Credit score

chippydog

Hi all

I've had some great idvice from you guys on here before. Looking to try again for a mortgage next year. Got a good deposit accumulating. Sticking point last year was settled CCJS dragging my credit score down. My score according to Experian today is 961 (excellent) do i stand a good chance of getting approved? ie is this score just a number or is it the main criteria for acceptance?

Wh05apk

It is just a means of Experian getting money out of you, it is just a number which doesn't necessarily mean anything to lenders, they use their own systems, and different lenders place different weights on different factors, it may be Abbey this week are knocking your score down because your name is Graham, or because you are a teacher, nobody knows and it changes all the time.

All you can do is do the basics - ensure you ae on the voters roll, have some credit, to prove you can handle credit well, and keep everything spot on.

Speak to a broker, get an AIP done with a lender (any lender - at this stage you just want to know that in principle you can get a mortgage, you can look for the best deal when you find a property)

If you have CCJ's you will likely need at least a 15-20% deposit, and for them to be settled at least 12 months ago.

kingstreet

The score from Experian is indicative at best. You can get a 999 score with no job and this will obviously result in you being declined for a mortgage. The score required for a mortgage contains other data not gathered by the CRAs, such as the employment issue I mentioned, plus loan to value etc.

Acceptance will depend on a number of factors of which your credit history is one. At this point no-one can tell you if you'll be rejected or accepted or give you a % chance.

I suggest you find a good independent or whole market broker and let him/her have a copy of your credit file. This will assist in approaching the right lender for an agreement in principle before you start to look for a property. It may be worth obtaining files from all three CRAs to avoid unknown issues popping up unexpectedly.

Was typing while Wh05 was posting.

KingElvis

The Experian credit score is shash, a worthless figure plucked out of the air by them and their systems...as they don't lend anyone a brass farthing, you can safely ignore it and for God's sake, don't buy it again and put more fuel in their Bentleys.

The Experian droid may come on and tell you otherwise but remember, it's worthless.

I could give you an Elvis score of 3.5 burgers and it's worth just as much as the score they gave you.