Oh fgs my credit rating has shot up

SuseOrm

I’ve gone for the Kent reliance because I couldn’t pass the bank of Ireland’s credit ratings and now my credit rating shot up by no less than 150 points. 

I’ve paid for the Kent alliance valuation which was not cheap 350 and it’s not refundable.  Obviously id save a lot more than that over the duration of the 2 year  Mortgage but it time and of course hard searches …. what would you do ? 

Carrot007

Your credit rating (score) is not relivent to these companies (unless they directly ask for it from you and you would not want to go to any mortggae advisor (you did use one right?) that suggested a company that would want it (giving to the MA is obvious, and all of them not just one).

So to get back on point, what has changed in yourt credit history (not score) and would it make a difference. Sounds like you had bad advice all along. Choose a better MA next time. (they should be free unless no kickback in whiuch case mine charges £100).

SuseOrm

So what changed I bought furniture and obviously the kids Christmas presents over December and it’s been paid off in January.  

ACG

Your credit score is a made up number based on an algorithm designed by equifax/transunion etc. 

Mortgage lenders (including the BoI) credit score your applications but it is not a case that if you have 999 with equifax you will get accepted. The mortgage lenders score you based on their own system. That scoring system may even change depending on the LTV you are applying for. I have had cases where we applied for 65% LTV, but if we applied for £1 more, it failed the credit check. 

I say this all the time - ignore the score. 

Your Kent valuation fee will be refundable if the valuation has not yet been instructed/carried out. 

 

MWT

SuseOrm said:

My mortgage adviser his !!!!!! there’s no other word for it and she has come back and told me in writing that the bank of Ireland has rejected me because of my credit score. 

Do not assume that a change in the synthetic score you see from the credit reference agencies, will automatically mean a change in the score that Bank of Ireland generated from your application using their own criteria. 

SuseOrm

ACG said:

Your credit score is a made up number based on an algorithm designed by equifax/transunion etc. 

Mortgage lenders (including the BoI) credit score your applications but it is not a case that if you have 999 with equifax you will get accepted. The mortgage lenders score you based on their own system. That scoring system may even change depending on the LTV you are applying for. I have had cases where we applied for 65% LTV, but if we applied for £1 more, it failed the credit check. 

I say this all the time - ignore the score. 

Your Kent valuation fee will be refundable if the valuation has not yet been instructed/carried out. 

 

Brilliant - i was told non refundable - shes lied about that as well 🤦‍♀️

SuseOrm

It sounds like I’m better to just stick with what I’ve got and just get it paid down as fast as possible then,  thank you for the words of wisdom it’s just such an expensive product relative to everything else I really do want to avoid it if possible but it looks as if it’s still my best bet.  

ACG

SuseOrm said:

ACG said:

Your credit score is a made up number based on an algorithm designed by equifax/transunion etc. 

Mortgage lenders (including the BoI) credit score your applications but it is not a case that if you have 999 with equifax you will get accepted. The mortgage lenders score you based on their own system. That scoring system may even change depending on the LTV you are applying for. I have had cases where we applied for 65% LTV, but if we applied for £1 more, it failed the credit check. 

I say this all the time - ignore the score. 

Your Kent valuation fee will be refundable if the valuation has not yet been instructed/carried out. 

 

Brilliant - i was told non refundable - shes lied about that as well 🤦‍♀️

I could be wrong, but I am 99.9% sure I'm not. 

Your Illustration will say non refundable but I have never known a lender to not issue a refund if the valuation has not been carried out.