Understanding why I've been declined for finance

realmaverick

Hello guys,

I've just purchased a new house and moved in the last 2 weeks. I had no issues getting the mortgage.

According to Equifax and Noddle, my credit rating is good. I am employed, full-time and have a salary of £75,000.

I have one credit card, which is paid in full, every month. I have a mortgage. That is my only credit.

The finance was for a vehicle for my partner, which was only £300 a month. I didn't imagine for a second I would have problems.

Here are some things that spring to mind...

1. I haven't yet updated my address with my bank.
2. Noddle and Equifax both still show my old address.
3. According to Noddle, I am not registered on the electoral roll at either address. Though I was registered at my old address and I have updated with my new address.

That's literally all I can think of, but I don't know if any of those are major issues?

The companies naturally tell you to check your file, but my file looks fine. So I am currently at a loss as to what to do next.

How soon after fixing either of the issues, can I try again?

[Deleted User]

The address and recent mortgage look to be the issue.

Give it 3-6 months.

BrokeInNYC

Try getting a secured credit card and use it / pay it off religiously for a few months. You'll see a boost back to normal levels in 3-6 months.

boo_star

BrokeInNYC wrote: »

Try getting a secured credit card and use it / pay it off religiously for a few months. You'll see a boost back to normal levels in 3-6 months.

The OP already has a credit card. I don't see why getting another, low limit card will help them. Quite the opposite in fact.

Dobbibill

The CRAs won't receive your new address for a few months yet, this is where your problem lies.

It's purely a waiting game unfortunately

Don't follow the advice in #3 - it will get you nowhere

solentsusie

realmaverick wrote: »

Hello guys,

I've just purchased a new house and moved in the last 2 weeks. I had no issues getting the mortgage.

According to Equifax and Noddle, my credit rating is good. I am employed, full-time and have a salary of £75,000.

I have one credit card, which is paid in full, every month. I have a mortgage. That is my only credit.

The finance was for a vehicle for my partner, which was only £300 a month. I didn't imagine for a second I would have problems.

Here are some things that spring to mind...

1. I haven't yet updated my address with my bank.
2. Noddle and Equifax both still show my old address.
3. According to Noddle, I am not registered on the electoral roll at either address. Though I was registered at my old address and I have updated with my new address.

That's literally all I can think of, but I don't know if any of those are major issues?

The companies naturally tell you to check your file, but my file looks fine. So I am currently at a loss as to what to do next.

How soon after fixing either of the issues, can I try again?

Haven't updated your address with your bank? Why not? Make sure all your accounts have your new address on them as soon as you can.

Until you have updated credit accounts you hold your new address will not filter through to the CRAs. Also it will take a while for the electrol roll information to update, mine took 2 months.

I would give it at good three months before applying for new credit so that it gives plenty of time for your details to update.

Good luck.

Thrugelmir

You've just obtained a mortgage. That may well influence your score in the short term.

Ben8282

You will need to update address and electoral roll information and leave sufficient time for all records to be updated.
The other cause is the new mortgage. This is a new credit agreement presumably for a significant amount of money. Credit providers will want to see that you are able to keep up the payments for a few months.