Long post - credit report help, Nationwide mortgage.

stressederic

Hi all,

I am 30, single, earn £24k a year been there 18 months. I bank with Nationwide (8yrs), and I've had a save to buy account with them since the 1st September.

The terms of the save to buy is that I have the savings account for at least 6 months, which would be end of Feb. I've seen a house I really like and want to view it this week.

So do Nationwide only use Experian to check your credit history? I have no problems reported on there. I do have 1 default for £73 on Equifax, but I'm fighting that currently. Other than that my credit history is just weak, no credit for years so in December 2014 I took out 3 credit cards (1 with Nationwide) a phone contract and I have a sofa loan I've been paying since Dec 2013 and will have paid off in the next couple of months.

I've been using them no more than 25% credit limit and paid off in full every month. My Experian report says the negative score factors are:

1. You do not have enough historic revolving credit account data available to calculate a balance trend.

2. Your highest credit limit on a single revolving credit account is £1k or less.

3.You have opened 2 new credit accounts in the last 6 months

There is 1 credit card missing on there, my sofa loan and my mobile contract but they were on my statutory report I got in September 2014. I have emailed Experian to ask them to look into things.

I have asked 1 of my credit cards for a limit increase, even though I've not been with them long, it's currently £600 and explained to them why I want it increasing.

Would it be better to ask Nationwide to increase the credit card limit I have with them, it's currently at £1000.

As I understand it because I bank with Nationwide I wouldn't have to provide payslips because I get paid into my account and they can see how much I get paid?

I know a million questions... I just want things to go smoothly and as quick as possible as I want to find a new job and I can't at the moment. :eek:

Foxy-Stoat_3

Whats your purchase price and how much deposit have you built up?

Dave_Ham

You are restricted to Nationwide due to the save to buy saving, but you are overthinking this..


Oh and relying way to much on what Experian says (and no-one else cares on their opinion of your file) just the cold hard facts.


The default could prove to be an issue for Nationwide.


Good luck

stressederic

I'm looking at spending 95k max, got 5k so far, but saving 1k a month.

Dave I don't understand what you're saying about Experian and nobody caring about what it says?

pjread

I think Dave's point is that unless you're asking Experian for a loan, their opinion is broadly meaningless. The important thing is the hard data being accurate. Lenders will have their own criteria to decide what is good or bad. They don't ask Experian if they should lend to you, they just ask for your data. There is no universal "credit score".

In fairness though, if someone wanted to borrow significant cash from you and the only info you had was that they'd opened 3 new credit cards 2 months ago, how would you read that?

Increasing your card limits, I personally would guess wouldn't help. it might even hurt in the short term as might be interpreted by some as greater potential exposure until there's enough data to show you can manage the credit sensibly (looking objectively - remember, they don't know you, they can just see what accounts, for how long, with what limits etc...)

If you're saving 1k a month and looking at a ~100k purchase, I personally would give it 6 months to have a 10% deposit, build some history and settle that 'sofa loan'. & I wouldn't apply for any more credit unless I really needed it until the mortgage was completed on.