Credit Scores

yellowkylie

Hi, am having a nightmare at the minute. Paid broker to look for mortgages for us. She has been completely useless and credit scored us on so many products that the amount we initially needed to borrow is now unattainable.

Both me an my partner have gone from both having good credit scores to having poor/very poor credit scores in less than 2 weeks I am so upset.

Non of the mortgages available to us are appealing or affordable!!

I thought about applying for the govenments homebuy scheme so we would only have get a 75% mortgage but am worried that if the lender for the homebuy scheme, non of which were ones the broker scored us on!!!, would be refused becuase of our now rubbish credit scores.

Is there anything I can do apart from telling any other lenders what the broker has done?

Any help/advice appreciated.

B

Snow_Dog

Hi yellowkylie,

Could the bad credit scores have something to do with:-

1. Your boyfriends missed credit card payments
2. Your credit card tarting or is it stoozing not sure which
3. Fairly low salaries
4. Outstanding CC debt
5. Application for car loans

sarmia

How have you found out that you have now got a bad credit score?? In my own experience our advisor 'fished around for mortgage to see if we would be accepted before making any credit scores, she/he should not of carried out so many to jeopardise your score. Were you turned down by the ones that the advisor did search on and that is why they had to try others?

Have you checked on experian or equifax to see your credit score and report incase there is anything adverse on there that you do not know about amd could be causing a problem? It may cost £15 ish but definately worth it so you can see what exactly on there.

yellowkylie

Checked my credit score before went to broker and credit score was good, Checked credit score today and score was poor with more than necessary credit scores. Have not been turned down with any of the lender that we have been credit scored with, however don't really want to be tied to these lenders just because we have to.

Nothing adverse on credit report all payments on existing credit cards and car loan upto date. Never missed mine, boyf missed a few but i've managed to sort him out so no missed in last 6 months!!!

My question is would a new lender take this into consideration especially if I can present my credit reports for example???

B

MAK

why was your broker putting you through credit scoring? the normal procedure for decent brokers is to 1st source a mortgage, get you to agree with all aspects of it, and then speak to underwriters to make sure you have a 99.9 % chance of geting it.

yellowkylie

I don't know i am so upset.

mr.broderick

Unfortunately too many searches can damage your credit score.
Some of the main lenders now use soft searching techniques which doesn't leave massive footprints on your credit file.
Please be aware the credit search is only a small part of the overall application, other factors like work history for example contribute to the final decision.