Mortgage problem advice required please

George2021

Hi
Applied for a mortgage through a broker who advised today that my wife’s credit check shows cash advances on a credit card approx 40 times where she needed cash and used it unknown that it’s a big no no on your credit score so the lenders have declined us. Any advice on how to get these off the credit report would be most welcome the balance on the card has been paid off today.  It’s with Halifax.  

Thanks everyone. 

MovingForwards

You won't get them removed, your wife took the cash advances which is always an indication of money issues.

Ask your broker to look at other lenders.

George2021

MovingForwards said:

You won't get them removed, your wife took the cash advances which is always an indication of money issues.

Ask your broker to look at other lenders.

Thanks ! 

We don’t have any problems just a error she made in not thinking it would screw up the credit file. The broker says they cannot find a lender so I am looking for what can be done to help remedy the situation to enable us to get a mortgage.  

Thanks 

Chumy

Maybe get another broker?

Petriix

Chumy said:

Maybe get another broker?

Or another wife? 

pearsforlife

Sadly your wife, unknown to her, made cash advances on a credit card (the question here is why would you do that if you have a debit card? Cash advances are very expensive and terrible for your credit file) but these cant be removed as they are legitimate, and represent a true picture of your wives financial conduct, we can’t edit the truth otherwise it would be pointless having credit files. Mortgages are harder than ever to get at the moment so either a really good broker or wait for the advances to age off.

Failing that I imagine you would have options with sub prime lenders could be paying 4-5% rates though.

George2021

pearsforlife said:

Sadly your wife, unknown to her, made cash advances on a credit card (the question here is why would you do that if you have a debit card? Cash advances are very expensive and terrible for your credit file) but these cant be removed as they are legitimate, and represent a true picture of your wives financial conduct, we can’t edit the truth otherwise it would be pointless having credit files. Mortgages are harder than ever to get at the moment so either a really good broker or wait for the advances to age off.

Failing that I imagine you would have options with sub prime lenders could be paying 4-5% rates though.

Hi many thanks for your info and yes it was a stupid thing to do.  On the comment of wait for them to age off how long would you think that would be ? Thanks again.  

MovingForwards

George2021 said:

pearsforlife said:

Sadly your wife, unknown to her, made cash advances on a credit card (the question here is why would you do that if you have a debit card? Cash advances are very expensive and terrible for your credit file) but these cant be removed as they are legitimate, and represent a true picture of your wives financial conduct, we can’t edit the truth otherwise it would be pointless having credit files. Mortgages are harder than ever to get at the moment so either a really good broker or wait for the advances to age off.

Failing that I imagine you would have options with sub prime lenders could be paying 4-5% rates though.

Hi many thanks for your info and yes it was a stupid thing to do.  On the comment of wait for them to age off how long would you think that would be ? Thanks again.  

6 years from the date of the last cash withdrawal, maybe + another 4 weeks, depending on when the CC company update the credit files is when they will no longer show.

pearsforlife

@George2021 either as mentioned above 6 years to disappear completely although as time goes on even 6 months/1 year will make them less of an issue. Paying the card off and closing the account will probably help considerably providing you have other lines of credit that well maintained. 

George2021

pearsforlife said:

@George2021 either as mentioned above 6 years to disappear completely although as time goes on even 6 months/1 year will make them less of an issue. Paying the card off and closing the account will probably help considerably providing you have other lines of credit that well maintained. 

Thanks ! 

Yes paid it off total and going to close it tomorrow.  Yes she was silly but trying to see what we can do to remedy the situation. Cheers. 

pearsforlife

Hope you manage to secure the finance you need, engage a solid broker who has experience of all situations, their are some very well recommended ones on this forum who may have the solution for you! Keep the thread updated for people in future!