Additional credit commitments - is this the end?

DottieDam

Lender picked up additional credit commitments not disclosed to broker. On checking the credit file it's probably being named on partners bank account. It has zero balance and no longer in use so didn't think about it. The account doesn't even have an overdraft capability!

Or could it be car insurance? Probably bank account!?

Is this the end of the road, will it likely be a reject?

Waiting to hear back from broker and driving myself nuts!

foxy-stoat

No idea based on the information you have given, but lenders dont like it when you lie to them.

[Deleted User]

We get it a lot - Applicants declare 3 cards but actually have 5 (2 x zero balances).

Where I work, it wouldn't make a difference if it didn't materially affect the application.

If it was at an undisclosed address we'd found, or had a string of late payments on the CRA history etc, then yes it'd be likely to be a decline (deliberatly hiding things).

If it's a genuine mistake (99.9% of them are) then chances are we wouldn't even query it.

What lender is it? It really depends what the lender has picked up - they should have told the broker. E.g. a personal loan @ £50 a month is more serious than a credit card with £20 on it.

Ultimately if it affects affordability to an extent where it's no longer affordable then you'll need to work around that with the broker (extend term etc). You mention car insurance - are you paying monthly?

That's a pretty big thing to not declare. Get your 3 x free credit files while you wait for the broker, see what's on there

ACG

A bank account with no overdraft is not a commitment.

Get a copy of your credit report, cross reference it with your bank statements and what was declared on the application. Not to be rude, but nobody here can do anything more than you or your broker.