Mortgage Application Declined

droiderm

It does up date daily. It's just the creditors only report to the agency monthly.

Thrugelmir

JoelsDad wrote: »

The Nationwide do use the experian score. I've been told this by them.

NW will ask Experian to perform a check. Experian will update their records with information from other available sources. NW will then access datasets of information which detail your credit history for the past 6 years. Using algorithms NW will then credit score you themselves.

Thrugelmir

JoelsDad wrote: »

Although it should update daily :mad:

Will only update when new data is received.

Thrugelmir

What's your overdraft history, i.e, usage?

JoelsDad_2

That doesn't sound great then.

I just don't know what more you can do to move onto the next step of the housing ladder these days.

I've done everything by the book.

So basically you both think it's unlikely I'll get anywhere with the Halifax either?.

This is just an awful situation to be in.

JoelsDad_2

Over the years I have used my overdraft a lot while I've been clearing debts. Everything is clear now though including overdrafts. Everything.

I have never exceeded my overdraft though.

JoelsDad_2

The £9000 unsecured NRAM loan. How will that affect things?.

Its over 360 months. Calculates to £90 a month and again I was confidently told that it wouldn't matter.

Thrugelmir

JoelsDad wrote: »

The £9000 unsecured NRAM loan. How will that affect things?.

This is a material fact. Without the full facts at the outset impossible to comment on your circumstances.

At this level of debt highly possible a show stopper. (Your £15 should be paid off this debt).

kingstreet

You're applying for a 95% mortgage?

You have to be squeaky clean. The two late payments would be enough to see you declined, in my opinion.

All the tooing and froing over credit cards is a smokescreen, in my opinion. Using agreed credit is fine, as long as you remain within the allowed limit and make payments on time.

The lender uses information from a credit reference agency in its decision making, but it does not take the CRA score you pay so much for. Experian will not KNOW why Nationwide declined you. It can merely speculate, like the rest of us.

A Halifax mortgage promise is based on a soft credit search which will not be sensitive enough to pick up the issues which, in my opinion, caused the Nationwide decline. If you do get one, remember, the full application search will be much more in-depth and could turn an agree into a decline. Don't get too carried away if accepted by Halifax, until you have a mortgage offer in your hand.

JoelsDad_2

Ok. So how long do those late payments remain on my file?.

And those accounts were settled in 2007 and 2009.