Credit Refusal - Help

[Be More Pacific]

Equifax and Experian exist to stop houses being black listed.

Houses do not get "blacklisted". If that was true, no one would ever be able to buy a repossessed house with a mortgage.

People don't get blacklisted either. People have adverse credit registered against them but they may still be able to get finance with certain lenders.

Oh and credit scoring provided by credit reference agencies is a load of bollocks, as you have just found out. Virtually all lenders have their own scoring criteria - things that are important to them - which will probably differ from lender to lender. All your information will be entered, a credit reference agency report run and then a pass or fail decision will be given - and that's what matters to the lender. As a former mortgage underwriter, I have never once approved a mortgage for someone based on their credit score from a credit reference agency. It's a money making scam in my opinion.

Regarding your issue, when you say a loan you didn't take out is showing, do you mean as a search or an account has actually been opened? If it's a search, it shouldn't be too much of an issue - most lenders accept people "shopping around". It's usually only if there are multiple searches that would be flagged as a problem because the lender would question why you seemingly keep being turned down for credit.

As for the loan just settled, yes, that will take a little while to show up on your credit search as credit reference agencies usually only update their records once a month and rely on the lenders reporting the information to them.

As someone else has said, it's very unlikely Black Horse will know exactly why you have failed their credit score - they can guess but it will be their credit scoring system that makes the decision unless they do manual underwriting (unlikely)

 

[Fizzwhizz2020]

I’m all sorted. The finance company accepted my proofs and so have Equifax and Experian.

The loan I settled confirmed they have already requested closure and settlement and sent me proof of this also.

The loan I didn’t take which is showing open and no payment issued which was at the same time as the original - confirmed it shouldn’t be on there and apologised and confirmed they’re requesting removal all together.

Finance company accepted my evidence and provided the vehicle.

I don’t really check my credit score but had I not gone for the car I would never have known. I’m pleased it was easily resolved but lesson learned to keep an eye on this from now on.

Best thing you can do it get ClearScore. It’s completely free and they go off equifax. It updates once a month and is a great way to keep track of your credit score

 

[KB2611]

I’m all sorted. The finance company accepted my proofs and so have Equifax and Experian.

The loan I settled confirmed they have already requested closure and settlement and sent me proof of this also.

The loan I didn’t take which is showing open and no payment issued which was at the same time as the original - confirmed it shouldn’t be on there and apologised and confirmed they’re requesting removal all together.

Finance company accepted my evidence and provided the vehicle.

I don’t really check my credit score but had I not gone for the car I would never have known. I’m pleased it was easily resolved but lesson learned to keep an eye on this from now on.

 

[OliviaPope]

Blackhorse are unlikely to know the exact reason why you are rejected it could be any reason from someone in your household that has a poor credit score or you don’t have enough credit history. Loan searches or applications will show on a credit search that will always be the case and loans that have been paid off will also show on credit reports for a period of time.

You might be better with a bank loan than going direct with car finance. Don’t go round keep applying for more loans as that will drive your score down.

 

[BettyCrockerr]

Agree - houses and people don’t get blacklisted.

this will resolve itself once the agencies remove the inaccuracies from your report. No big deal.

 

[KB2611]

What are Experian & Equifax saying about it??

I’ve emailed them both today and calling tomorrow during my lunch hour but their websites say to go to the source direct and request removal which I’ve also done.

Blackhorse are unlikely to know the exact reason why you are rejected it could be any reason from someone in your household that has a poor credit score or you don’t have enough credit history. Loan searches or applications will show on a credit search that will always be the case and loans that have been paid off will also show on credit reports for a period of time.

You might be better with a bank loan than going direct with car finance. Don’t go round keep applying for more loans as that will drive your score down.

Blackhorse have done a hard search and have said it’s the two out standing loans so I informed them I didn’t have one and the other is paid which they confirmed if I send evidence they will review with underwriting so I have done this too

Yeah I haven’t you see I didn’t have a credit rating until about 4 years ago and having zero is worse than bad. Equifax and Experian exist to stop houses being black listed.

I’ve logged in to check I don’t have any hard searches until I’ve had EUI and Hastings check for insurance and I haven’t had anything else. I have no store cards, I only have my credit card which has a 1200 limit as it’s a credit builder one and there’s £200 concert tickets out standing so that is it.

Are you on the electoral roll for the address you've applied under ?

I believe I am.
I can get these removed it’s not an issue I was just checking if I can do anything else as Equifax and Experian have both said on their websites that it can take up to 6 weeks

 

[KB2611]

Best thing you can do it get ClearScore. It’s completely free and they go off equifax. It updates once a month and is a great way to keep track of your credit score

I have it now. I’m just pleased it’s now all sorted

 

[Be More Pacific]

Not sure how true this is, however I was previously advised when you pay a credit card off you also need to close the account, so ring the company to close it off.

It is important to do this when applying for a mortgage because some lenders, if not all, now take the credit limits into their affordability calculations even if the accounts have nil balances - the theory being they issue a mortgage offer and the next day, you could run up thousands of pounds of charges (which some people definitely do and then it bites them in the arse if they need the mortgage offer extending and the lender runs another credit search....)

 

[BettyCrockerr]

Hiya,

I’m trying to get a car and I’ve been refused finance.

My credit score is down as excellent like it should be.

However a loan I didn’t accept is showing and a loan I paid off is still showing I got a decent bonus so I just got rid of it.

I have evidence of the settlement and payback, I’ve contacted Experian and Equifax and both lendable and ratesetter in order for them to contact both Equifax and Experian and get them off.

The loan I didn’t accept should not even be on there. The loan I paid back should have been removed on the refresh in December. Blackhorse have informed me this is why it’s been rejected, had I not have been trying to get a car I would never have known. I have also provided the evidence to Blackhorse who are reviewing with their underwriters.

Is there anything else I can do to get these off?

Thanks in advance

What are Experian & Equifax saying about it??

 

[monga]

I’ve emailed them both today and calling tomorrow during my lunch hour but their websites say to go to the source direct and request removal which I’ve also done.



Yeah I haven’t you see I didn’t have a credit rating until about 4 years ago and having zero is worse than bad. Equifax and Experian exist to stop houses being black listed.

I’ve logged in to check I don’t have any hard searches until I’ve had EUI and Hastings check for insurance and I haven’t had anything else. I have no store cards, I only have my credit card which has a 1200 limit as it’s a credit builder one and there’s £200 concert tickets out standing so that is it.



I believe I am.
I can get these removed it’s not an issue I was just checking if I can do anything else as Equifax and Experian have both said on their websites that it can take up to 6 weeks

That's the first thing most lenders look at before considering you for credit if you're not on the electoral roll it can impact it. I only found this out about 4 yrs ago when I wanted to open another bank account the bank wouldn't let me open one as my name wasn't on the open electoral roll that banks and lenders use as proof of address ,it was only on the normal full electoral roll. I had to go to my electoral office and get them to add it and give me a letter for the bank so I could open a savings account .

 

[Giggling Squid]

As others have said, im pretty sure a loan application will show regardless of whether you accept it or not, and loans/credit you’ve cleared take a while to update

 

[laughing]

Every time you apply for credit/loan it will still show on your record.
So only apply for those that you are certain you want and never apply to various ones at the same time for the same loan.
Do your research and just apply to one at a time.

 

[KB2611]

Hiya,

I’m trying to get a car and I’ve been refused finance.

My credit score is down as excellent like it should be.

However a loan I didn’t accept is showing and a loan I paid off is still showing I got a decent bonus so I just got rid of it.

I have evidence of the settlement and payback, I’ve contacted Experian and Equifax and both lendable and ratesetter in order for them to contact both Equifax and Experian and get them off.

The loan I didn’t accept should not even be on there. The loan I paid back should have been removed on the refresh in December. Blackhorse have informed me this is why it’s been rejected, had I not have been trying to get a car I would never have known. I have also provided the evidence to Blackhorse who are reviewing with their underwriters.

Is there anything else I can do to get these off?

Thanks in advance

 

[monga]

Hiya,

I’m trying to get a car and I’ve been refused finance.

My credit score is down as excellent like it should be.

However a loan I didn’t accept is showing and a loan I paid off is still showing I got a decent bonus so I just got rid of it.

I have evidence of the settlement and payback, I’ve contacted Experian and Equifax and both lendable and ratesetter in order for them to contact both Equifax and Experian and get them off.

The loan I didn’t accept should not even be on there. The loan I paid back should have been removed on the refresh in December. Blackhorse have informed me this is why it’s been rejected, had I not have been trying to get a car I would never have known. I have also provided the evidence to Blackhorse who are reviewing with their underwriters.

Is there anything else I can do to get these off?

Thanks in advance

Are you on the electoral roll for the address you've applied under ?

 

[Papparazzo1]

Not sure how true this is, however I was previously advised when you pay a credit card off you also need to close the account, so ring the company to close it off.