We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
experian Says poor credit score but halifax says pass A score
Options
xzhuang
Posts: 21 Forumite
Hi,
I recently (October, 2013) had a one month late payment (a weeks' late) to a Bank of Scotland credit card. That was the only late payment I have had. This significantly dropped my experian score to 709 (poor). The low score is also due to the fact I have recently applied for a new credit card.
To be honest, I was quite worry that such a score will significantly affect my mortgage (house purchasing, 75% LTV).
Yesterday, I went to a Halifax branch and their system gave me a mortgage in principle, saying that my credit score is PASS A - which is a good score according to their system. Apparently, the late payment was shown on the credit search, but it seemed that they don't mind it (Assuming Bank of Scotland was quite happy with my previous credit history with them?)
I understand that my case will still need to be approved by an underwritter.
However, does it mean I have a good chance to get the mortgage (considering their system gave me a pass A and my debit will be shown as zero in the upcoming Experian update)?
This is a jointly mortgage application with my wife - and her experian score is excellent.
Thank you for your help.
I recently (October, 2013) had a one month late payment (a weeks' late) to a Bank of Scotland credit card. That was the only late payment I have had. This significantly dropped my experian score to 709 (poor). The low score is also due to the fact I have recently applied for a new credit card.
To be honest, I was quite worry that such a score will significantly affect my mortgage (house purchasing, 75% LTV).
Yesterday, I went to a Halifax branch and their system gave me a mortgage in principle, saying that my credit score is PASS A - which is a good score according to their system. Apparently, the late payment was shown on the credit search, but it seemed that they don't mind it (Assuming Bank of Scotland was quite happy with my previous credit history with them?)
I understand that my case will still need to be approved by an underwritter.
However, does it mean I have a good chance to get the mortgage (considering their system gave me a pass A and my debit will be shown as zero in the upcoming Experian update)?
This is a jointly mortgage application with my wife - and her experian score is excellent.
Thank you for your help.
0
Comments
-
The score from experian is effectively a marketing tool. It doesnt mean anything to lenders. It isnt even shown to lenders. It is experian's in house score based on the information they have. The bank will have their own information and own grading system.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
-
TBH it's impossible to speculate whether a DIP means a full application will be successful.
Obviously Halifax system will pick up internal issues, such as a BoS credit card, so if that's all there is to find, it sounds alright.
As mentioned, Experian "scores" are meaningless and are not seen by lenders.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Who are you getting the mortgage from?
If you are getting a mortgage from Experian then pay very close attention to what they say, otherwise stop wasting your money on their random number generator.
If you are getting your mortgage from Halifax then pay very close attention to what they say.
Good luckI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
"ExpERIaN".
You can make "ERNIE" from them.
... or should it be "earnie?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks for the help. I didn't know that the experian score doesn't show to the lenders. Thank you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards