Applying for mortgage with credit score of 859

robatron

I have an Experian credit score of 859 (fair) and my wife a credit score of 920 (good). Mine recently dropped from around 920 when I got finance on a car in August. The reason being "You have recently opened 1 or more new credit accounts."

Our percentage of available credit used is 0%-5% most of the time.

I know there's no exact answer because each lender has its own criteria but in general does that sound sufficient for a decent chance of a mortgage approval or does mine seem too low for now?

Thanks.

The_Boss

No clue - lenders use their own methods of assessing your credit worthiness not the worthless Experian score. And you may get a mortgage, but not for the amount you need. Lots of other factors in play too such as how long you have been in your jobs, salary, current debts etc.

I don't get how you can see that each lender has its own criteria yet you still place value in a 'score' that doesn't consider the same criteria as lenders do.

_Andy_

robatron wrote: »

I have an Experian credit score of 859 (fair) and my wife a credit score of 920 (good). Mine recently dropped from around 920 when I got finance on a car in August. The reason being "You have recently opened 1 or more new credit accounts."

Our percentage of available credit used is 0%-5% most of the time.

I know there's no exact answer because each lender has its own criteria but in general does that sound sufficient for a decent chance of a mortgage approval or does mine seem too low for now?

Thanks.

The 'score' is meaningless, ignore it.

happy_bunny_2

Each creditor has their own requirements and scoring criteria, the one from CRAs is not worth jack.

If you are on the electoral role, have no late payments or worse and not much debt and not too much available credit then you should be ok.

JohalaReewi

robatron wrote: »

I have an Experian credit score of 859 (fair) and my wife a credit score of 920 (good).
Our percentage of available credit used is 0%-5% most of the time.

does that sound sufficient for a decent chance of a mortgage approval

You are in trouble if the mortgage company uses Equifax for their credit checking.

tinkerbell28

robatron wrote: »

I have an Experian credit score of 859 (fair) and my wife a credit score of 920 (good). Mine recently dropped from around 920 when I got finance on a car in August. The reason being "You have recently opened 1 or more new credit accounts."

Our percentage of available credit used is 0%-5% most of the time.

I know there's no exact answer because each lender has its own criteria but in general does that sound sufficient for a decent chance of a mortgage approval or does mine seem too low for now?

Thanks.

Depends.

Mortgages are worked out on affordability as well as credit files. All depends on your salaries and how much your car loan is vs deposit.