Have Yorkshire Building Society changed criteria re adverse credit

mwarby

Anyone know if YBS have changed criteria regarding adverse credit in the last few months ?

I had an IVA from August 2013 to March 2014. Theres been no new adverse credit since the IVA, and credit cards all sit at £0

YBS were happy to grant me an agreement in principle in December, but straight decline now, in spite of a small wage rise. The amount is well within the affordability calculator range

ACG

As far as I am aware nothing has changed.
A decision in principle is based on limited information and may not even be a full credit check. I always say that DIPs are not worth the paper they are printed on and this is a prime example of why.

There are other lenders who will consider you but it might be worth speaking to a broker to ensure you go to the ones most likely to accept you rather than just going straight to a lender where you fit criteria. Something else I typically say is fitting criteria is one thing, getting it past the underwriters or even the computer is something different.

It is not the end of the line yet.

mwarby

ACG wrote: »

As far as I am aware nothing has changed.
A decision in principle is based on limited information and may not even be a full credit check. I always say that DIPs are not worth the paper they are printed on and this is a prime example of why.

There are other lenders who will consider you but it might be worth speaking to a broker to ensure you go to the ones most likely to accept you rather than just going straight to a lender where you fit criteria. Something else I typically say is fitting criteria is one thing, getting it past the underwriters or even the computer is something different.

It is not the end of the line yet.

Last time my credit file was definitely pulled, and it would appear there was some human involved as it wasn't an instant decision but came back in working hours the next day

Sadly being in Scotland does limit my options somewhat. I spoke to a couple of brokers last year, who sadly seemed less knowledgeable on the adverse credit market here than me. From what I understand I have the following options

Nationwide - computer says no
YBS - computer no says no
Scottish Building Society - possible but only at 80% LTV
Glasgow Credit Union - 85%
Scotwest Credit Union - maybe

I wonder if the search type of 'credit union' is affecting the computer scoring

It could certainly be interesting if I could find a broker who could persuade either of the building societies that I meet the criteria

ACG

How many credit checks have you carried out since the original one with YBS?

mwarby

Just one (nationwide) all the others were last year before the YBS one

mwarby

The glasgow credit union one was very close to the YBS one though, so not sure if that would have shown at time. No searches this year until today though nationwide and ybs

ACG

There are more potential options. Maybe look for a broker who specialises in adverse.

mwarby

So I found a broker, who has secured me a decision in principle with Skipton. I have since had an offer accepted - just waiting for the full application and conclusion of missives

Thanks everyone for your help. For others in a similar position to me there is hope