Accidently screwed (ish) my credit file - need further borrowing w Nationwide. Help?

Noctu

(I've posted this on the credit file board but think it might be better here as it's specifically about Nationwide mortgages... would be very grateful for any advice!)

We have a Nationwide mortgage approx 7 months old (with two other products several years older than that - ported mortgages - but the newest product is 7 months for when we moved house early Dec). We wanted to borrow more (£11k) to fund home improvements and applied last week. Failed at the DiP stage due to credit file. Shocked as we've never been refused credit for anything... so did some digging in my credit file (Experian).

Well I've been a bit of an idiot - a few weeks ago I opened up three new current accounts to benefit from various switching incentives (£100 with Halifax, £120 with HSBC for example). They all hard searched my file, of course... and Experian is showing 5 credit applications in the last month (3 x current accounts, 1 x 0% credit card (which I thought I'd try - bit of a punt - hmm) and then the 1 x Nationwide search).

So I'm guessing this is why Nationwide refused to lend us that bit more we needed!! Kicking myself at the moment, I just didn't think of the impact on my credit file. Lesson learned... (Probably worth mentioning my only associate on my credit file is my husband, who has squeaky clean credit. As did I, before this... searched it prior to applying for mortgage back in September).

So my question is... how long do I need to wait before this drops off my file long enough for Nationwide's purposes - i.e. to affect a (£11k!) mortgage application? I was hoping 6 months but can see that it will still appear for a year - but not affect my Experian credit score? What will Nationwide 'care' about - assuming everything else is hunky-dory (affordability, no other loans, credit cards, same job, etc)

Just wondering if it's worth trying again in 6/7 months time, or if I would need to wait a full year.....

Thanks for your help.

jacobtheamish

Hi,
Might be affordability. Whats joint income, outgoings on credit commitments value of property and total loan required.

Might be easier to rule out the obvious first

Noctu

Hi, thanks for replying.

Joint income £52k
1 credit card £2500 balance & student loan £89/mo
Property value £257k
Mortgage £207k

Requested additional £11k to bring total to £218k.

Hence the max £11k to bring it up to just under 85% LTV.

The advisor did say it was the credit check that scuppered it

amnblog

The credit check is a 'black box' in which no-one can be clear what is causing the issue.


You don't need to borrow the 11K for Nationwide - you can always take a secured loan.


If you decide to wait for Nationwide to change their view there is no clear way of knowing when or if that will happen.

Noctu

Thanks. I thought that might be the case (black box)!
I think I will try again in 6 months and keep squeaky clean until then... fingers crossed.