Credit check/payment history

richypat07

Hi I need a little advice

When lenders look at your credit file – do they look at your score (points) or do they just look at your payment history over say the last 12 months?

I/we have a bad score but payment over last 12 months are good.

Thanks
Richy

homer_j_3

as I have said to you in your other post they will consider many things and not just one thing.

Credit scoring differs from one lender to the other and they can all be looking for different things. Some will place emphasis on credit score, some will place emphasis on payment history - some will look at statistical data on what postcodes you live in and some will not look if you have so much debt. Then some won't be that bothered as long as the affordability is there.

I cannot be more specific because lenders will rarely tell you how they do these things.

richypat07

I’ve had a mortgage with HSBC for 2years 7 months, would us applying for a new mortgage mean that they would do another credit check or would they look at payment history on our mortgage?

+ I have a loan with them that has never had a late/missed payment (same as mortgage)


Thanks

herbiesjp

If you are looking for simply a new deal and changing any details, then it should be a simple product switch and no checks carried out

If you are looking to borrow more they will run credit checks