Good credit score but can’t get a loan

[mydreamworld]

My husband has an excellent credit score, very little in the way of debt (apart from our mortgage) and scores well for affordability. We moved last September and didn’t initially register to vote so not being on the electoral roll was a problem for his credit score but that’s now been resolved a few months ago. He can’t get a loan for love nor money and it’s so frustrating. Because there are a number of credit score companies, you can’t get a clear idea of what is going on. There is no one else living here who has bad credit (mine is good) and no other reason why he should be refused credit. He has always had an excellent credit rating.
Can anyone offer some advice on what he could do to find out what the problem is and, hopefully, resolve it?

Moving house in itself has an effect I think for 6 months. Also if you've just got a new mortgage that may affect for 7 months. Also multiple applications in a period will affect your chances of getting a loan.

This. And also does he actually have much in the way of credit history? Having a good credit score is the main thing but having a credit history that shows you can borrow and repay on time is also a big factor, does he have direct debits etc in his name? Any car finance etc?

Yes he has had car finance, loans, a mortgage for over 20 years, phone contacts and all repayments have been on time. He is squeaky clean with his finances. It just doesn’t make sense. There’s no where you can go to find out what the issue is. The banks/loan companies don’t give a reason and because it’s all done on a computer, there’s no one to talk to about the reason for refusal. So frustrating.

You need to check his credit file OP. There is either something he’s not telling you or there’s something on there perhaps by mistake that shouldn’t be.

We moved an almost a year ago and ported our mortgage so that shouldn’t be a problem now. I guess we haven’t got a long history of living at our current address but surely that wouldn’t throw out every possible loan out there.
We’ve been careful not to do multiple applications, just the odd soft search through MSE website.

It is annoying and there’s not much you can do other than get copies of your credit report with all agencies and make sure they are correct.

I also have great credit (and get good limits when I apply for a credit card etc), but a couple of months ago I tried to get a SIM only deal for £20 per month and I got declined. I rang up, visited the store in person, tried online - I’d have paid for the full contract and a deposit upfront if it had been an option - but it was just computer says no and I had to
move on.

Have you tried applying instead?

we’ve checked his credit files with Equifax, Experian and Trans Union and no problems there. Just shows an excellent credit score.
We did have an issue with our address as on the system they don’t use the house name and we’d submitted applications with the house name included. But that was amended a few months ago.

He hasn't put credit lock on his account and forgotten about it? You can do it through Experian and so I'd assume the others as well.

What’s credit lock?

Not necessarily. Sometimes banks just don't have the appetite to lend in certain ways, even to those with excellent credit scores.

Multiple hard searches in a short period of time can affect your chances of borrowing, so he should leave it for a while now. Could you apply instead?

Have you checked the format of your address, is it unusual?
I had problem many years ago because my address was 'Flat X, Y House' and some places had it as 'Flat Y' or down as 'X House' etc. it was a huge faff on and often ended up with me being turned down for credit instantly because of it.