Declined, so wondering what they can see

Magicmerly

I'm with Lloyds TSB, I'm apparently a 1A customer.

I applied in principle for a mortgage at the weekend

During the process I was asked if I'd ever had any issues with credit that I had.

I said yes to something that happened about 10 years ago.

explained that I had a debt management plan, completely paid off and sorted well over 6 years ago.

On the basis of this, they've declined me.

I checked my credit report and there are some (read 6) late payments back in 2009 but other than that nothing untowards other than my associates (ex wife who I believe has bad credit)

My credit score is 632 (which I believe isn't bad).

So I'm wondering if they're penalising me based on a very old (not on my credit score) issue I had or if they're able to see other things that I'm not able to. In other words has my honesty knobbled me.

Any thoughts will be most helpful.

ACG

Have you asked lloyds? Is it a 90 or 95% mortgage?

If your no longer associated with your ex, write to the credit reference agencies and remove her. That should take about 2-4 weeks.

I dont think the debt management plan 10 years ago will be helping but i think its probably more to do with the 6 late payments and possibly your ex.

hamster2013

2009 - 6 late payments ....
this would scare any lender depending on the LTV - as it would mean high risk to them from a credit point of view

sorry for the bad news

Thrugelmir

Magicmerly wrote: »

On the basis of this, they've declined me.

Unlikely to be so black and white. As credit scoring (as performed by lenders) is far more complex.

Magicmerly

I checked with them today, it's purely on the basis of my honesty when they asked me if I had any issues with paying back anything ever revealing my DMP apparently they don't deal with anyone who's had to do anything with a DMP or IVA.

The LTV is 60% so we're good for a large portion of what we're after anyway.

He even said my credit report was good.

Thrugelmir

Magicmerly wrote: »

He even said my credit report was good.

That's contradictory to being declined.

You were speaking to a monkey not the organ grinder. Underwriters don't speak directly to customers on the whole.