Credit declined in Next - Not sure why?

lazystudent63

Hi Everyone,

Today my husband and I went to order our new sofas from Next Home. We wanted to take the 24 months interest free credit option. We applied in my name as I am a teacher (husband is self employed). We currently have a couple of credit cards, with only one in use, but more than the minimum payment is always paid off each month, and no other loans or credit agreements elsewhere. We moved into our new house on 20th July and have recently taken out our first mortgage. Credit for the sofas was declined. This was completely unexpected as prior to organising our mortgage we had checked our credit reports and both were very good.

We are now trying to work out why this has happened. In the shop they said that they couldn't tell us why, but we could write to Barclays underwriters to find out why. This will probably take a very long time to get an answer and in the meantime we have nowhere to sit!

I then went on to google who Barclays' credit checks were with and they use and Experian and Equifax. I have now signed up for a free trial with Experian, but am unable to see my report (they said it would take up to two working days for it to be visible). We are thinking that all of this is down to the fact that we have recently moved house rather than for any financial reason. We have notified the local council in relation to council tax, but have not yet received a council tax reference number, which in turn means we cannot change our addresses on the electoral role.

Can anyone shed any light on this? Does moving house really have this much effect on credit ratings?

Many thanks,

Hannah

BugsyBrowne

If you've previously had good credit then it's definitely most likely you just moved in to your new home that's caused the decline.

Most finance lenders do like stability and address history is certantly one of those.
How long we're you at your old address?

lazystudent63

Thanks BugsyBrowne,

I've just managed to get onto Equifax and it has showed up that everything is fine except for the fact that I am not on the electoral register. I was registered at my old address, but haven't had anything through the door and it was one of the things 'on my list' to sort out asap...

It seems it is quite important, so I am doing it now!

We are now being much more resourceful in buying a sofa, which I suppose is a good thing!

Thanks for your help.
Hannah

BugsyBrowne

lazystudent63 wrote: »

Thanks BugsyBrowne,

I've just managed to get onto Equifax and it has showed up that everything is fine except for the fact that I am not on the electoral register. I was registered at my old address, but haven't had anything through the door and it was one of the things 'on my list' to sort out asap...

It seems it is quite important, so I am doing it now!

We are now being much more resourceful in buying a sofa, which I suppose is a good thing!

Thanks for your help.
Hannah

Yep not being on the electoral roll is normally a straight decline.

iheartbristol

How long does it take to go onto the electoral roll? I moved into my first mortgaged home in September and had an unsecured loan approved 2 months later. They did have to refer to underwriters but the sales person wasn't entirely sure why - he thinks it was the multiple rental addresses in a short period of time. I was completely honest with the underwriters and it went through.

Also when I worked for a high street bank as a mortgage adviser (just after the big crash), when someone wasn't on the electoral roll all I had to do was to get the branch manager to verify the person's ID, they then put a code into the system and then a lending decision was obtained (usually a yes) - I take it this wouldn't apply with unsecured debt?

Meadows

lazystudent63 wrote: »

Hi Everyone,

Today my husband and I went to order our new sofas from Next Home. We wanted to take the 24 months interest free credit option. We applied in my name as I am a teacher (husband is self employed). We currently have a couple of credit cards, with only one in use, but more than the minimum payment is always paid off each month, and no other loans or credit agreements elsewhere. We moved into our new house on 20th July and have recently taken out our first mortgage. Credit for the sofas was declined. This was completely unexpected as prior to organising our mortgage we had checked our credit reports and both were very good.

We are now trying to work out why this has happened. In the shop they said that they couldn't tell us why, but we could write to Barclays underwriters to find out why. This will probably take a very long time to get an answer and in the meantime we have nowhere to sit!

I then went on to google who Barclays' credit checks were with and they use and Experian and Equifax. I have now signed up for a free trial with Experian, but am unable to see my report (they said it would take up to two working days for it to be visible). We are thinking that all of this is down to the fact that we have recently moved house rather than for any financial reason. We have notified the local council in relation to council tax, but have not yet received a council tax reference number, which in turn means we cannot change our addresses on the electoral role.

Can anyone shed any light on this? Does moving house really have this much effect on credit ratings? Many thanks,
Hannah

It could be that you recently moved house and therefore are not on the electoral register for that house, then when checks were made you would not have been found at that address.

iheartbristol wrote: »

How long does it take to go onto the electoral roll? I moved into my first mortgaged home in September and had an unsecured loan approved 2 months later. They did have to refer to underwriters but the sales person wasn't entirely sure why - he thinks it was the multiple rental addresses in a short period of time. I was completely honest with the underwriters and it went through.

Also when I worked for a high street bank as a mortgage adviser (just after the big crash), when someone wasn't on the electoral roll all I had to do was to get the branch manager to verify the person's ID, they then put a code into the system and then a lending decision was obtained (usually a yes) - I take it this wouldn't apply with unsecured debt?

Contact them rather than wait for them to send out the annual form.

iheartbristol

Meadows wrote: »

Contact them rather than wait for them to send out the annual form.

I must have done that at the same time as setting up the council tax, I do have a vague recollection of being given another number to ring for something related to it. I must have done that.

Memory like a sieve I tell you.

Meadows

Make sure when filling in the Electoral Register you tick to opt out of opt out having your personal details included on the edited electoral register.
If you do not any one can get access to your data and you will appear on sits like 192.com http://www.192.com/people/