How to strengthen my credit rating

Joaquim2000

Hi, first time posting so apologies if this is not in the correct section.

I'm wanting to apply for a mortgage for a house I wish to buy. I have been declined by HSBC even though I have banked with them for over 30 years and have savings accounts held with them etc. They actually can't get to the bottom of why the application has been declined.

Anyway, i've been going through my recent credit reports on various sites and there is nothing suspicious being flagged up. I admit that the scores are pretty average, even though there are no defaulted payments, CCJs or anything worrying. They state all the things i'm doing right but nothing as to what i'm doing wrong so i'm a little confused.

I read somewhere that a lender wants to see how you manage debt but everything is paid on time so how to i show this?

Does anybody have any quick tips on how I can strengthen my report?

many thanks

[Deleted User]

The scores themselves are meaningless.

What appears on your three credit files? Accounts, history, ER, financial associations etc? Do you have any credit accounts?

What mortgage amount did you apply for? Does it reflect your income?

MovingForwards

Any defaults, late payments, APs / ARs on your credit history?

Joaquim2000

Thanks you both for replying.
Appearing on credit files is pretty much everything. Some files are slightly different and show more details but all show accounts, history, credit and financial associates.

No late payments or defaults, that i'm aware of.

The mortgage was for £160,000 and i'm able to afford it on my salary. It is a single application with 3 dependants so wondered if that would cause a problem?

[Deleted User]

It depends on your circumstances.

Without knowing your income, it's impossible to say whether affordability is an issue. With a sole income and three dependants, it's certainly a possibility.

Remember that it's the lender who determines affordability, not you.

Also consider whether your financial associates are a problem.

Joaquim2000

I hear what you're saying about financial associates, this may be an area I need to research further and could be downfall.

Thanks so much for your speedy response. I'm learning each step of the way.