Refused mortgage application due to failing credit score with equifax
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Thanks, but isn't my credit history the same on whatever system? I don't have access to my Experian full report (yet) but I presume that even in marketing scores if I had defaults etc my score would be lower. The reason for listing the ClearScore items is just to show that in theory at least my credit history should be acceptable without basing it on a score.
No, your credit history is not the same across the credit reference agencies. Not every lender reports both Experian and Equifax, or Call Credit for that matter. Presume what you like about the marketing tool but if you want to get to the bottom of why Halifax rejected you I suggest you look at your Experian credit history which you can do for free using the MSE Credit Club.0 -
Hmmm....I wonder if this could be the reason behind the rejection.
https://forums.moneysavingexpert.com/showthread.php?t=58921850 -
Hmmm....I wonder if this could be the reason behind the rejection.
https://forums.moneysavingexpert.com/showthread.php?t=5892185
Yes I was wondering that myself. I've just signed up to MSE Credit club and there are a number of searches by several banks in the section that 'could affect my credit score'.
There are no other issues with my credit report other than this.
Does this mean that because some toe rag tries to open bank accounts etc in my name (unsuccessfully) then this is what is affecting my application? This seems extremely unfair.0 -
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Yes I was wondering that myself. I've just signed up to MSE Credit club and there are a number of searches by several banks in the section that 'could affect my credit score'.
There are no other issues with my credit report other than this.
Does this mean that because some toe rag tries to open bank accounts etc in my name (unsuccessfully) then this is what is affecting my application? This seems extremely unfair.
If you haven't made these applications then that could be why.
If it says what banks they are with you could contact them and contest that they are not yours and ask for them to be removed0 -
If you haven't made these applications then that could be why.
If it says what banks they are with you could contact them and contest that they are not yours and ask for them to be removed
Thanks, but it's really a timing issue. I have the opportunity to move overseas with my work, which I intend to do regardless of this mortgage application. So its really a case of selling my flat or renting it out. Its on the market to sell but since the London market is a bit stagnant (at least in my area) I thought I would explore the plan B option of renting it out, which I can only do if I clear the Help to Buy and swap to a BTL mortgage.
The earliest the guy in Halifax said I could re-apply would be in 3 months in the event of an error on the credit report. So it looks like Plan B is off the table due to some &&%$$ trying to steal my identity and I'll have to stick to Plan A which means leaving the flat empty till it sells for an acceptable price or just take whatever low offer comes along.0 -
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I just went through the application process (a gruelling 1 hour video call) and the final check by the Halifax mortgage advisor was to check the credit score on Experian (I had no idea that the banks used this - I thought they used their own credit scoring system)....
Banks may well use their own credit scoring system, but their score will be based on information contained in your credit record from one or more of the CRAs, plus (inter alia) the information you have supplied regarding your income, dependants etc....
No problem I thought, my score on Experian is 976, should be an easy pass - but it came back as a fail. The Halifax guy couldn't tell me why it failed and said I needed to contact Experian to find out why as he was unable to get any additional information from the 'system'....
The Experian credit score is calculated merely on the basis of your credit record. They have no idea of your income etc. An actual lender may well have a different view as to how to score. The Experian score means very little in terms of an actual loan application.
No lender will tell anyone why their application has failed. Otherwise people would start gaming the system.0 -
Thanks, but it's really a timing issue. I have the opportunity to move overseas with my work, which I intend to do regardless of this mortgage application. So its really a case of selling my flat or renting it out. Its on the market to sell but since the London market is a bit stagnant (at least in my area) I thought I would explore the plan B option of renting it out, which I can only do if I clear the Help to Buy and swap to a BTL mortgage.
The earliest the guy in Halifax said I could re-apply would be in 3 months in the event of an error on the credit report. So it looks like Plan B is off the table due to some &&%$$ trying to steal my identity and I'll have to stick to Plan A which means leaving the flat empty till it sells for an acceptable price or just take whatever low offer comes along.
Get hold of all 3 copies of your credit files from Expieran (MSE Credit Club), Equifax (ClearScore) and Call Credit (Noddle) and take them to a good mortgage broker. Just because Halfiax have rejected you it doesn't mean all lenders will.0 -
So you're trying to remortgage it as a BTL now?
Is there a specific reason why you want to use Halifax?
Have you approached a broker or other mortgage providers?0 -
Did you manage to solve your issue? I am having a very similar issue and now the developer are chasing for their help to buy equity as the loan has matured. I have unfortunately not been able to find out why my application is failing.0
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