I recently applied for a new home loan but was rejected and was told my credit rating is too low. I was very surprised because I have never defaulted any payment. I requested a free credit report from Veda and found that I have 25 credit enquiries in 5 years. They are all my activities. I have 7 home loan enquiries (shopping around for refinancing), 8 utilities (moved around and shopped around), 8 credit cards (credit limit or better card deals), 1 car loan and 1 purplebrick.
Although I have never defaulted but because I shopped around and all these credit enquiries now I can’t get a loan to buy a house even though I can afford it.
I am yet to call Veda but I was told by the home loan usually they will only remove listing if there is an error and will not change any of the rating if the record is correct.
I find this very unfair, why am I being punished for shopping around, isn’t that what we are supposed to do? Who can I complain to in order to get this fixed so that I can get a loan to buy a house?