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Help I'm so confused about credit scoring!
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Charliepops
Posts: 2 Newbie
We've just been turned down by HSBC for a mortgage yet our credit score is excellent. We think this is because our previous mortgage company doesn't subscribe to the credit scoring agencies so doesn't appear on our file. So we're now shopping around for a different mortgage through our current account providers but we're concerned about how many credit checks might effect our credit rating.
How many credit checks is too many?
If we're asking Barclays, Halifax and the Post Office to see who will give us a mortgage and they all did credit checks is that too many?
any advise would be warmly welcome
thanks
How many credit checks is too many?
If we're asking Barclays, Halifax and the Post Office to see who will give us a mortgage and they all did credit checks is that too many?
any advise would be warmly welcome
thanks
0
Comments
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You don't have a credit score or a credit rating! Have you read any threads on here?
How many credit checks do you have on file presently?
I doubt all three would need to do credit checks initially.0 -
Who was previous mortgage lender?
Possible that you don't meet HSBC's lending criteria a applicants.
Post a more detailed question on the Mortgages & Endowments board. Plenty of insight into the world of mortgage lending on there.0 -
You should check all 3 of your credit reports (Experian, Equifax and Noddle/CallCredit) before applying for any major credit.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
Thanks, sorry, I meant that our credit history is really good rather than the 'score' as such. We only have the one search on our file from HSBC at the moment, but I want to see if the other lenders would offer us a mortgage in principal, but whenever you get to the Approval in Principal stage they've performed a credit check so I'm concerned that lenders will see 3 credit checks as too many? what is too many?0
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Only a lender can decide how many is too many, when applying for a mortgage, a broker might see that as just a failed application for a mortgage, you're clearly not running around trying to obtain loads of credit.
I think your best option is to go through a broker, it'll cost you a smallish fee, but it'll get you a mortgage. HSBC are one of the pickier lenders in my experience.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0
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