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Bad Credit??
jbatista
Posts: 327 Forumite
Posting on behalf of my son, he has applied for a mortgage with Nat West, he banks with Halifax and has a personal loan with them and also a motorbike loan too, about 3 years ago he defaulted on an Argos Card (paid off in full) and it was after these defaults he applied for a loan and also a bike loan, upto here no problem... He has been declined the mortgage by Nat west because they say he has a CiFas warning on his credit score ( equifax is who Nat west use apparently) and he also isn't registered on the electoral role- he is and has been for the last 7 years ( the time we have been in the property) we have checked the electoral role with the local council and he is Def on the role, my question is why have they declined him???
And any ideas what to do?
And any ideas what to do?
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Comments
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It sounds like they have declined because of a cifas warning?
Did it pass the initial decision in principle?
He has a 3 year old default - I think your son should cut his losses, not make any more applications and risk ruining his credit report further and speak to a broker with experience in adverse.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
As ACG says - your son should be using a broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
How does he get the CiFas warning removed ?0
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Depends whether it is valid or not.
Get a copy of the credit reports (equifax, experian and noddle) and see if it is correct. If its correct it can not be removed, if it is incorrect then you can speak to whoever applied it/the credit agency.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
bobbyreyes523 wrote: »In Canada, the financial experts at Canadalend.com can help you to get the best deals in bad credit and you can apply for mortgage even if you are having bad credit history.
Would you be able to get a mortgage with these as they are based in Toronto, Canada???It’s nice to be important but it’s more important to be nice. :dance:0 -
bobbyreyes523 wrote: »In Canada, the financial experts at Canadalend.com can help you to get the best deals in bad credit and you can apply for mortgage even if you are having bad credit history.
The relevance to this topic being what?
In Zimbabwe, people use money to clean their bums.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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