Suddenly being declined MIP

[user280820210]

Over the past few months I have been doing Mortgage in Principles with the same company, trying to find my best one.

Today, I am suddenly being declined, despite the fact i'm putting in the exact same information as I did a few weeks ago when I was accepted?

The reason - failed credit score. But when I look at my score on an online site, that tells me my score is actually very good?

Can anyone shed any insight?

Asking too many times?

They could have changed their policy.

What is the difference in applications?

Do you have a MIP that is still valid? Speak to the bank and ask them to amend it rather than create a new one.

The company says that any new MIP replaces the previous one.

Multiple applications for credit will downscore you.

Did someone advise you to do repeated applications?

Have you considered using a broker? They can do soft checks so your credit score isn't mucked up.

Is a MiP a soft or hard credit check? Does it show on your credit report?

If it's a hard check that shows 9n your report, the. Too many of these checks 8n a short period can reduce your chances of being accepted. It should warn you in theT&Cs before you complete the MIP request that it is a hard check and could affect your credit score.

How many have you actually applied for then?

Did the company tell you to do so many?
How many have you done?

I've read that 2 hard checks in six months really affects your credit rating. Credit scores don't really mean that much and are different to credit ratings

They are only Mortgage in Principles though - it states it is a soft check, not a hard check.

Which company are you doing it from?
Why have they not got someone to get you the best rate so you don't have to keep doing it?

Are you doing this all online - can you clear your cookies on your computer and try again? Unless all of the lenders have drastically changed their since you got your last MIP, sounds like something strange is going on. But surely your broker should be getting you the best rate without you having to keep reapplying?

MIP are only soft searches, not hard, so won't impact your score or be visible to lenders.

But also remember the scores you see as a front end consumer (on credit karma, experian etc) are not everything the lenders see - they will have access to much, much more information.

Also it depends exactly which credit bureau they source their information from (although broadly they tend to be similar, but not always).

Have you been applying for credit elsewhere? Missed any payments? Not actually been using any credit (yep perversely that downscores you!) ?

Op, you need to contact them and ask them to remove all your applications from their files, I don’t understand why you were repeatedly applying for a mortgage, you should speak to the lender or a broker and find the best deal, repeatedly applying for a mortgage is a really bad idea. And even a soft check can leave a foot print.

However I suspect this is less about your credit score and more about their systems as you keep applying for mortgages you don’t intend to take. Simply that’s not one of the automated reasons