Mortgage application failed due to credit score

shandypants

Hello you lovely people.
Can I pick your brains please?
Nationwide have turned me and my husband down for a joint application mortgage. Presently on our property we have an outstanding mortgage of £146,000. Our property has been valued at £210,000. The house we wish to buy is £310,000 for which we have just been turned down.

My credit score due to a debt management plan shows a score of 308 which is poor but my husbands is 991 (excellent).

I finished paying my DMP in March this year giving us a surplus of £1200 spare a month.

Am I right to assume these companies will stay on my file for 6 years? And even though they say settled on the file should I phone them up and cancel each account?

Any ideas and thoughts would be much appreciated.

Many thanks
Suzie

Tixy

The credit accounts on your credit files will stay on file for 6years from the date of default on the account (if there is one) or 6years from the settlement date.

If you haven't done so already I would recommend getting copies of your credit file from each of the 3 agencies (experian, equifax and callcredit/noddle), as sometimes accounts are shown differently on the different agency files.

Nasqueron

Credit scores are meaningless by the way, don't pay for them

InsideInsurance

Nasqueron wrote: »

Credit scores are meaningless by the way, don't pay for them

The credit scores the rating agents sell are basically meaningless

Some lenders do their own credit scoring using their own algorithm and these arent meaningless as its how they decide if to lend or not but you dont get the option to pay to see them


To the OP - 8 months ago you werent able to pay back your full commitments at the committed rate hence having the DMP. Its not too surprising given the push to ensure people can afford what they want that a prime bank wont consider you for an extra £100,000 loan so soon.