Can I get a mortgage with a score of 847

helpplease772013

I have a score of 847 saying Fair, no missed payments, no late payments; although one credit card is showing a very high balance (as experian not updated for 2 months).
I had debt problems (defaults only) but they were all over six years ago and, fully repaid. They have been removed off experian regardless.
My partner has an excellent score.
We have a deposit of £30,000, we want to borrow £130,000.
My annual salary is 48K, he is self employed so we want to borrow based on my earnings.
We have a meeting at the Post Office tomorrow and really can't face rejection- is it worth going?

amnblog

The score on your credit file front page is irrelevant to lenders - it is just part of the credit file provider's marketing.

If you have paid everything in full and ontime for the past six years you should be OK.

If you don't want face to face rejection, dont apply face to face.

helpplease772013

I have never missed a payment since my debt issues over 6 years ago- I may not have paid credit cards in full but I have always paid.

Thanks for the tip- my partner has excellent rating and has booked the appointment, I can't not go; but I hope they say yes or don't decline based on my history!

amnblog

Buy a tin hat.

helpplease772013

I hope not to need one, really stressing about this!!!!!!
Can't sleep..............
Surely with a salary of £48K, low debts (could clear in one month), un used overdraft of £2K, £30K deposit we should be accepted........
I know I made mistakes in my youth but they are gone....

ACG

Post office are backed by Bank of Ireland - theyre not in the best position at the minute so im assuming their criteria is quite high.
If you do get rejected by them its not the end of the world there may be other lenders but i dont think theyre the most lenient of lenders.

As amn says the score is useless. Its all the green/amber/red markers that are the important bits.

JimmyTheWig

The bank won't see your credit score. They will only see the information on the credit report.
Anything so old that has dropped off your credit report will be irrelevant.
So it sounds like you've got quite a good report (no missed payments, no late payments).

I don't know why they have scored you low.
Maybe because it looks like you have significant debt on the credit card? Do you know why this hasn't updated for two months?
Are you on the electoral register, etc?

amnblog

You'll get a mortgage all day long, perhaps not with the PO though.

Their best line is stamps (although their mortgages are less expensive than their stamps)

amnblog

ACG wrote: »

As amn says the score is useless. Its all the green/amber/red markers that are the important bits.

I have a client sitting on an 'Excellent' score of 999 who has three CCJs and four defaults in the past 3 years.

needless to say we wont be taking him into the Post Office.

helpplease772013

• It comes up amber if thats any use?
• It does look like I have significant debt on the CC, I have called Experian & the CC provider. Experian say there is an issue with the CC co's data, the CC company state they have provided the data to Experian. (the file has not been updated since 02/06/2013)
• I am on the elec roll
• I stupidly got two mobile phone contracts out in December & jan which meant two searches and seemed to lower my score. I should have got them both, under one contract I know.
• I have another CC with a low balance and overdraft, not is use at the moment (although it has been).

Thanks for the tips, we will try other lenders if not successful tomorrow, I just didn't want to run the risk of lots of searches.

helpplease772013

Am I foccussing (incorrectly) too much on the score I see from Experian?