from youtube
It sounds like a terrible diagnosis – you have got a poor, bad or adverse credit score – as far as a mortgage goes, surely now nobody would touch you with a bargepole? Let’s look at the reasons why your mortgage application might have been rejected. Credit Reference There are three main agencies in the UK that provide credit references, or credit checks on individuals. These agencies provide information on previous credit agreements, such as credit cards and loans, plus any County Court Judgements on your file (CCJs). Normally when you sign the credit agreement you give consent to the agency passing on the information. CCJs are registered automatically and will remain on your file for 6 years. You can request a copy of your ‘statutory credit file’ from these agencies, and by law they can’t charge more than £2 for sending the information to you. Contact: Callcredit plc on 0870 060 1414 Equifax plc on 0870 010 2091 Experian Ltd on 0870 241 6212 You will need to give your name, date of birth, and all addresses for the past six years. If you’re a business owner, give the business details too as this might provide other information.
Credit Scoring Credit scoring differs from your credit file – banks and lenders use this point-scoring system to assess how much of a risk lending to you would represent. In fact, this is a fairly vague system, and apparently subject to secret processes that the banks are loathe to disclose. The criteria they use to assess your application includes things like how long you’ve been on the electoral register, how many times you’ve moved recently, how many jobs you have been through in the past few years, and how often you have applied for credit. There are also some rather peculiar cases that get turned down – such as people that have never been in debt, ever. If you have never had a credit card, loan or overdraft, this might actually count against you, as the more credit requests you’ve accepted, the happier the lender is to consider you a safe bet.
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