Does credit history/score get put on hold with a mortgage?
Discussion
Wife has a mortgage offer and we have bought a house, just waiting for it to go through. The offer is valid for 6 months, i.e the advisor has said it is ours.
Since that point any credit for anything and she gets declined, even opening a bloody personal current account.
They were chucking everything at her before, does it just get on hold til we've completed or something?
Since that point any credit for anything and she gets declined, even opening a bloody personal current account.
They were chucking everything at her before, does it just get on hold til we've completed or something?
Having a mortgage offer would not lead to her being declined for anything but if she takes out credit and the mortgage offer needs a change the mortgage lender can often re-score the case and if the new credit outgoings break the affordability stress tests the offer can be cancelled.
Josho said:
Wife has a mortgage offer and we have bought a house, just waiting for it to go through. The offer is valid for 6 months, i.e the advisor has said it is ours.
Since that point any credit for anything and she gets declined, even opening a bloody personal current account.
They were chucking everything at her before, does it just get on hold til we've completed or something?
Stop applying for credit!Since that point any credit for anything and she gets declined, even opening a bloody personal current account.
They were chucking everything at her before, does it just get on hold til we've completed or something?
Your advisor should have told you this...…
You need to hope that your lender doesn't re-score you (which they reserve the right to up until completion) or that anything needs to change and a revised offer is required...…...
s.
Brads67 said:
Is that so ?
Who are the lender looking to before making decisions on credit ??
Experian.....……..or Equifax...……...or Call Credit...…...we don't know the lender so, it can't be answered accurately.Who are the lender looking to before making decisions on credit ??
But for reference, it's not any of the above who are declining the OP's wifes applications...…..
Sarnie said:
Stop applying for credit!
Your advisor should have told you this...…
You need to hope that your lender doesn't re-score you (which they reserve the right to up until completion) or that anything needs to change and a revised offer is required...…...
THIS - my mortgage advisor was very clear with his warning ! Don't apply for anything - don't increase your borrowing against different cards etc. Your advisor should have told you this...…
You need to hope that your lender doesn't re-score you (which they reserve the right to up until completion) or that anything needs to change and a revised offer is required...…...
Looking at my credit searches - there was a second check just prior to completion - I guess that if this had thrown anything up , they would have followed it up with a full check.
simply apply for credit will hit your score ! , as will having a new mortgage ( as you wont have a history of payment on the account ) Hopefully you have a good broker/advisor who is ready to plead your case/explain the finances if your lender starts asking questions.
Chozza said:
Looking at my credit searches - there was a second check just prior to completion
If I could frame a post to provide clients, it would be this ^^^Your mortgage isn't fully done and dusted until the money is drawn down and you have the keys in your hands...…….I get asked all the time after the offer is issued... "Can I apply for a phone? A bank account? A lease agreement?" etc etc...……..I wouldn't apply for anything until after completion...…..you could do...….it might be ok...….the changes may not be detrimental enough to change the decision...……...but the above post confirms that post offer credit checks DO happen...…..unless it's absolutely 100% necessary I would avoid it at all costs...….
Sarnie said:
Chozza said:
Looking at my credit searches - there was a second check just prior to completion
If I could frame a post to provide clients, it would be this ^^^Your mortgage isn't fully done and dusted until the money is drawn down and you have the keys in your hands...…….I get asked all the time after the offer is issued... "Can I apply for a phone? A bank account? A lease agreement?" etc etc...……..I wouldn't apply for anything until after completion...…..you could do...….it might be ok...….the changes may not be detrimental enough to change the decision...……...but the above post confirms that post offer credit checks DO happen...…..unless it's absolutely 100% necessary I would avoid it at all costs...….
Have seen so many cases go wrong at completion as the applicants have gone and applied for other credit which had then gone affected things on the mortgage side.
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