TransUnion

Descrabled

I was looking at my NatWest account and my credit score and...

TransUnion advised me that a had a negative on my credit score because I had no mortgage.

This leads to two questions, firstly how does not having a mortgage become a negative.

More importantly how does one remove such a negative when one is aged and banks no longer want to offer a loan to buy a more expensive home.

I know that TransUnion don't offer credit and their score doesn't have much meaning; interesting though.

[Deleted User]

Don;t worry - paying off a mortgage isn't a negative.

But it's something that some people will believe, which means they'll to keep checking their score and apply for unnecessary loans. Which will lower their score, so they keep checking their score and apply for unnecessary loans...

Yahoo_Mail

Descrabled said:

I was looking at my NatWest account and my credit score and...

TransUnion advised me that a had a negative on my credit score because I had no mortgage.

This leads to two questions, firstly how does not having a mortgage become a negative.

More importantly how does one remove such a negative when one is aged and banks no longer want to offer a loan to buy a more expensive home.

I know that TransUnion don't offer credit and their score doesn't have much meaning; interesting though.

Presumably, they've pulled this from the same orifice as their "You need to have at least £15000 in overall credit limits" line.

PRAISETHESUN

The advice TransUnion is meaningless - sure it may improve your TransUnion score, but since no-one except for you ever sees it it has no bearing on the real world. Having or not having a mortgage can be both a positive and a negative in the eyes of different lenders - only they know for sure, and they definitely won't be telling you their commercial secrets...

Descrabled

Yahoo_Mail said:

Presumably, they've pulled this from the same orifice as their "You need to have at least £15000 in overall credit limits" line.

Oh, I thought I explained that I already met that criterea, it's only the mortgage holding me back.

I also never understood how the advertising authority allowed those radio ads. that intimate that I would only be happy once I had signed up for my experian credit score. They may also be on the tele. but, as I'm trying to improve my moneysaving, I not only don't have a TV licence, I also don't have a television.

Anyway I'm off tomorrow to the bank for that all so important mortgage.

Yahoo_Mail

Descrabled said:

Yahoo_Mail said:

Presumably, they've pulled this from the same orifice as their "You need to have at least £15000 in overall credit limits" line.

Oh, I thought I explained that I already met that criterea, it's only the mortgage holding me back.

I also never understood how the advertising authority allowed those radio ads. that intimate that I would only be happy once I had signed up for my experian credit score. They may also be on the tele. but, as I'm trying to improve my moneysaving, I not only don't have a TV licence, I also don't have a television.

Anyway I'm off tomorrow to the bank for that all so important mortgage.

It doesn't matter that you met that criteria, because no lender really cares.

I wouldn't go to the bank tomorrow, they probably won't let you in, for your own safety of course.

RG2015

Your first post does not say that you are looking to get a mortgage, only your concerns over the negative mark on your Transunion report. On a later post you say you are going to a bank to apply for an all important mortgage.

Am I correct into infer that your primary goal is to get a mortgage?

RG2015

I have just checked my credit score on the NatWest app and I too have a negative marker because I have no mortgage. This is because I fully paid up my NatWest mortgage in 2012.

So in answer to why this is a negative you need to ask Transunion. In my opinion this is a complete nonsense. Or in today’s parlance, it is fake news.

Descrabled

Obviously my style of writing is not properly explaining my thinking.  No, I am not even considering applying for any new mortgage.  The last one I had was 17 years ago and it was so good to be mortgage free and take early retirement.

I was joking when I said I would be going to the bank.  Ms Descrabled and myself have been in only one building outside our home since February; the health centre for the flu jab.

I was trying to make the point that the TransUnion score in the NatWest App was carp.  I had only just found that not having a mortgage was a  negative factor.  This negative factor would, for many of us oldies, be impossible to remove.

Take care all and keep safe.

[Deleted User]

PRAISETHESUN said:

The advice TransUnion is meaningless - sure it may improve your TransUnion score, but since no-one except for you ever sees it it has no bearing on the real world. Having or not having a mortgage can be both a positive and a negative in the eyes of different lenders - only they know for sure, and they definitely won't be telling you their commercial secrets...

Some providers do use the CRAs for in-house scoring, so your comment is inaccurate. 

D3xt3r5L4b

dahj said:

PRAISETHESUN said:

The advice TransUnion is meaningless - sure it may improve your TransUnion score, but since no-one except for you ever sees it it has no bearing on the real world. Having or not having a mortgage can be both a positive and a negative in the eyes of different lenders - only they know for sure, and they definitely won't be telling you their commercial secrets...

Some providers do use the CRAs for in-house scoring, so your comment is inaccurate. 

It’s not. They take the data and ask them to generate a score but it’s not the same one you see as an individual.