Failed check but excellent credit rating on all 3 sites

Neptune1973

My husband and I applied to our current mortgage lender (HSBC) to increase our mortgage by 50k (taking it up to 200k on 700k property). Joint wages >125k. we've had a mortgage for 10 years and been with the lender for 4 years. No problems with lender or our repayments.
They told us there was something on one of our credit checks, advised they use experian, equifax and call credit. So we've both gone on and our credit history is fine, no concerns and ratings excellent for both on all 3 sites.
We are registered to vote, have lived at this address for 10 years, both have credit cards with small debt but never missed a repayment.
What is going on here and how do we appeal or rectify this? Thank you.

rizla_king

If lender wont tell you then youd be better choosing one who is not daft or awkward not to tell you.

[Deleted User]

So you have got a report from each site for each of you? A total of 6 reports?

If they are all fine (double check any recently opened accounts just to make sure there's no ID fraud etc going on) then I'd send the 6 reports in as an appeal and ask for clarification on why you were declined - was it too much debt?, too many credit searches? etc.

Sounds unlikely, and generally you'd know if anything was up as other lenders would start slashing limits - but at least then you'll know what they are up to and might get a better result, or at least a more substantial reason for the decline.

Most importantly check the addresses - if you've been there 10 years everything
should be at your current address.

The branch will be able to sort out an appeal for you.

rizla_king wrote: »

If lender wont tell you then youd be better choosing one who is not daft or awkward not to tell you.

:rotfl: :rotfl:

lisyloo

Ask for an explanation.
Sometime this is just a case of "computer says no" and getting a person involved resolves the issue.
Do you have a lot of unsecured debt?

Ultimately they don't have to lend to you, so you do have the option of going with another lender.
I believe they are meant to give you an exaplanation but they can make it difficult and woolly if they like. Ultimately it's their choice whether to lend and you can't make them, but worth ruling out whether there's been a simple error on their side.

rizla_king

lisyloo wrote: »

I believe they are meant to give you an exaplanation but they can make it difficult and woolly if they like.

lending code says they have to tell you if it was something on your credit files, but they dont have to actually say what!!!