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christologymum

I've been reading this forum for a while now, and I always hear the usual when people give advise, do you have defaults, missed payments, ccj's etc.

But why does no one ask, have you gone over your credit card limit, did you make the minimum payment, have cash advances, take out pay day loans?

As these things seem to have as much as impact sometimes as the defaults etc.

Any thought.

ACG

We cant ask every question.
We also have to take what people say at face value and assume they would tell us the biggest issues.

Also lenders very rarely have any set criteria on cash advances/going over credit limit - it would just form part of the overall application/profile of the applicant. Whereas with defaults/missed payments etc, lenders do a lot of the time have set criteria they either meet or do not.

christologymum

Ok makes sense, would things like over limit, pay day loans etc show on a soft search or only on full credit check. Does the soft check just check for ccj's, defaults etc?

ACG

I dont think a soft checks pick up on any adverse etc unless it was with the company you have applied to.

tigsly

I was under the impression (I could be wrong) that if you have a pay day loan.. you wont get a mortgage (perhaps through a broker..) BUT if you need a pay day loan - your a 'bad bet' as far as 'staying on top of a mortgage..

ACG

A lot of lenders will decline if you have used pay day loans in the last year, not all but some.

Dave_Ham

christologymum wrote: »

Ok makes sense, would things like over limit, pay day loans etc show on a soft search or only on full credit check. Does the soft check just check for ccj's, defaults etc?

Rather than asking vague questions, explain your situation and where you are at and someone may be able to comment specifically.

Clearly you are worrying over a check you have done so easier if you just ask.

For example Natwest are payday loan sensitive and will cause a decline

If you are over a credit card limit and/or missed last payment, typically Halifax will decline.

Some lenders score help to buy equity as 75% loan to value scorecard, others 95%

Without specific details we are just guessing what may or may not be relevant