Impeccable credit record – can’t get credit

pr007

Can anyone help? I am at a loss as to what I do next!

My mortgage is currently with Nram and the rates are pretty high! I’ve been with them for 8 years and never missed a payment – i actually over pay by £250 a month. I am looking for a new mortgage and the loan to value on the property will be 68%. My problem is that my bank have checked all my records and say that my accounts are impeccable, my credit rating with Experian is 999 and i have available credit that I chose to not use and any past/current accounts are all paid on time – theres not 1 fault in my credit history. I've checked for any incorrect black marks listed at my property or in my name and there are none. I've never been turned down for any credit before and my income is more than enough to be able to afford the mortgage. I've had 2 mortgage advisors go through everything with me and they are also stumped. They are barely past the first hurdle, i.e name, address etc before the system is telling me i’m likely to be declined. Help please, what else should I check?!

[Deleted User]

Electoral roll?

What are your debts / limits / income?

pr007

I've been on the electoral roll since I moved in, which was 2006.
No debts/loan, all credit cards have a zero balance. Income is 58k, savings of 30k, looking for a mortgage of 174k.

[Deleted User]

What about your limits? You said you had a lot of credit available that you don't use.

pr007

I have 12k available on credit cards, i haven't used the cards at all in about 4/5 years.
Thanks for your assistance.

dr_adidas01

That 999 you have with Experian means didly squat, each lender has its own criteria for lending.

Experian don't offer credit products, have you checked your equifax and call credit files, as these agencies have information on you too.

Since you say you have credit products that don't use, it could be that your credit to debt ratio might be too high, hence it saying you are likely to be declined.

[Deleted User]

Have you seen a broker (not an inhouse mortgage advisor)? I would think they would be able to place your application with the most appropriate lender quite quickly, if you genuinely have no adverse history on your file.

It is probably affordability, but again probably only marginally.

pr007

Having read a few other posts I did wonder if that '999' was worthless - nonetheless my credit history is still impeccable. I'm an accountant/tax advisor so it should be!
I have checked with Equifax and no problems there but i will also check with the other company.
Is it worth me closing the credit cards? I always kept them as id heard rumours that they helped your credit.

I havent seen a broker but I think I will do this and maybe if it is affordability, i can use my savings .

pr007

Having said that, i don't think its affordability, as the advisor tried processing a mortgage for only 100k and it still declined me before we'd gone any further.

CLAPTON

so the only credit on your files is the mortgage?


maybe actual use the CCs (or at least one) regularly and pay in full each month ... will create an better credit record.

thebritishbloke

Could be the fact that you've had these credit cards being unused for 4/5 years. That's not an impeccable credit history. Impeccable would've been if you've spent on them every month and paid your statement in full every month.

Granted, you've never messed up on your mortgage payments, but lenders might want more evidence of you being able to spend responsibly.