed rate deal has ran out so i went to discuss a new fixed rate deal yesterday. BUT i failed the credit check.

They have told me that they will refer it to the under-writing dept, but i'm so worried that i wont be able to get another fixed rate.

Any advice on what i can do??

ben1con3

are you borrowing more money? if so this is why it will probably go to the underwriters. If not and you have been paying your mortgage and not in any arrears, they should be able to offer a new fixed rate and don't forget you always pay a booking fee for this which could be up to £1000. Check your credit rating which you can do online for free, I think there is a link on this site. It may be in your best interest to move your mortgage if your credit rating is ok, ie: no defaults or late payments with any other credit

shellybelly_3

nope not borrowing anymore money. Never missed or been late with any mortgage payments

CLAPTON

ask them why you failed the check

check your credit files with all the three agencies in case there's something wrong on them.

http://www.experian.co.uk/consumer/index.html

https://www.econsumer.equifax.co.uk/consumer/uk/sitepage.ehtml?forward=gb_elearning_credit14

http://www.callcredit.plc.uk/corporate_scripts/consumer_creditreport.asp

ben1con3

Then I suggest you get your credit file on the net today and then source other mortgage providers for possibly a cheaper fixed rate. To change the rate on your mortgage with your current provider should never involve a credit search and anyone doing a credit search should always ask your permission as too many can have an adverse effect on your credit rating. I know cause I sell mortgages for a living.

SirSaverOBE

I am probably not on the right board but can anyone help? We live in one of four flats in our building and although my credit reports on paper normally show most of my accounts, now that I am online doing it I realise that a number of my creditors just have the house number and not the flat number and so show me as not being on the electoral roll.

Do I just need to update my address with all my banks and credit card companies or do I need to tell the credit reference agencies? Or both?! This might explain why I have been turned down for a couple of CCs recently that were supposed to be no-brainers.

Any help appreciated.
SirSaverOBE

DebtCompanyInsider

shellybelly wrote:

Hi

Not sure if this is the right place, but i will ask anyway.

I currently have a mortgage with northern rock, my fixed rate deal has ran out so i went to discuss a new fixed rate deal yesterday. BUT i failed the credit check.

They have told me that they will refer it to the under-writing dept, but i'm so worried that i wont be able to get another fixed rate.

Any advice on what i can do??

Might be worth calling up the mortgage callcentre, tell them that you're thinking about going to see a mortgage broker, and before you do what's the best deal they can offer you there and then?

If you don't like the answer (or even if you do) go see a mortgage broker anyway. They will be able to get you a fixed rate, and quite possibly a better one.

DebtCompanyInsider

SirSaverOBE wrote:

I am probably not on the right board but can anyone help? We live in one of four flats in our building and although my credit reports on paper normally show most of my accounts, now that I am online doing it I realise that a number of my creditors just have the house number and not the flat number and so show me as not being on the electoral roll.

Do I just need to update my address with all my banks and credit card companies or do I need to tell the credit reference agencies? Or both?! This might explain why I have been turned down for a couple of CCs recently that were supposed to be no-brainers.

Any help appreciated.
SirSaverOBE

Sir Saver,
Tell the credit reference agencies first, then get in touch with your creditors.
Shouldn't take too long to sort out, but be sure to follow up that they've made the changes.

SirSaverOBE

That's great - thank you. Letters went off yesteday to the agencies and all my creditors and banks have been informed!

SirSaverOBE

OK!

Maybe a daft question but I am a little paranoid about damaging my credit rating and/or report profile.

I am just getting into making money from QuidCo and have carefully selected two or three online betting sites to get easy cashback for registering and/or depositing up to £10. Now then, they state that they reserve the right to run credit checks.

If they do this, how do mortgage lenders view such a search on your credit report? Is it harmful to you if you are considering applying for a mortgage in the near future?

wannaberich41

why do we have to give our phone no out for these credit reports becuase i don't want to?
regards