ING refused my application - credit rating question

mystic_bertie

today i applied online for an ING flexible remortgage, it was refused in the end and said that it was due to a credit check from experian.

i was surprised by this as i dont have any arrears or missed any payments in anything

so i called up to ask what they thought the problem was and the guy siad it was down to the credit check and i should get a copy of my credit report from experian to see what the problem is. he did say they have a strict lending criteria

i have a loan with 3 years to go at £201 per month and over £10,000 on a credit card, does this affect my credit score with experian. i explained to the guy that the credit card balance will be cleared next month (as its not my debt) and would it be worth applying after the credit card is paid off. He said i could appeal and prove it has been paid off then they will reconsider.

i now intend to get a copy of my credit report but im confused as i have not gone into arrears with anything and everything has been paid on time everytime. Could my application be refused because of this £10000 on my credit card.

kingkano

It could depending on what your asking them for I guess. It would surely be deducted in some way from your earnings total. (the loan will be 201 x 12 taken out of your salary for example).

Get a copy of your credit report just in case something has slipped in there you havent realised.

Experian_company_representative

Although only IGN can tell you what the exact problem is, if they have suggested you check your credit report, once you do the problem may be obvious. If not, you may need to go back to them with your report and ask them to be more specific.

James

Tarasam

Experian have a 30 day free trial on their website so you could go and have a look, https://www.creditexpert.co.uk

Kelly

mystic_bertie

kellyshay wrote: »

Experian have a 30 day free trial on their website so you could go and have a look, https://www.creditexpert.co.uk

Kelly

yeah as suggested i have appied for my credit check from experian, spent 8 mins on the phone doing an automated service, it was terrible, anyway hoping it should be here soon and i can see if there is any obvious problem.

i looked at the free 30 day trial but they wanted credit card details so i decided against it, of coarse i discovered that once i had filled most of the application out

thanks for the help guys

rsykes2000

mystic_bertie wrote: »

yeah as suggested i have appied for my credit check from experian, spent 8 mins on the phone doing an automated service, it was terrible, anyway hoping it should be here soon and i can see if there is any obvious problem.

i looked at the free 30 day trial but they wanted credit card details so i decided against it, of coarse i discovered that once i had filled most of the application out

thanks for the help guys

Just sign up then cancel after a couple of weeks. It's easy to cancel, a lot of people from MSE have done this.

ailuro2

I'd have thought the 10K on your credit card would be seen as a fairly hefty alarm bell to anyone who you are asking for a mortgage.

It does depend on your income, outgoings etc. - if you are earning 300k a year then 10k is a drop in the ocean, if you are earning an average wage then a 10k credit card bill is a big chunk of your monthly outgoings, I would have thought.

Do you need a mortgage agreed before you pay off the credit card bill,or can it wait till the credit card bill is paid, fwiw applying and being rejected for credit is seen as a negative on your credit score too so think carefully about when you want to apply again, ING or somewhere else.

virgo149

mystic_bertie wrote: »

yeah as suggested i have appied for my credit check from experian, spent 8 mins on the phone doing an automated service, it was terrible, anyway hoping it should be here soon and i can see if there is any obvious problem.

i looked at the free 30 day trial but they wanted credit card details so i decided against it, of coarse i discovered that once i had filled most of the application out

thanks for the help guys

Just to reassure, I did this recently. Put a note in my diary to cancel a week before the time ran out and have had no problems at all.

mystic_bertie

ailuro2 wrote: »

I'd have thought the 10K on your credit card would be seen as a fairly hefty alarm bell to anyone who you are asking for a mortgage.

It does depend on your income, outgoings etc. - if you are earning 300k a year then 10k is a drop in the ocean, if you are earning an average wage then a 10k credit card bill is a big chunk of your monthly outgoings, I would have thought.

Do you need a mortgage agreed before you pay off the credit card bill,or can it wait till the credit card bill is paid, fwiw applying and being rejected for credit is seen as a negative on your credit score too so think carefully about when you want to apply again, ING or somewhere else.

thanks fr the replies


the mortgage can wait till the credt card is paid off however my mortgage payments have jumped up by £70 as im on the standard variable rate now so was wanting new mortgage arranged asap. the credit card wil be paid off next month, it may mean i will have to wait till them before i apply for anything else.

MortgageMamma

why dont you try a different lender via a mortgage broker this time? A mortgage broker can get you credit checked with equifax a lot cheaper, £8