underwriters - reviewing any credit applications eg mortgage

Last post Tue, Mar 04 2008, 4:19 PM by completefinance. 1 replies.
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  •  Tue, Mar 04 2008, 4:19 PM

    Re: underwriters - reviewing any credit applications eg mortgage

    Found it :)

    All applications are credit scored in the first instance, the score is made up of a number of issues. The number of credit agreements, the payment history, how close credit cards are to their limits along with electoral role entries and the obvious defaults and CCJ's. You can check on various sites how each category is scored and this may give you some idea on how to repair low credit scores. The initial check is therefore electronic the underwriters do not get involved until the application is sent in full or there are entries on your credit file, such as notes left on credit entries. If for instance you were late paying due to the band's direct debit system failing, you would leave a note to that effect. If there are these types of notes on the file the electronic system gets bypassed and the request gets seen by a human being. So in closing unless there are late or missed payments the reason for declining your applications would be the credit score or your income is too low.

    • Post Points: 5
  •  Tue, Mar 04 2008, 2:38 PM

    underwriters - reviewing any credit applications eg mortgage

    hi all

    i'm just after some advice - recently i was declined applying for a FTB mortgage it was joint application with the wife , i was told to send in my credit reports and maybe they can review my decision -

    our credit reports are basically average - no late payments -no ccj - no defaults - no debts etc- had the odd credit cards in our names both registered under electoral role etc

    My question is When they review the decision what sort of criterias/answers do they look out for

    -is it about affordability or just a background check ??

    i have had experience about 1 year ago when i asked egg credit card to review my decision -
    bloke on the phone asked questions like why do you want the card (at time the reason was i had a credit credit with 300pound on it just about to start paying interest so i wanted to transfer it over)

    they took all my monthly outcomes like Rent, Usual Household bills dont pay nothing extra and even though i was able to afford whatever credit they gave me they still declined me ??

    all advice will be much appreciated - have you had experience reviewing you credit application ??

    PS completefinance - i hope with your expert knowledge you can guide me in the right direction

    • Post Points: 20