Aldermore declined us

georgia1993

We know it’s not all rosey. Which was our broker went to a specialist lender who specialises in adverse credit. 

MattMattMattUK

georgia1993 said:

I don’t have missed payments!. My credit file is in good. It’s my partners that has missed payments! Which is why we went with an adverse lender who specialises in adverse credit

If the two of you are applying jointly then "you", the applicants have missed payments. You might have attempted to go with a provider who deals with adverse credit, that covers the missed payment issue, but it does not deal with the other issues. The missed payments, the debts and the no saved deposit in isolation would probably not be an issue, but combined together they really do not look good from the position of a lender and underwriter. 

ACG

georgia1993 said:

ACG said:

georgia1993 said:

There are no unpaid bills, no missed bills, credit is all paid up. The only adverse is my partners missed payments from 15 months ago 

So there are missed payments then. It doesnt matter whether they were last month or last year. 

look at it from the underwriters position when you see a piece of paper and it says:
Lived at home and not saved up any deposit,
Has run up debt and is just juggling it around without paying it down despite presumably low outgoings, 
Has a history of missing payments.

It doesnt make a great read. They do not have an infinite amount of money, so they could lend that money to someone whose piece of paper look a little bit more appealing. I say this as a broker who specialises in adverse cases, if I judged people I would be out of business. But at the same time, I look at cases as if I were the underwriter and whether I would lend the money or not and from what you have said, I dont think I would - just being honest and trying to play devils advocate. 

Yes there are missed payments from 15 months ago from my partners credit file. My partner has his own home with 2 kids, since then they have been up to date. There are plenty of lenders who don’t see this as a issue aslong as it’s not within 12 months . There are no missed payments from my credit file, no late payments. 

And I asked for advice, not a lecture. There’s plenty of people who have made past mistakes that have CCJs, defaults, missed payments and live at home. 

It wasnt supposed to read as a lecture. You said you were not happy with their decision, I was trying to explain how they were looking at your situation so that it might help you to understand their decision. If you understood how they are looking at your case, if the broker can not help then it will help you to understand how you make yourself look better as an applicant in future. 

I know there are plenty of people with adverse who live at home - I help those people day in day out, they form about 80% of my business. You have a broker who does not use these specialist lenders regularly, if they did there is not a chance they would have gone to aldermore, that is not a dig at your broker. They are probably better using lenders like Santander and Barclays than I ever will be. 

I will just bow out here, best of luck with your application. 

Thrugelmir

georgia1993 said:

So yesterday Aldermore declined us because the underwriter saw “credit churning” on my credit report. They also didn’t like the fact that I was living at home and my deposit was gifted and I hadn’t contributed towards it. I was not happy with this based on this decision but can’t do nothing about it, though they knew this from the very beginning. After speaking to many brokers most of them didn’t know was “credit churning” was and certainly didn’t think it was something that should have been declined.

Doesn't matter what brokers think. Brokers aren't the lenders underwriters. What's been your credit card activity in recent years? Opening new accounts to effect balance transfers? 

doglover34

Aldermore declined us too, they looked at our credit files manually and gave us a dip. When it come to app stage they classed one of our loans as a payday loan because of the high interest rate. They knew this from the begining. It is what it is and there are other lenders out there dont worry u will get there....