Credit Rating Mystery

[Donquixote]

Hi all,

I really hope someone can help me with this as it's got me at my wit's end.
Two months ago I paid for a full credit report and rating through Experian, as it was requested by a potential employer (the British Government). The report came back with no adverse information and a credit score of 999, which is the maximum.

Now, two months later, I have been offered the government job and need to relocate to London. In order to to spruce up my house prior to placing it on the property market I need to make a few minor repairs, and so I thought I'd take out a small loan to cover the costs rather than dip into my savings, thinking that I'd just pay off the loan in full once the house is sold. However, I have just been refused a loan by two online banks, both of whom stated that 'you or someone financially linked to you have adverse credit information registered with Experian'.

My circumstances haven't changed. I have taken out no loans since that first credit check two months ago, I have one credit card on which the balance is zero, I've never missed a payment in my life, and I have no CCJs registered against me. The only thing I can think of is that when mortgaging my house 9 years ago (my first ever mortgage on my first ever house) a guarantor was requested, so my father stepped in, acting as guarantor to my mortgage. We have since become estranged and I believe that in the last couple of months he has had financial difficulties, including CCJs and bailiff warrants, and had his home threatened with repossession. Would a change in his financial situation/credit rating have a knock on effect on my own credit score? As I say, my circumstances haven't changed since first buying the house, and certainly haven't changed since the last time I checked my rating two months ago, yet all of a sudden I am being refused even the most modest of credit.

Many thanks in advance. I really need to get to the bottom of this.

[RATTER15]

You need to phone Experian and ask them, that's the quickest and easiest way.

[craft1948]

With bank interest rates as they are you are better off using your savings to do the work...........

[factor-fiction]

Yes, using your savings will give you time to sort out your credit record. It makes sense anyway to use savings unless there is a penakty for withdrawals.
Do you still need to have your dad as a guarantor? You could explore whether he can be disassociated form you financially

[themas]

If a financial link with your father is shown on your credit report then it is possible the banks you applied to also checked his record. Alternatively, they may just be going on the fact (if it appears on your record) that you needed a guarantor when you took out a mortgage, or it may be that they have access to some other credit record used by mortgagee banks which shows details of the guarantor link.

Do not go on applying to other banks - more refusals could adversely affect your rating.

You could get your Experian report again & check whether it now shows anything which wasn't on it before.