Excellent Score yet rejected..? HELP PLEASE

The_Boss

Yes. But remember that stronger is only a comparitive term.

Edit : although with two recent credit searches you should consider waiting a month or so before applying for more.

ludoctro79

The_Boss wrote: »

Yes. But remember that stronger is only a comparitive term.

Edit : although with two recent credit searches you should consider waiting a month or so before applying for more.

Yeah were not going to now


I've just made a appointment to go and see a financial advisor, as I think we need to get a grip on what's going on and see where to go from here with regards to a mortgage

Thanks for the advise guys.

The_Boss

ludoctro79 wrote: »

Yeah were not going to now


I've just made a appointment to go and see a financial advisor, as I think we need to get a grip on what's going on and see where to go from here with regards to a mortgage

Thanks for the advise guys.

I don't think you need to worry about it. Just make sure you repay all monthly credit agreements on time and your credit card when you get one (or two).

whatmichaelsays

ludoctro79 wrote: »

The reason for the credit card was because we thought it would make us look better , we were only going to spend like £30 a month on each then pay balance in full

And this is what a lender may have believed.

Santander would have made a judgement on whether you will make them money or cost them money. If you're spending £30 a month and paying zero interest, they'll probably assume it is the latter.

ludoctro79

whatmichaelsays wrote: »

And this is what a lender may have believed.

Santander would have made a judgement on whether you will make them money or cost them money. If you're spending £30 a month and paying zero interest, they'll probably assume it is the latter.

see we assumed (wrongly by the looks of it) they would be trying to chuck money at us

We only moved to them at xmas, got a joint account which my wage goes into, I was with bank of Scotland


My hubby kept his salary going into his old bank account as he is paid in dollars by a USM company and he is a expat working in oil industry in Angola and to change his salary account was a hassle

But he does put at least £3k a month into that account and there is my wage too, so they seeing plenty of money going in to it,

You-kip

whatmichaelsays wrote: »

And this is what a lender may have believed.

Santander would have made a judgement on whether you will make them money or cost them money. If you're spending £30 a month and paying zero interest, they'll probably assume it is the latter.

No they haven't judged her on whether she'll make them money what they've done is credit scored her' in which she failed due to being high risk as the OP hasn't any decent history of managing credit.

Cycrow

ludoctro79 wrote: »

see we assumed (wrongly by the looks of it) they would be trying to chuck money at us

Its not a bad assumtion, no debts + lots of income you would think would look attractive to a lender. But its not really what they are looking for.
Instead they prefer people who have a history of using credit well.
so its better to have a number of credit accounts open that have been run well

Unsecured lenders can be more fussy, as they have less security against you defaulting.
If you dont use much credit, they have no idea what you will be like when you get some credit

At least with a mortgage they secure it on the house so income and deposit becomes more important (but they still like to have some credit history)

ludoctro79

but I did have a credit card started in 2007 settled in 2011 and every payment is marked green with a 0 , ie I paid each month on time

Surely that would be enough..?

My husband has none bar mobile phone and gas/elect etc but I do.

no loans or anything though

Trajal

Basically, part of what a company will be looking for is a responsible approach to having credit and using it wisely.

If you have just used your own cash and income for everything then you have no personal experience of managing the repayments of debts (in their eyes).

I would advise opening a Next catalogue or Littlewoods (same company runs it) and ordering some socks or suchlike.

Also Barclaycard Initial my work well for you as it's good for establishing credit (rather than being a 'second chance' credit card) - the service is more aimed at people exactly like you who just don't have much credit.

I suggest that both your husband and you look for some way to begin making use of credit and paying them off. Also, paying everything off in full might not really be demonstrating anything, it can sometimes work to your advantage to buy something worth say £100 on credit and pay £40,£30,£30 on a rolling monthly basis.

That will tell the agencies a lot more about the fact that you can repay and not get bored or forget than just clearing a balance every single month.

I know that this is somewhat counter to what will be discussed elsewhere, but this is the strategy I have taken for my credit rebuilding and it appears to be working well (notwithstanding a couple of nasties which remain on my account ). Good luck.

ludoctro79

Just going to hold off applying for a CC for now, the manger at Santander been on phone he appealing to under writers and will hopefully get a reason why they are refusing

So maybe that will shed some light , I will let you know the outcome