How much of an impact does financial associate have on mortgage application?

I have been declined by my lender for a new mortgage despite 7 years of consistent payment, a good credit report of 997/1000 on Experian and 500/600 on Equifax.

The reason for decline was 'adverse credit on file'.

Is it possible that this could this relate to a financial associate or are there items which don't show on my credit report?

My partner (who doesn't have great history with the bank I'm applying to) is incorrectly listed on my report after we applied for a joint account but were refused it.

I have written to Equifax to have this taken off but they have been very slow to respond to removing the association.

I don't want to ruin my good credit history and wondered if anybody had any advice on how to proceed? I submitted an appeal to my bank and still received a no... I'm not sure if this was possibly submitted too soon as the associate is not yet off my account.

Comments

  • kingstreet
    kingstreet Posts: 39,232 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Get all credit files from the three CRAs. Check what's there.

    An application for a joint account creates an association, by way of the search. You need to get disassociation forms to sever one, if there's one there.

    Stop thinking these CRA "scores" are worthwhile. They aren't. Certainly not worth paying for.

    Equifax

    https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

    Experian

    http://www.experian.co.uk/consumer/statutory-report.html#orderReport

    CallCredit

    https://www.callcredit.co.uk/stat-report-online/index.php?action=basket_add&tpl=setRegister&package=63&amount=1&mode=clear
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Depends upon who the lender is...
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • nkew
    nkew Posts: 3 Newbie
    Thanks for the tips. The lender is RBS.

    I have all three reports and have everything up to date for the past 6 years with nothing worst than a 1 month in arrears prior to this (2005/6) which was probably due to not setting up a DD on a card.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    edited 8 April 2013 at 3:12PM
    There must be something more on one of the credit file reports, as that is a pretty specific decline reason.

    I would almost certainly be able to tell looking at the credit files and I seriously doubt they would say adverse based upon an associate.

    Was the details definitely keyed appropriately? You may need to check this with advisor or broker...

    RBS group do make some weird and wonderful decisions at times though...
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • nkew
    nkew Posts: 3 Newbie
    Dave - there is nothing else on file. Green all the way on payments for the past 6 years. Everything is fully up to date.

    The only thing I can think of is that my incorrectly listed financial associate's issues were related to an RBS account.

    You mentioned it'd be unlikely that they'd decline with this reason on this basis but I can't see any other reason.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    They have not been logical with their decisions for the past year/ 18 months.

    I would push them for a more specific answer, as typically they would not have given this reason without justification.

    Are you hell bent on using them for a specific reason, as sure other lenders would be happy with the details you have confirmed so far.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 39,232 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Same question here. Why RBS?

    One Account?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.3K Banking & Borrowing
  • 252.9K Reduce Debt & Boost Income
  • 453.2K Spending & Discounts
  • 243.3K Work, Benefits & Business
  • 597.8K Mortgages, Homes & Bills
  • 176.6K Life & Family
  • 256.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.