Credit rating issues

Col100

Good morning, this is my first post. I earn above average wages and after checking my credit files I am struggling to understand why I get flat refusals on everything such as small loans and credit cards. Even my bank won’t lend to me after years of custom. I was wondering if there is something that I can’t see on my credit files as my wife has to cover any finance etc against her smaller wage. This is stopping us from managing our finances by using competitive credit cards and mortgage rates. I will own up to having a single default for a credit card which was paid as soon as we were aware of it in 2013, as we lived in Australia at the time. I’ve never had a strong rating although Experian is showing me as 999 today. This seems to have started while we lived abroad, if that helps.

Thank you for any help or advice that you can give. With a possible house purchase on the horizon, this is really starting to get to me 5 years on.

Willing2Learn

Hi Col100 and welcome to the forum

Forget about your score. Lenders and mortgage providers don't use it and don't see it.


How many active credit accounts do you have? Are the credit accounts registered at your current address? Are you on the Electoral Register? Do you currently have and use a credit card?

sourcrates

Hi,


The default will not be helping the situation, some lenders will still lend with an old default, others wont, thing is you don`t know there acceptance criteria beforehand.


Once the default drops off your file, and you can show a steady history of good repayments, be registered on the electoral role, and show a steady address history, things will improve.

National_Debtline

Hi Col100


Have you ever asked your bank why they have turned you down for credit? It might be worth trying to check to give you a better idea of what the issue is. Unfortunately a default can go against you, although it will have to be removed after 6 years. As mentioned above, being on the electoral roll does help.


In terms of applying for a mortgage it could be worth contacting a mortgage broker as they are best placed to advise you on which lender to use if you have any adverse information on your credit file.


Best wishes


Susie
@natdebtline