Experian report holding up mortgage application

fuelman_2

rubyberrie wrote: »

So even if it is cleared off Equifax, it could still appear on Experian? ... OMG this is so frustrating, especially when on a tight timescale

Thanks again Fuelman, hope everything sorts itself out for you, you have been a great help.

Experian remove theirs at midnight automatically on the 6 year anniversary of the default, its just a pity we have to wait a week to see the blooming thing.
We are on a tight timescale also, as we have a mortgage appointment on Monday and wanted to make sure the 6 year noose round our necks is gone so as to make sure they were no problems.

Good luck to you

fuelman_2

rubyberrie wrote: »

I was just about to use Call Credit before posting on this forum, but I read some bad reviews advising that it is not actually free and very hard to cancel the agreement, so I didn't continue. I just hope Experian come up trumps

We did Call credit on Sunday, so have a hat trick of reports. Our default didnt show on them as they remove them 10 -14 days before the 6 year date, amazing or what.

Farside

Dave_Ham wrote: »

Nationwide are not showing much love to clients with higher than average unsecured debts, but they do have attractive rates with a 10% deposit. This is assuming the broker keyed it correctly.

Still, fingers crossed for Friday/Saturday...

It's the dreaded Nationwide AGAIN!

I've been reading on here that loads of people have been declined recently, Not just me then haha

rubyberrie

fuelman wrote: »

We did Call credit on Sunday, so have a hat trick of reports. Our default didnt show on them as they remove them 10 -14 days before the 6 year date, amazing or what.

That's great news, maybe they aren't so bad after all!

I don't think it is that I even have any defaults, I just want my loan to show as being settled as it was for quite a large amount. Do you suggest that I contact all 3 agencies before applying to the Abbey again?

Thanks for the good luck wishes, same to you for Monday

fuelman_2

rubyberrie wrote: »

That's great news, maybe they aren't so bad after all!

I don't think it is that I even have any defaults, I just want my loan to show as being settled as it was for quite a large amount. Do you suggest that I contact all 3 agencies before applying to the Abbey again?

Thanks for the good luck wishes, same to you for Monday

We did, but its just so we felt better before going to the appointment.

Chamone_2

Just wanted to update you guys on how this turned out....

In the end (despite numerous calls/emails to Experian and the various card companies), it took almost 2 full months for the debt that was cleared to be reflected accurately on my credit record.

The best company I dealt with about this was Virgin/MBNA, the worst by far was Barclaycard - they took the longest to update my record and the conversations I had with their call centres were maddening.

This meant that the mortgage application (and our house move) was delayed massively, but on the flip side we've had an extra two months to pay off my current mortgage and put some money aside for moving costs. Luckily our buyers and vendors were chilled throughout the process and didn't put any undue pressure on us to hurry up!

Thought that it's worth knowing for anyone else thinking of applying for a mortgage or loan. Thanks for your support and advice folks.

Jaffa_cake

kingstreet wrote: »

Lenders don't see your Experian score and I have no idea if this "poor" outlook is anything to do with these accounts you've paid-off or is representative of something else on your file.

If you were declined only for "undisclosed credit" and you now disclose that credit, I'd say your chances will improve, but I can't give you a guarantee.

What's the loan to value? Keeping some of the money back to get into a lower LTV band might have been a sensible move, if you're income-rich, capital poor.

.
Hello,

I called Nationwide earlier today, to ask about the progress of our application.

Depositing £30k
Borrowing £40k
57% loan to value
Planning an offer of £70k
House on market for £71999
Repayment 8 years.
Joint net salary, £3200 pm

To my amazement, I was told that "it has been referred"
As there is "undisclosed credit."
To say I was knocked over is an understatement.

At the meeting with NW a few days ago,
we went through the affordability.
I said I have a Santander bank account, with just a few hundred in, and a Santander credit card, in which they actually owe me about £33.00.

He then went on to say that he is looking at my NW credit card, and he can see that NW owe me 77p !!

I have gone through the £2.00 statutory credit file request from Experian, which I thought wouldn't be needed, as I don't have any current credit.

But I guess, I should have looked at the Experian file before going into see NW mortgage advisors.

Here is hoping it can be an easy fix.

JC

Thrugelmir

Jaffa_cake wrote: »

.
To my amazement, I was told that "it has been referred"
As there is "undisclosed credit."
To say I was knocked over is an understatement.

This will be an automated check. So referred simply means human review.

Jaffa_cake

Thrugelmir wrote: »

This will be an automated check. So referred simply means human review.

.
Hi Thrug,

Thank you for the explanation.
I have looked at my stat. credit report, and it shows 1 late payment to Virgin media, back in August 2009.
Every thing else reads green.
Bank accounts, credit cards etc.

The one probable negative, is we have recently (9 months ago) moved to this rented property, and as such, not on the electoral roll.
We have completed the application forms, and the roll officer confirmed we would show on the electoral roll in December this year.

Not much use when we apply a mortgage now.

So do I assume that the standard "on-line" check that NW perform, has come back to them as needing further human intervention?

I did take into NW our council tax letter of annual costs, showing both our names, at this address.

Human common sense?

JC

billybear1

Chamone wrote: »

The one we tried to apply for was with Nationwide.

Am going to wait until the end of the week to say if Experian's record has changed at all before approaching another lender.

If you have an Experian account, see when the last update came through from Barclaycard as they are the ones not willing to budge, I generally see a monthly update from each account on that day so will give you a rough idea when it will be updated.