Just been turned down for the decision in principle

GMS

Farside wrote: »

When has it hit 999 with a default? I haven't known my score to ever hit 999, that the maximum score available. All my defaults and bankruptcy info were wiped from my report 6+ years ago. I've been discharged for 7.7 years.

Every lender i have spoken to says they use experian aswell as their own scoring system

Sorry misread your post. You said 964 (999 best available). Default was mentioned in a reply. Apologies.

Point still stands. Score is meaningless. CRA score has no idea if you are in receipt of an income as the most obvious flaw. If a person had no income and a 999 score they would still not get a mortgage.

Thrugelmir

Farside wrote: »

Every lender i have spoken to says they use experian aswell as their own scoring system

From a businesses point of view all experian do is collect data. How this data is used is a commercial decision made by each lender.

Farside

Thrugelmir wrote: »

Your credit report score has no little bearing on the lenders decision.

The main points at issue are a 5% deposit combined with a 2.5 k loan. As for all intents and purposes part of the deposit has been borrowed.

Obtaining loans does not improve your credit score in any measurable way.

The way you conduct your personal financial affairs is far more important. Given you previously lost financial institutions a considerable sum of money. You can hardly complain when the same lenders are reluctant to lend you again. Unless you put up a significant deposit to provide security for the loan.

Loans repayments do make a massive impact on credit scoring (from credit reference agencies), I know how to get a excellent score with them, i'm an expert on it now, I've been doing it for many years and advised others too. Because of this my score has gone from very poor to excellent. My problem is getting lenders to actually take notice of my credit score from the agencies and my past repayment history from the past 7 years which is perfect and not just their in-house scoring system from my past which is well out of date.

I didn't lose ANY lenders ANY money, Even the court said that when i was made bankrupt. for 10 years i paid minimum payments on all the CC. In the end i owed the same amount which i borrowed! Even though i paid 3 times more back then what i borrowed.

Farside

GMS wrote: »

Sorry misread your post. You said 964 (999 best available). Default was mentioned in a reply. Apologies.

Point still stands. Score is meaningless. CRA score has no idea if you are in receipt of an income as the most obvious flaw. If a person had no income and a 999 score they would still not get a mortgage.

I'm screwed then because the score is the only "great" thing that i have right now haha.

Farside

I need to point out too that the CRA score is not pointless really, It does it's job because if you have a low score on there then you are instantly declined for credit. It doesn't need to prove income, That's what you have to do via payslips and P60

Thrugelmir

Farside wrote: »

I know how to get a excellent score with them, i'm an expert on it now,

I will repeat. Lenders use the datasets to score applicants as they wish. Using their own inhouse scoring systems. Systems are now far more sophisticated than 20 years ago.

Sorry to burst your bubble.

Farside

Thrugelmir wrote: »

I will repeat. Lenders use the datasets to score applicants as they wish. Using their own inhouse scoring systems. Systems are now far more sophisticated than 20 years ago.

Sorry to burst your bubble.

you haven't burst my bubble. I know they use their own in house system, hence why i'm screwed. But they also use experian and equifax too, I have yet to find a lender that uses callcredit though so maybe that CSA should just disapear lol.

GMS

Farside wrote: »

you haven't burst my bubble. I know they use their own in house system, hence why i'm screwed. But they also use experian and equifax too, I have yet to find a lender that uses callcredit though so maybe that CSA should just disapear lol.

They will get the data from Experian, Equifax or Call Credit. How the lender interprets the data is where their own scoring comes in to play. Much more to a lender credit score than a CRA search.

Farside

GMS wrote: »

They will get the data from Experian, Equifax or Call Credit. How the lender interprets the data is where their own scoring comes in to play. Much more to a lender credit score than a CRA search.

Yes i know

sheilds

Farside
Would you be able to speak to a broker who might be able to look at this in more detail for you?
I'm not saying they would have a solution but would be worth a try?