Do any lenders actually take your Experian score into account?

MRSB

Hi all,
Just a quick question as per the title. We are on our second broker as the first wasn't very professional and not keen to look at the finer details before getting us a DIP without our permission or knowledge, which is not what we wanted.
We have put an offer in on a house, my Husband has a CCJ registered June 2011, satisfied June 2013 for £982. This is our only adverse issue.
House price is £140k, deposit is £55k - £50k gift and £5k our savings, (we have more savings but are not using them as the house needs modernisation).
I have had a call from the broker this morning after he's looked into our situation, asking for my Experian score, which we don't have as we got our statutory report and it is not included in that. (I didn't know it wasn't on our report when on the phone and can't call back now as I have a sleeping baby on me...). So, should I get my Husband's Experian score now at cost? Does anyone think it's necessary?
I always thought that scores from credit agencies weren't relevant and so have not paid any attention to them. Any advice would be greatly appreciated.
Thanks

kingstreet

No lender receives, or is interested in the "score."

They sometimes ask for a copy of the actual file, where there's an issue over something they can see, but that's about it.

Dave_Ham

Here, here. The score is worthless so no idea why an experienced broker would ask (or experience is probably the issue)

It is unlikely you will achieve high street finance, although on that sort of mortgage you are unlikely to notice 1% higher at circa 4%

New broker required - all the best

MRSB

Hi Kingstreet, thanks very much for your quick reply. Can you see any reason why the broker would want to know my Husband's credit score?
I am getting worried as if this broker isn't any good there aren't many others in the local area that deal with adverse, and we have agreed to move as quickly as possible.
Thanks again.

MRSB

Thanks Dave Ham too. Do either of you work remotely please? The DIP we got with the first naff broker was with Halifax, and I couldn't see that being accepted as soon as he told us about it.
Thanks

Dave_Ham

Good research, the Halifax DIP is the least reliable.

Thrugelmir

MRSB wrote: »

We have put an offer in on a house, my Husband has a CCJ registered June 2011, satisfied June 2013 for £982. This is our only adverse issue.

You need to appreciate how seriously financial institutions view your only "adverse issue". As its not merely the question of the debt that's the issue. It's also the fact no resolution was reached without a CCJ being issued. Very much a last resort. So tells the lender much about the attitude of the potential borrower as well.

MRSB

Hi thruglemir, yes thanks, we've had lots of advice about the CCJ from these forums so far. We just want to get on with our lives now, but that is looking more and more unlikely if we can't find a decent broker.
The CCJ was already in place when my Husband found out about it, and being young and naive we did not realise that paying it off in instalments as opposed to clearing the whole debt there and then would make the situation even worse. Obviously we are kicking ourselves about this now. We have paid towards it since July 2011 before realising our mistake and paying it off in full in spring this year.
Please can anyone tell me what questions I should be asking when I call brokers to see whether they will be able to help us? Gauge their experience etc?
Thanks

contractor

the score is crap and is meaningless.

Mine was at 800/fair odd last week. I paid a hundred quid off of one credit card (total balance for all debts ~35K) and it went up to 950 something.

I applied for and had two mortgage queries go on my report , it went down to 878/fair.

I got my two mortgage offers, total value ~ 490K.

I earn 6 figures. Never missed a payment, never late, total credit/used credit ratio at 35%.

The score (in itself) is useless

GMS

Where is the gift coming from?

As has been said the score of the credit agency is meaningless. The data contained within the report is the key.

Is the house habitable at present? Cosmetic work only needed?

What are your incomes?

MRSB

GMS wrote: »

Where is the gift coming from?

As has been said the score of the credit agency is meaningless. The data contained within the report is the key.

Is the house habitable at present? Cosmetic work only needed?

What are your incomes?

Hi, thanks for your reply.
The gift is coming from my uncle. And yes cosmetic work only.
I am a stay at home mum, my Husband earns £26500 gross pa.
I have been told now that the issue is probably to do with my Husband only starting his job 2nd September 2013, and being a student before that with no other regular income. He is on a permanent contract with no probation period.
Any advice would be so gratefully received. I have yet another broker looking at it for me at the moment, but now £137500 has now been accepted by the vendor and the Estate agent is pushing for evidence of our DIP with Halifax which is obviously useless.
Thanks for any advice.