Mortgage application tomorrow TERRIFIED!!

Credit-Crunched

cooperjoint wrote: »

So is the decline thru Experian or Woolwich? I'm totally confused by it all now and slightly shell shocked as was hoping for good news given the AIP and credit report, also thru Experian. It doesn't make sense??

I need to find out why they declined I guess then go from there. I'll be so mortified if I lose the house, but I know there have been millions in my position

Thanks again for the further updates

Hi Experian are merely one of the 3 main information providers that mortgage companies use for your financial history.

The application is scored on an internal scoring system, which varies from lender to lender, it pulls data from Experian, but also other arbitrary information, such as time in job, time at bank etc

Most mortgage providers will have as mentioned, a hard and soft fail.

A hard fail, is no and remains no.

A soft fail will give a reason, too high debt : income ratio, too much unsecured debt, insufficient time in employment etc

As a result, these will be looked at by an underwriter, and a decision made accordingly.

So to answer your question, you have been declined by Woolwich, not Experian.

Your Experian score is somewhat irrelevant when applying for mortgage applications, yes a high score generally indicates good credit, no adverse, but this carries no weighting with the financial institutions.

I hope this makes sense

cooperjoint

Thank you - feel so deflated right now

I really hope there is some way to work it out I really do.

Credit-Crunched

cooperjoint wrote: »

Thank you - feel so deflated right now

I really hope there is some way to work it out I really do.

There is always a way, if not with Woolwich, then all your broker will do is work 'down' the list. Yes, the APR's are less desirable, maybe higher fees, but unless you have adverse or issues with your employment income, something will come about.

cooperjoint

Thanks guys.

So fundamentally it is Woolwich that has said no, not Experian.

I'm on edge now waiting for the call from the bank after they have done further checks.

So if it's still a no from Barclays/Woolwich I will speak to a broker and see what the score is there I guess.

cooperjoint

OK so just got this from my bank:

I have contacted our lending team to explain the situation, they have advised me to get you to get us another credit report from Call Credit as Experian may not have picked everything up. This is the website (Noodle) you can get the report from and if this is satisfactory we may be able to overturn the decision.

So I thought Experian were the main credit reference agency??!! I guess I will have to get the credit report from them then and go fromm there as the bank can shed no more light other than information may not have been picked up with Experian.

kingstreet

There is no main credit reference agency.

Lenders can feed information to and take information from one, two or all three.

As a result, you may find you need all three of your credit files in front of you to see a full picture of your credit history.

It's one of the reasons these daft 999 numbers are pointless.

m00se1986

There are three agencies - Equifax, Experian, and Call Credit.

It sounds like potentially you have failed the automated credit check ('computer says no'), but having manually looked at your full report they cannot see any obvious reason as to why.

Hopefully CallCredit will show all clear and they will be able to push this through for you - good luck!

P.S. Signing up for noddle is free and usually instant so you should be able to get them what they need pretty quickly. I hope it works out for you.

Experian_company_representative

Hi Cooperjoint,

I’m sorry to read that you did not get accepted for your mortgage. As has been mentioned it’s the mortgage lender themselves that make the decision to accept or not, based on the information on your report and application form.

Lenders may check with more than one credit reference agency, and as lenders can share information with only certain agencies it is possible your report will be different with them.

In your original post you mentioned that your Experian report didn’t contain information in your maiden name. To get any information that may be recorded in your maiden name you would need to complete and return an alias questionnaire, so that we can confirm your details and then add the alias it your report and membership profile. This will then allow you to view any information in your previous name at the addresses you supplied.

You can download the form here

I certainly wish you luck with any future applications.

Regards
Neil

cooperjoint

Thanks Neil - I will fill in the form with my alias (maiden name) and get this sent off tomorrow to update.

I am guessing I have only seen half a report as I signed up with Noddle and got a full report which included much more on my credit report so the mystery has now been revealed!!!

So it appears that I have had a default payment to O2 for an account I accidentally opened back in 2010 but called them to cancel immediately. Anyway an unsettled account balance of £7 on the account I cancelled has been outstanding of which I have never been informed of or had notification in any shape or form that I owe O2 £7. Therefore it has entered a default every month for the past 4 years or so!!!! I pay my O2 bill by direct debit and always have done since 2001 so therefore this balance is clearly an error on O2's part.

I contacted O2 immediately who said I owed nothing and that it clearly was an error which they are looking into and will get back to me ASAP. I have the online chat saved which I am also sending to the bank to confirm their mistake.

I am FURIOUS!!! So how the hell did I pass the AIP in the first place with Barclays?

I am contacting the bank first thing to see what they say as if this is clearly an error, will my decision stand a chance of being overturned?

I am getting more and more concerned about delays in setting up a mortgage as I don't mess about the estate agents or vendors but I want this house so badly!

Thanks again for all responses - this forum is awesome and has helped me so much today

nubbins

Good old O2 strike again! How the hell they keep getting away with it, ruining peoples lives over such small amounts beggers belief. It happened to me...

https://forums.moneysavingexpert.com/discussion/5114349

Kick up a s 5h$t storm and dont let them get away with it.