home loans help

[Boeta B]

hi,

me and my wife-to-be wants to buy property. we went for a quick affordability thing at my bank(standard bank, she's with absa) and they give us maximum loan amount we may qualify for. after about 2 months of searching we finally found a house and signed offer to purchase etc. and submitted our application to my bank with all documentation required. after 3 day we got answer from bank with bad news. they are declining our application because of wife-to-be's credit record. apparently there's some "issues" but they cant pinpoint what it is.

beginning of this year i pulled off both our credit reports free from transunion website. mine is perfect but with hers it showed 2 accounts that she skipped a month or 2 but had it paid up asap. i dont know if this could be the cause. only advice the bank gave me is that I have to apply alone(for a smaller loan of-course, and that means not getting this house we really want and searched long for) or she can get this "issue" fixed by getting her name cleared with the credit berue so that we can re-apply.


i did some research and it this seems like a long process. so i really dont know what to do anymore

Any help/info on will be appreciated

cheers

 

[rubytox]

Get a good bond originator and let him/her do the talking.
Where are you? I know a guy in CT.

 

[Boeta B]

Get a good bond originator and let him/her do the talking.
Where are you? I know a guy in CT.

thanks for the reply

im also in CT. can you give me details?

 

[Centronix]

I had issues with STD Bank and I was banking with them. They couldn't get their story straight. I contacted SA Homeloans and they sorted me out with no issues and at a prime - interest. I say contact SA Homeloans

 

[rubytox]

Kevin Harvey 021 7851461 (Cell) 0824450637

He will go the extra mile because he knows the banking industry inside out.
Good luck.

 

[supersunbird]

You can get free credit reports at the other 2 Credit Bureaus too, and maybe find the cause of the rejection.

Experian:
https://www.creditexpert.co.za/
gives a scoring of 1 to 5 at the bottom when they mail you the pdf, 1 best, 5 worst

XDS:
http://www.credit4life.co.za/
Gives you a scoring from 1 to 1000, the closer to 1000 the better

 

[Hemi300c]

I think that every time you do a credit check your grading decreases. It definately does when you apply for loan, HP or credit.

 

[supersunbird]

I think that every time you do a credit check your grading decreases. It definately does when you apply for loan, HP or credit.

Checking you own free credit reports at the different Credit Bureaus will not affect your scoring in any way.

Scoring is affected negatively by to many orfrequent checks by providers.

 

[shani786]

now u can check your credit report @ any shoprite or checkers also using Kudough report for just R69.00.

 

[broloks]

hi,

me and my wife-to-be wants to buy property. we went for a quick affordability thing at my bank(standard bank, she's with absa) and they give us maximum loan amount we may qualify for. after about 2 months of searching we finally found a house and signed offer to purchase etc. and submitted our application to my bank with all documentation required. after 3 day we got answer from bank with bad news. they are declining our application because of wife-to-be's credit record. apparently there's some "issues" but they cant pinpoint what it is.

beginning of this year i pulled off both our credit reports free from transunion website. mine is perfect but with hers it showed 2 accounts that she skipped a month or 2 but had it paid up asap. i dont know if this could be the cause. only advice the bank gave me is that I have to apply alone(for a smaller loan of-course, and that means not getting this house we really want and searched long for) or she can get this "issue" fixed by getting her name cleared with the credit berue so that we can re-apply.


i did some research and it this seems like a long process. so i really dont know what to do anymore

Any help/info on will be appreciated

cheers

I was in the same boat as you and applied to all the banks. Only SA Home Loans came back with an offer.

 

[Other Pineapple Smurf]

I was in the same boat as you and applied to all the banks. Only SA Home Loans came back with an offer.

SA Homeloans offered us 95% two months back. They went out of there way to ignore a R25 payment issue my wife had with Woolworths (account was paid up but stupid club fees).

FNB came back with a better interest rate but only 90%. I had to do this on my own salary as my wife is self employed (established business for 13 years).

End of day work through a bond originator. I used OOBA and they went out of their way as they only get paid by the banks if I accept the bond. Even SA Homeloans jumped through hoops for me.

Also the days are gone where you must apply with the bank you are with. I've had my Standard Bank account for 14 years and they gave me an insulting offer but not as insulting as ABSA. FNB want my business and I went with them.

All the best, nothing beats that feeling when you get the keys to your own home (got mine on Tuesday).

 

[Alton Turner Blackwood]

Also the days are gone where you must apply with the bank you are with. I've had my Standard Bank account for 14 years and they gave me an insulting offer but not as insulting as ABSA. FNB want my business and I went with them.

At least you got an offer, they declined mine and I've been with them for 10 years

 

[Boeta B]

thanks for the replies guys. i got another 2 reports from creditexpert.co.za and credit4life.co.za and apparently back last year she was 4 months in arrears with sportscene but the settled account soon thereafter. creditexpert.co.za(experian) gives her a 4 rating(poor account conduct) with 1 judgement againts her. credit4life.co.za(XDS) gives her a 789 rating which is considered good with no judgments/defaults to her name.

i dont know what to do...this whole exercise is actually making me sick. making it worse is that i have an offer to purchase pending and i have like less then 2 weeks to get finance otherwise i'll lose the deal allready tried to applied directly with my bank standard bank and with absa and they both declined.

 

[Malasius]

go through a bond originator and not directly to the bank. waste of time!

 

[Other Pineapple Smurf]

go through a bond originator and not directly to the bank. waste of time!

^^^ what he says ^^^

Best move ever and they did all the work as they know the system better than the banks themselves. They tell you what to send them and once they have your documents, they kick butt.

The guy at SA Homeloans also went out of his way for me. It took two days to get approval from the start, this included an investigation of the house.

 

[supersunbird]

If any information is incorrect on the credit reports one can log dispute with the credit bureau concerned for them to have it corrected (takes a few weeks). Strange that only one of them shows a judgement. Your wifes negative payments will clear after two years or less (note the info displayed goes back two years). A judgement takes much longer to be cleared but there is a legal process one can follow to get it cleared if the credit provider agrees.

Obviously affordability is affecting you if applying on your own, and your wife has an impaired credit record.

Try to get your wifes credit record rehabilitated (will take time in the case of the missed payments and might require some money for the judgement clearance) and if possible try to save up an even bigger deposit while you wait for that. Maybe you will get an even better place when everything is sorted and you can attempt again.

 

[3WA]

Standard bank pulled the same stunt with me. Told me how much I qualified for individually and then turned down the application once I made an offer to purchase. Luckily FNB, a bank I had no prior relation with, came through.

 

[Boeta B]

UPDATE:

was just informed by bank that apparently the has a R127000 judgment to her name/record :wtf: now we are like wtf we know nothing about this, this is insane! and i thought it was actually because she skipped a couple of clothing payments but this is way bigger than a stupid clothing account. the biggest loan she made was for about R40k like 2 years ago and this is actually her last final payment this month for that loan and she never missed a payment.

i smell fraud...somewhere somehow somebody used her identity for the wrong reasons and now she has to suffer the consq.

or maybe its just a misunderstanding somewhere. we'll contact them soon

 

[supersunbird]

Thanks for giving us feedback.

When was the judgement made? That only one credit bureau shows it is strange. I bet its a error of some kind,

I read up, judgements are listed for 5 years.