Credit score preventing more borrowing

c55A

My mortgage is up for renewal on my shared equity flat and I’m trying to borrow more to purchase the remaining 10%.

I pass all the affordability checks of the banks, but when it comes to the credit check they say they can’t proceed and can’t say why.

Initially, I thought this was because I wasn’t on the electoral roll - I’ve since registered and it is reflected on Experian etc.

However, the answer is still the same. I have no idea what is causing this as the only negative showing on the credit check websites is that I recently moved to a new energy provider.

I’ve never missed a payment on anything or been in an overdraft.

Does anyone know what could be causing this?

MWT

Have you used something like 'CheckMyFile' to look at all the major credit reference agencies?

c55A

MWT said:

Have you used something like 'CheckMyFile' to look at all the major credit reference agencies?

I haven’t. I just used Experian and Equifax.

I’ll make an account on CheckMyFile tomorrow. Hopefully it’s just a case of one of the other agencies having an error.

Thanks for the advice and reply. 

MWT

... if nothing there you may be looking at checking 'National Hunter' / Cifas...

It sounds like you have made multiple applications recently, is it possible that you gave different information regarding your income etc. on some of them?

c55A

MWT said:

... if nothing there you may be looking at checking 'National Hunter' / Cifas...

It sounds like you have made multiple applications recently, is it possible that you gave different information regarding your income etc. on some of them?

I made two three months ago and another earlier this week. 

The first two were a lot more in-depth than the recent one, but answers were pretty much the same. 

In saying that, the first two were keen to get answers on things like gym memberships whilst the recent one told me not to bother mentioning that as it’s something that can be given up. 

Could that hold things up? If the first two include gym memberships (I have two), but the recent one didn’t?

GrumpyDil

Are you after a mortgage or a loan?

Assuming a mortgage, in your position, I would speak to a broker and let them do the leg work. 

MWT

c55A said:

Could that hold things up? If the first two include gym memberships (I have two), but the recent one didn’t?

I doubt this is going to be down to gym membership, the sort of differences to look for are things declaring income which doesn't match your tax returns, or other significant commitments like credit card debt even if it is on a zero interest rate and similar...

As above, using a good broker is generally safer than making multiple applications on your own...

fatbelly

Not being on the electoral roll would have caused a problem.

If Experian and Equifax are clear, then you should be OK. Crediva and Transunion are not used so much by lenders.

I agree, use a broker

Brie

Have a look again at ALL the things that are listed on your credit history.  Loans, credit cards, mortgage, phone contract, monthly payments for motor or home insurance.  Do you have an overdraft?

The bank will look at all of those things and see how much credit you have.  So you might have a CC which you pay off in full every month but if it's got a £20k credit limit that might be a concern.  It's how much credit you could go out and use immediately that will concern them.  Is there any of that that you can cut back?  Reduce the credit limit on any of your CCs or your overdraft.  Start paying your insurance in full annually.  Buy your phone outright and have just a tiddly monthly sim contract.

c55A

fatbelly said:

Not being on the electoral roll would have caused a problem.

If Experian and Equifax are clear, then you should be OK. Crediva and Transunion are not used so much by lenders.

I agree, use a broker

Both are completely clear and I’ve been using a broker.

No19v87

I’d be looking at National Hunter and CIFAS.