Page 2 | Natwest refusing further lending

Wittow · 2023-11-16T22:10:12+00:00

So my current mortgage is with natwest and I'm tied into a 5 year fix. Portable mortgage. I'm looking to move house in the next 6 months and phoned to see of they would lend me £50k more. This would only be a total of like 95k mortgage on a 340k property. I have a 53k salary. It failed the "affordability" test due to credit score. Absolutely devastating. Can natwest literally prevent me from even porting my mortgage on this basis?

eandz13 · 17/11/2023 09:56

Don't use Clearscore, use Transunion/Equifax/Experian. They give further details of your report, and they're the ones most companies use. You'll be able to see exactly what the problems are.

OneForTheRoadThen · 17/11/2023 10:35

That's quite a low score in Clearscore. Does your report say what's affecting it?

HappiestSleeping · 17/11/2023 10:52

eandz13 · 17/11/2023 09:56

Don't use Clearscore, use Transunion/Equifax/Experian. They give further details of your report, and they're the ones most companies use. You'll be able to see exactly what the problems are.

Clearscore use Equifax as their source.

eandz13 · 17/11/2023 11:39

@HappiestSleeping My score on Clearscore shows something completely different than it does on the others and it doesn't give any detailed reports that I can go off. The others ones show detailed breakdowns, it's just a bit shite if you're actually needing to work your credit out.

Original poster

Wittow · 17/11/2023 12:07

So I got an experian free trial and there are 4 missed payments from an HSBC credit card that I closed earlier this year. There was interest added after I'd apparently closed it and £5.29 outstanding. I've rung then this morning and have paid that off. That's literally all there is that is adverse on my file.

Would that affect my credit score so dramatically?

OP posts:

OneForTheRoadThen · 17/11/2023 12:08

Yes missed payments have a big negative effect

HappiestSleeping · 17/11/2023 12:10

eandz13 · 17/11/2023 11:39

@HappiestSleeping My score on Clearscore shows something completely different than it does on the others and it doesn't give any detailed reports that I can go off. The others ones show detailed breakdowns, it's just a bit shite if you're actually needing to work your credit out.

They probably add their own flavour on top, but they do use Equifax.

HappiestSleeping · 17/11/2023 12:10

Wittow · 17/11/2023 12:07

So I got an experian free trial and there are 4 missed payments from an HSBC credit card that I closed earlier this year. There was interest added after I'd apparently closed it and £5.29 outstanding. I've rung then this morning and have paid that off. That's literally all there is that is adverse on my file.

Would that affect my credit score so dramatically?

Yes, missed payments make a big difference.

NoSquirrels · 17/11/2023 12:15

Yes, 4 missed payments (doesn’t matter it was a tiny amount, doesn’t matter it was just a mistake on your behalf) will be the issue.

Whiteday · 17/11/2023 12:22

Wittow · 17/11/2023 12:07

So I got an experian free trial and there are 4 missed payments from an HSBC credit card that I closed earlier this year. There was interest added after I'd apparently closed it and £5.29 outstanding. I've rung then this morning and have paid that off. That's literally all there is that is adverse on my file.

Would that affect my credit score so dramatically?

Well the will be you can't manage small debt, how can you manage large?

Outnumbered99 · 17/11/2023 12:34

Cant recommend speaking to a broker enough OP, they will help you. I would also speak to HSBC and see what can be done, as looks like an error on their part to be logging missed payments after an account is closed. I would be fuming

Wanderergirl · 17/11/2023 13:37

I have 50k car on my credit record and it’s 960. So car is definitely not the culprit.

your score this low because you must be late on monthly payments, have ccj or constantly maxing out your credit limits. Have loans etc. If you’re married, your spouses credit rating would affect yours too slightly.

Wanderergirl · 17/11/2023 13:40

Wittow · 17/11/2023 12:07

So I got an experian free trial and there are 4 missed payments from an HSBC credit card that I closed earlier this year. There was interest added after I'd apparently closed it and £5.29 outstanding. I've rung then this morning and have paid that off. That's literally all there is that is adverse on my file.

Would that affect my credit score so dramatically?

Sorry, didn’t see this reply.

Answer is Yes!

If they've chased you for it multiple times, you’ve probably been marked as defaulted on the debt etc. It takes about 6 years for black mark to drop off completely.

casuarinatree · 17/11/2023 13:52

Wittow · 17/11/2023 12:07

So I got an experian free trial and there are 4 missed payments from an HSBC credit card that I closed earlier this year. There was interest added after I'd apparently closed it and £5.29 outstanding. I've rung then this morning and have paid that off. That's literally all there is that is adverse on my file.

Would that affect my credit score so dramatically?

Yes - it makes massive difference - even if just for £5.

A friend of mine had a nightmare a few years ago as the bank refused to lend anything on her salary (just her DH's) because of 3 missed payments on a credit card she thought she had paid off - it turned out that the credit card company had added PPI but because it was less than £5, didn't actually notify her about it so she missed 3 payments, but had no idea! They were mid purchase as well, so from memory had to borrow a large amount from a relative at very short notice.

BrieAndChilli · 17/11/2023 13:53

We had 2 car loans when we applied for our mortgage plus CC debt and plus we have 3 kids and we passed the affordability checks.

Double check your credit report not just your score - see if anything sticks out such as missed payments etc.

Harvey100522 · 17/11/2023 13:55

This reply has been deleted

This has been deleted by MNHQ for breaking our Talk Guidelines.

notmorezoom · 17/11/2023 13:58

Wittow · 17/11/2023 12:07

So I got an experian free trial and there are 4 missed payments from an HSBC credit card that I closed earlier this year. There was interest added after I'd apparently closed it and £5.29 outstanding. I've rung then this morning and have paid that off. That's literally all there is that is adverse on my file.

Would that affect my credit score so dramatically?

Definitely. Why were the payments missed? If an admin error by the card company and not your fault they can add a note to the credit file.

eandz13 · 17/11/2023 14:58

You need to ring HSBC and explain and ask if there's any chance they could remove the missed payment markers on your file - not everywhere will do this but many places will (I've had it happen to me when I was under the impression I'd cancelled something). They will ask you to provide evidence that you had the funds available on the date they tried to take them and if you send over the bank statements to prove you had them they should clear it up.

MessyRaptor · 17/11/2023 17:02

I've had this happen before with an old credit card. I'd paid the full balance off but when asking for a final amount to pay, the advisor failed to tell me that other fees were about to be added - so I ended up with about £5 on the card. I got back in touch, they removed the charges, added a note to my account and sent me a letter. I then sent that letter to Experian, mortgage broker and mortgage lender - and the mortgage got approved. Took a little while but got there in the end.

caringcarer · 17/11/2023 17:44

Wittow · 17/11/2023 12:07

So I got an experian free trial and there are 4 missed payments from an HSBC credit card that I closed earlier this year. There was interest added after I'd apparently closed it and £5.29 outstanding. I've rung then this morning and have paid that off. That's literally all there is that is adverse on my file.

Would that affect my credit score so dramatically?

Yes, missed payments make a huge difference.

CrabbiesGingerBeer · 17/11/2023 18:08

Wittow · 17/11/2023 12:07

So I got an experian free trial and there are 4 missed payments from an HSBC credit card that I closed earlier this year. There was interest added after I'd apparently closed it and £5.29 outstanding. I've rung then this morning and have paid that off. That's literally all there is that is adverse on my file.

Would that affect my credit score so dramatically?

The reasoning is that you have demonstrated you either won’t or can’t pay your debts.

I know that’s ludicrous for such a small amount but that is how it is registered on the system.

It will make it very difficult to borrow from anyone unless you can get it sorted. It may be if you speak to HSBC that you can sort something out to get it off your record but until you do, there’s probably no point applying elsewhere (except possibly a broker who specialises in impaired credit mortgages at sky high interest rates).