Credit scores and mortgages

Ste.._2

Anyone have the inside scoop on what scores lenders look for? I know it's just part of a whole range of information they look for, but I wondered what was considered acceptable these days with things as tight as they are

I checked mine ahead of getting an AIP from Clydesdale and it was 965 out of 1000

Now just one week later ahead of making another application to another bank due to me now having a much larger deposit, it's plummeted to 887 :mad:

Nothing has changed at all, except there are now two entries from Clydesdale. One for a high amount as the guy at the bank goaded me into making an application for a very high amount, and another for the amount I was eventually approved on

I'm wondering if that failed check is having a big detrimental effect, and what this means for what will hopefully be the last AIP that leads to a mortgage tomorrow

I think I tick all the other boxes, on the electoral roll......8 years employment......7 years current account with the bank I'm applying with......mortgage would be 3x salary

Any ideas how long that failed mortgage application will sit around stinking up the place?

kingstreet

I'd suggest you read this, particularly Mr Herring's comments;-

https://forums.moneysavingexpert.com/discussion/3158508

as it will help you understand the situation.

Lenders should not need to credit check you for different amounts at the AIP stage. Their system should check you once and match an affordable mortgage amount or decline you outright.

Ste.._2

Interesting thread thanks, so I suggest I should just chill out and unsubscribe from that damn creditexpert website :mad:

Do you think the guy from Clydesdale make a bit of a balls up then? certainly feels that way. There's an anti-fraud check entry, then one for his "let's just go for the max" application, and finally the one they came back with as the maximum they would lend

So when lenders talk about a credit score, that's their own version that includes info from one of the agencies, but is also something they devise internally based on your answers to other questions.