Lenders mis-use of credit scoring process

Thrugelmir

potatoefeet66 said:

Chris_English said:

Thrugelmir said:

Chris_English said:

MWT said:

Chris_English said:

potatoefeet66 said:

Thrugelmir said:

You don't meet the lenders internal criteria. That's a commercial decision. Time to move on and focus your energy on what you can control. 

Yes and as known customer with an existing mortgage if internal criteria not satisfied lender has no responsibility to proceed with an application. 

Providing inaccurate and misleading correspondence is not acceptable. 

Commercial policy rules internal criteria have to be satisfied to apply. 

What rules are you saying have not been applied?

It’s really hard to understand the essence of your complaint; could you please read your posts back over and see if you can edit them to help people understand your issue?

If you have the strength, here is the 10 year old start of all this...

https://forums.moneysavingexpert.com/discussion/4271519/mortgage-application-disclosure/p3

Short version seems to be the OP tried to change from an existing self-certified mortgage product, but failed to meet the income criteria at the time and so was denied...

Wow, this is a 10 year-old complaint based on a mortgage lender not choosing to lend?

Mortgage lending rules have changed considerably in the intervening period. 

Well yes, but I don’t see how that matters here. The OP had no valid complaint ten years ago and has no valid complaint now.

Sorry wrong clearly this matter is beyond the experts level of expertise to even begin to comprehend that maybe a high street banks staff mis-used a process to block an amendment to existing loan. Fact sorry. 

Time to move on and find some peace. The matter is closed. Focus your energies on a constructive pursuit. 

potatoefeet66

Thanks for your concern. Unfortunately, the significance of new information on the matter and that it has implications for me today determine that it is not over.

I’ve not posted here not for support but to inform others who may have been unfairly treated due to having a preferential product. it helps to read that no one has answered in anyway that contradicts my discussion with FCA. 

I’m not trying to force lender to disclose reasons for commercial decision or get ombudsman to do so. But rather to explain why a document they supplied is very much at odd with information on MAX system. 

thanks again. 

Chris_English

potatoefeet66 said:

Thanks for your concern. Unfortunately, the significance of new information on the matter and that it has implications for me today determine that it is not over.

thanks again. 

New information after ten year sthat you are keeping a secret?

Give it up. You are in the wrong here, 100%, and you are doing youself no favours by hanging on to the issue.

jennhg88

Oof it’s like a bad episode of eastenders 

ACG

potatoefeet66 said:

MWT said:

Chris_English said:

potatoefeet66 said:

Thrugelmir said:

You don't meet the lenders internal criteria. That's a commercial decision. Time to move on and focus your energy on what you can control. 

Yes and as known customer with an existing mortgage if internal criteria not satisfied lender has no responsibility to proceed with an application. 

Providing inaccurate and misleading correspondence is not acceptable. 

Commercial policy rules internal criteria have to be satisfied to apply. 

What rules are you saying have not been applied?

It’s really hard to understand the essence of your complaint; could you please read your posts back over and see if you can edit them to help people understand your issue?

If you have the strength, here is the 10 year old start of all this...

https://forums.moneysavingexpert.com/discussion/4271519/mortgage-application-disclosure/p3

Short version seems to be the OP tried to change from an existing self-certified mortgage product, but failed to meet the income criteria at the time and so was denied...

Should a lender proceed with any application credit search when clearly customer no longer meets its criteria or policy 

An application system can not check everything. If it could then there would be no need for underwriters. 
Applications get declined before the credit check, after the credit check and at times even after the offer is issued. You might fit criteria, pass affordability and the credit check, but if an underwriter does not like the overall application they may still decline you... That is commercial lending. 

If you did not fit criteria and had a credit check carried out and then were declined and that is STILL affecting your life, then that suggests there is a lot more to this than are mentioning because the outcome of a credit check does not get disclosed anywhere. The only way this would potentially affect you after 10 years is if you have been put on one of the fraud watchlists. 

potatoefeet66

ACG said:

potatoefeet66 said:

MWT said:

Chris_English said:

potatoefeet66 said:

Thrugelmir said:

You don't meet the lenders internal criteria. That's a commercial decision. Time to move on and focus your energy on what you can control. 

Yes and as known customer with an existing mortgage if internal criteria not satisfied lender has no responsibility to proceed with an application. 

Providing inaccurate and misleading correspondence is not acceptable. 

Commercial policy rules internal criteria have to be satisfied to apply. 

What rules are you saying have not been applied?

It’s really hard to understand the essence of your complaint; could you please read your posts back over and see if you can edit them to help people understand your issue?

If you have the strength, here is the 10 year old start of all this...

https://forums.moneysavingexpert.com/discussion/4271519/mortgage-application-disclosure/p3

Short version seems to be the OP tried to change from an existing self-certified mortgage product, but failed to meet the income criteria at the time and so was denied...

Should a lender proceed with any application credit search when clearly customer no longer meets its criteria or policy 

An application system can not check everything. If it could then there would be no need for underwriters. 
Applications get declined before the credit check, after the credit check and at times even after the offer is issued. You might fit criteria, pass affordability and the credit check, but if an underwriter does not like the overall application they may still decline you... That is commercial lending. 

If you did not fit criteria and had a credit check carried out and then were declined and that is STILL affecting your life, then that suggests there is a lot more to this than are mentioning because the outcome of a credit check does not get disclosed anywhere. The only way this would potentially affect you after 10 years is if you have been put on one of the fraud watchlists. 

Yes I understand and agree with parts of your comment thanks. 

Point being relying upon information stating you failed credit scoring process when in fact data from application control document shows credit is good raises questions. With no other explanation. 

Such data does indeed exist I have it sorry. 

A full application was opened credit checked paid up fees and closed in 4hours on same day with all intent an purpose to block underwriting appraisals of further offer and reductions of 80k from 142k existing mortgage.

Yes your right there is more to this 
thanks 

potatoefeet66

Chris_English said:

potatoefeet66 said:

Thanks for your concern. Unfortunately, the significance of new information on the matter and that it has implications for me today determine that it is not over.

thanks again. 

New information after ten year sthat you are keeping a secret?

Give it up. You are in the wrong here, 100%, and you are doing youself no favours by hanging on to the issue.

Yes bank have kept this if you like a secret it’s taken 10 years to obtain the data which contradicts the reason for the decline to reduce an existing loan. 

100% within my rights to ask for explanation from lender. 

You’d do same. 

ACG

People with perfect credit get declined at the credit check or at underwriting stage. 

But as you say, there is more to this so giving us half a story is pointless because there is another half. 

Chris_English

potatoefeet66 said:

Chris_English said:

potatoefeet66 said:

Thanks for your concern. Unfortunately, the significance of new information on the matter and that it has implications for me today determine that it is not over.

thanks again. 

New information after ten year sthat you are keeping a secret?

Give it up. You are in the wrong here, 100%, and you are doing youself no favours by hanging on to the issue.

Yes bank have kept this if you like a secret it’s taken 10 years to obtain the data which contradicts the reason for the decline to reduce an existing loan. 

100% within my rights to ask for explanation from lender. 

You’d do same. 

No, I definitely wouldn’t do the same.

It’s a moot point, as I’m not the sort of person like you to have court judgements made against me for not paying what I owe, but even without that I understand that I have no right to insist that anyone lends me money or to harass them for a decade when they choose not to.

Can’t you understand that the lender has every right to lend to you one year but not the next?

potatoefeet66

Chris_English said:

potatoefeet66 said:

Chris_English said:

potatoefeet66 said:

Thanks for your concern. Unfortunately, the significance of new information on the matter and that it has implications for me today determine that it is not over.

thanks again. 

New information after ten year sthat you are keeping a secret?

Give it up. You are in the wrong here, 100%, and you are doing youself no favours by hanging on to the issue.

Yes bank have kept this if you like a secret it’s taken 10 years to obtain the data which contradicts the reason for the decline to reduce an existing loan. 

100% within my rights to ask for explanation from lender. 

You’d do same. 

No, I definitely wouldn’t do the same.

It’s a moot point, as I’m not the sort of person like you to have court judgements made against me for not paying what I owe, but even without that I understand that I have no right to insist that anyone lends me money or to harass them for a decade when they choose not to.

Can’t you understand that the lender has every right to lend to you one year but not the next?

Absolutely. 

Refer to OP.

The rules are there for me as well as them. Whether you like it or not evidence supports my OP 

Failing credit scoring is very different than amending an existing loan to suit income level. Further more contractually if they agree to lend me a smaller figure as was possible in this case 80k from 142k then I’m entitled to transfer all outstanding balance under same terms. 

Process was interfered with by bank staff from outset.