Woolich Mortgage Anxiety

Jennie2827

I am with the mortgage brokers on this......I have an experian score of 970, yet was denied a decision in principle from Santander. I am looking to borrow just over twice my income, so not unrealistic. I never get the best rates on loans due to not being on the electoral roll. I would have thought this would not be the case with someone of an excellent experian credit rating.

Sorry James.....but the score is useless.....it's the information on it that companies look at!

ACG

Experian_company_representative wrote: »

so our interpretation is certainly not meaningless.

I hate to disagree, but if you could see what we do as brokers no matter what your employers tell you there is a reason why so many brokers say your score is useless.

When your giving people excellent scores and they have defaults/bankruptcy/IVAs showing on their credit reports - there is clearly a problem.

Hello ACG,


I have read a few times, that credit score from Experian and others is worthless but I also read that many checks of a credit score will be left on their file which is not good. If Experian and others' credit score is worthless and they use their own systems then why do lenders check it?

Credit agencies show your payment history. Lenders look at this information (usually the bits where it has red and green markers), combined with any information about financial associates, internal information the lender has about you combined with how you have answered the questions on the application - all of this is combined and they give you their own credit score...

I have seen people with excellent scores get declined and likewise i have seen people with poor scores get accepted - credit agencies scores are an indication at best.