Credit score

Phil_rich

hello all,

Not sure if this is in the right area but here goes.

We are trying to get an AIP for a new mortgage but our adviser keeps getting a no, he said our credit score was too low, which I couldn't believe. I have now done an Equifax report and score and he is correct, it is still in the excellent range but only just. The only area that is not good/excellent is the Electoral role which is RED with warning. I do not understand why as it has our current house on there but this house does not have 1 years report as checked yes as we have only been here 11 month.

All of our previous address are on there with yes register ticked back to 2000 when I first joined

Will this change of address only have that much effect on our score? Is there a way around it? without waiting for equifax to update in Jan 2013?

Can the report be sent to a mortgage co. so they can see that everything else is ok?

Thanks for any advise

Regards,
Phil

Dave_Ham

This is unlikely to be the reason for your decline..

What does Experian hold on file for you, if joint application have you both reports and for Experian and Equifax?

Forget sending in the reports, they are irrelevant as the lender uses their own systems.

Which lenders have said no?

Tell your broker to go easy on the amount of declines he/she may be putting your way - this will never help..

Phil_rich

Our adviser has only allowed one full check as to not add to the problem.

All our adviser said was that Santander said no, the credit score is not high enough and they cannot say why. This is when I did the equifax report to see what the score was.

I do not have one from expedian so will do one now.

Thanks,
Phil

Wh05apk

Abbey tend to be one of the few lenders who will give more of an indication as to why it has declined.

Do you have quite a lot of debt?

Also what LTV are you applying for?

Dave_Ham

Santander are fussy, although predominantly use Experian so definitely have a look there..

Think I recall a previous post about self employment, so this was definitely an interesting selection at best..

Phil_rich

You are correct Dave about the self-employed post. Would santander not be a wise choice?

Experian check done, 897. Is that good? should I keep persuing with my task of getting a mortgage or am I doomed to fail?

LTV 74.9%

Dave_Ham

Score is irrlevant, are there any defaults or CCJ's on there?

If you have a fair amount of unsecured credit the declined could be down to this as suggested above.

Santander tend to give you an idea of declined reason, if credit score or affordability at least..

God loves a trier...

and your situation is not untenable, are you using L&C ??

Phil_rich

No not using L&C.

no ccj, 1 late payment was recorded 3 years ago on 1 CC due to change of current account and not setting up the payment in time, but every other payment and been made. We do have one CC with £1500 and an over draft of £3500 but these are just normal day to day ones due to me being self employed so payment come when jobs are finished. These will be paid and current account restored to normal this month as a batch of invoices are due.

Thrugelmir

Phil_rich wrote: »

We do have one CC with £1500 and an over draft of £3500

This will impact your credit score with potential lenders.

The concern will be that you have no financial reserves to weather a difficult time.

Dave_Ham

This can only make me assume this was an affordability fail, which is poor as advisor should have checked first...

Credit cards and overdraft should not prevent this application, although with the variables in play lender selection will be crucial...

Phil_rich

Ok, cant see it really being an afordability problem? 3.3 x salary and the payments will be less than our current rent. Then again the bank dont look at that do they.

Will they be more likely in 3 weeks once the cc and od have been settled?

Finally, who would you recommend as more flexible?

Thanks