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refused a mortgage

craig guy Avatar
6y, 1m agoPosted 6 years, 1 month ago
why? i was late with a credit card bill on about three occasions this year. its paid off now. Can this be the reason they said no? They wont tell me.
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craig guy Avatar
6y, 1m agoPosted 6 years, 1 month ago
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banned#1
Check www.creditexpert.co.uk

Edited By: Paddy Charlie on Nov 02, 2010 14:00: Added linky
#2
Bank have to tell you why they rejecting your application. and you can refer it and provide necessary documents for the same and there is a possibility of your application getting approved.

Best luck.
2 Likes #3
three times late in one year is a lot tbh m8-mortgage providers arent going to like that,especially in this current climate-people with spotless credit records are being refused-theres only been ten months in this year so far,so 3 times late is excessive.
#4
The only time they CAN'T tell you why you've been declined is if they're looking at you for fraud.
#5
Also lenders are asking 25%+ deposit. Do you have enough ££?
#6
barky
three times late in one year is a lot tbh m8-mortgage providers arent going to like that,especially in this current climate-people with spotless credit records are being refused-theres only been ten months in this year so far,so 3 times late is excessive.


This^^ 3 late payments on a CC in 10 months is a lot and won't be viewed very well by any lender.
1 Like #7
Sorry to hear about your knock back. Sadly if you can't manage a simple credit card /mobile phone / utility bill, how can a bank trust you to pay a larger sum on a bigger liability. That's the way they look at it.
banned#8
if you were lending money out, would you seriously consider someone who had failed to pay back a bill on time 3 times in 10 months?
banned#9
and now you have been rejected for a mortgage application, you are gonna struggle big time to get one to accept you.
banned#10
barky
three times late in one year is a lot tbh m8-mortgage providers arent going to like that,especially in this current climate-people with spotless credit records are being refused-theres only been ten months in this year so far,so 3 times late is excessive.

this^
plus if you don't think anything wrong in missing payments 3 times in a year what do you consider to be a bad record? oO
banned 2 Likes #11
Here's an idea, let's kill the OP!

Gee guys, reading this thread is bad news - OP must be scared stiff now!
Technically OP, these guys are right, you shouldn't think missing credit card payments is OK.
However, your first course is to go back to the bank and ask what criteria you failed on.
With that information, you can ask what you need to do to make it better.

From there, you'll have an idea of where you stand.

The tenants wanting to buy my apartment had a similar problem - the chap had a bad credit rating due to missing some payments and the bank rejected them both. They did say come back in three months and reapply though, so I guess that would be the way to play it.

My advice is to take credit seriously. Don't bury your head in the sand - you have problems, talk to the creditor and be honest, you'll be amazed what they are willing to do in this climate.
#12
Another thing that marks your credit score down is a number of searches within a relatively short period of time. If you've applied for other things (credit cards/mobile phone contract/finance etc.) a few times recently this will have an effect...

In fact, read here

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Edited By: civms47 on Nov 02, 2010 14:58: added link...
#13
xmal
Also lenders are asking 25%+ deposit. Do you have enough ££?

you do if you dont spend all ya dosh on here on deal threads
:)
banned#14
Set up a direct debit with your credit card company so the minimum payment is ALWAYS paid. Have forgotten to make a payment 3 times also but has spanned over the 9 years I've had a credit card. I quick phone call though and I got the late payments refunded and no record was left on my credit score. They allow one late payment every 3 months and will refund if you call them and ask nicely.

Oh and I had no trouble getting a 100% back in the day :p
#15
Don't think its "JUST" based on your credit card late payments....... must be more than that. You should ask, as you will also be refused for loans etc....
#16
More likely it is due to the amount you want to borrow vs earnings. that CC think wouldn't bother them too much.
banned#17
How many times your salary were you asking for and what was the loan to value ratio?



Ps. [email protected] almost 1/3 of this years cc bills. You're doing it wrong.

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