FTB and worried about Experian score

westy_1981

Hi all,

I have just completed the online Experian score and it has come out at 759. I was expecting 900+ as I pay all cards off in full every month and never go overdrawn. I have had no late payments on any of my accounts.

The reason I am a little concerned with the score is that I am a FTB and looking to buy soon; will the above affect the chances of a mortgage, or does Experian tend to scare people for no reason?

Thanks in advance

davilown

westy_1981 wrote: »

Hi all,

I have just completed the online Experian score and it has come out at 759. I was expecting 900+ as I pay all cards off in full every month and never go overdrawn. I have had no late payments on any of my accounts.

The reason I am a little concerned with the score is that I am a FTB and looking to buy soon; will the above affect the chances of a mortgage, or does Experian tend to scare people for no reason?

Thanks in advance

How many cards do you have and what is the total borrowing you can have? This can make a big difference

GMS

westy_1981 wrote: »

Hi all,

I have just completed the online Experian score and it has come out at 759. I was expecting 900+ as I pay all cards off in full every month and never go overdrawn. I have had no late payments on any of my accounts.

The reason I am a little concerned with the score is that I am a FTB and looking to buy soon; will the above affect the chances of a mortgage, or does Experian tend to scare people for no reason?

Thanks in advance

If you were applying to Experian for a mortgage it may be relevant but as they are not a lender then do not place too much thought on the score.

Make sure all of the data is correct. Having large balances will hinder credit score but if they are manageable and fit into a lender's affordabiltiy then should not cause too many issues.

How much deposit do you have percentage wise? The bigger the deposit the better your chances and rate in general

westy_1981

hi all, thanks for your replies.
I checked again today and score has gone upto 837 after adding a previous address on the details section ???

Seems like the scores are a bit of lottery.

One other qu - as davilown says in an earlier reply; the credit available to me seems to impact my score - I have 2 x CCs with the ability to use up to £18k on them - I am using approx 5% of this each month and paying off 100% of the balance every month so never carry a balance over - will the amount available to us on credit affect mortgages availability ? (Never had a missed / late payment and never paid off less than 100% of the balance)

I have a 15% deposit for the mortgage and am looking to buy ASAP.

herbiesjp

You will be fine.

Assuming you meet all other lender criteria that is.

Make sure you are on the electoral register, as that will improve your score - not with the reference agencies but with the all important lenders.

westy_1981

herbiesjp wrote: »

Assuming you meet all other lender criteria that is.

.

Thanks very much for your reply - I'm guessing this is just the start of a pretty complicated path . ...

herbiesjp

It can be.

It just depends on the overall scenario.

Being a FTB you may want to go via a good whole of market adviser, as they should offer you a step-by-step process.

Otherwise you may find yourself making expensive mistakes.

Experian_company_representative

It's impotant that you include all previous addresses over the past six years when requesting your report otherwise you won't see all of your data and it won't be used to calculate your credit report score. We actually calculate credit report scores for many of the lenders so our guide score is relevant and useful. Of course, lenders will look at other things to such as your salary and their lending policies vary as well.

James Jones