Mortgage Payment Holiday on credit file

stoy

Hi Everyone,

I'm looking for a bit of advice and hope you guys here might be able to help please.

Recently I've applied for a remortgage and a new credit card to transfer my existing balance - and unfortunately got turned down for both

I checked on Noddle and have a fairly respectable 3/5, but couldn't understand why it was so low. After delving further, it appears that a Mortgage Payment holiday I had in late 2012 is showing up as 'UC - Unclassified or recently opened account payment delay', which is unfair! I agreed the holiday with my Mortgage company (Bank of Scotland) and have proof in a letter, so why doesn't it show up as 'PH - Payment Holiday'? It's currently ruining my chances of applying for credit and I'm paying over the odds for lots of stuff, which is obviously really annoying!

Does anyone know the best way I can rectify this please?

Thanks!

Eonel

UC is not a negative rating. I too have taken officially sanctioned mortgage payment holidays and have not found it affect my ability to get credit.

I suspect the issue here is with Noodle if they are interpreting UC as negative. As widely discussed on the forums, credit reference agencies do not lend money and their scores are meaningless. Real lenders should not have a problem with a couple of months of UC markers.

Thrugelmir

Lenders will take their own view on your mortgage holiday. Has nothing to do with Noodle.

stoy

Hi, thanks for the replies so far.

Do you think it's worth me contacting Noddle and asking if they are interpreting UC as negative?

Surely someone seeing UC on a credit rating as opposed to PH is detrimental, because UC could possibly be misinterpreted as a payment delay - i.e. something not being paid on time?

Thrugelmir

Noodle doesn't lend money it collects data that others process.

Mortgage holidays and rolling balance transfers suggest over that your finances will not score well with a new lender.

Eonel

UC means there is no payment information for the period. Alone, it is neither positive nor negative. It also doesn't matter how Noodle are interpreting it - as Thrugelmir & I have both said - Noodle do not lend money and their "score" is irrelevant.

You possibly need to look at other fundamentals to see why you are being declined for credit. For example your salary vs your total & available credit.

Noodle do not know your salary, so can not accurately include this in their score calculation. A real lender will want to know you salary & a higher debt to salary ratio will gave a much more negative impact on your creditworthiness than a couple of UC markers.