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Credit Rating for Mortgage
HouseHunter2010
Posts: 74 Forumite
Hi folks! 
I've never previously checked my credit rating however as I'm hoping to purchase a property this year I decided to look in to this. I've just created an account with Equifax and was utterly shocked at the result, to say the least!!! My score is 435 :eek:
I am up to date with all open accounts. I only have 1 credit card which has around £300 on it. I've previously had a car loan but this has been paid off for over a year, 2 years earlier than planned. I have the usual mobile phone/tv contracts, all of which have been paid on time every month.
The only thing which is bringing my score down is that I'm showing as having 1 late payment for a credit card in December 2007. I definitely never went a month without paying at all, it was only a late payment. Can this 1 late error really bring my score down so much???
Totally shocked and quite worried about a mortgage application now
PS. Apologies for also posting this in 'Buying, Selling, Renting' - I thought I was in the mortgage page.
I've never previously checked my credit rating however as I'm hoping to purchase a property this year I decided to look in to this. I've just created an account with Equifax and was utterly shocked at the result, to say the least!!! My score is 435 :eek:
I am up to date with all open accounts. I only have 1 credit card which has around £300 on it. I've previously had a car loan but this has been paid off for over a year, 2 years earlier than planned. I have the usual mobile phone/tv contracts, all of which have been paid on time every month.
The only thing which is bringing my score down is that I'm showing as having 1 late payment for a credit card in December 2007. I definitely never went a month without paying at all, it was only a late payment. Can this 1 late error really bring my score down so much???
Totally shocked and quite worried about a mortgage application now
PS. Apologies for also posting this in 'Buying, Selling, Renting' - I thought I was in the mortgage page.
Deposit Saved -> £25000 Target -> £25000
100% of the way there :j
Target Date -> 31/12/2011
0
Comments
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Ok, now I'm really confused. I was really panicking about the score so ordered my record from Credit Expert - it's showing as 990???!!Deposit Saved -> £25000 Target -> £25000100% of the way there :jTarget Date -> 31/12/20110
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Don't waste any more time on credit scores as they're meaningless. The lender will do their own credit check - go to see a mortgage adviser to get help and to find out if the late payment will make any difference.0
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The credit reference agencies dont lend the money so the score is irrelevant. Lenders have their own systems.
It is more important to check that the data is correct.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks guys. I had a major panic moment tonight when I seen the first credit score!Deposit Saved -> £25000 Target -> £25000100% of the way there :jTarget Date -> 31/12/20110
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