Knowing your credit score will help you find the right mortgage...

The_Boss

This thread needs bumping barely 2 hours after it was last bumped but still clearly visible for all.

The_Boss

AnthonysMum wrote: »

Thank you for pointing me toward this thread Boss.

I only signed up for the free trial 2 days ago, but am now cancelling my membership.

As I posted on the other thread my score is "average".

Does this basically mean jack when I apply for the mortgage then?

What is important when I apply? I am self-employed and an older "first time" buyer (38 years) so I know that will go against me.

A chartered accountant does my books and I was told by HSBC they will look at 3 years profit and t/o and average it out. However I doubt it is as simple as that.

I have a feeling it will be a big computer algorithm and I am worried that "computer says no"

Yes, that score means nothing. The Experian "score" will play no part in a mortgage lenders decision.

Was all expected account data on your credit file? Any late/missed payments showing?

What you essentially need is to be shown to be making regular payments on accounts while minimising level of debt, having an appropriate salary and deposit compared to the property value that you wish to own. The people on the mortgages board will be better able to advise as it's a fair few years since I applied for one

matttye

AnthonysMum wrote: »

I am really ANNOYED that this company can earn MILLIONS by spewing out reports which basically mean jack!

I consider myself to be an intelligent person, University educated and this mob had sucked me in to believing they were a legit and helpful company.

What a bloomin con!

You're still a little bit confused I think.

The reports are good, it's the scores that are no good.

The data in your credit report is useful but the numeric score they give you is useless.

The cost of a statutory credit report is only £2 as required by law. If you're paying more than that then it's for additional services which are likely to be useless.

The_Boss

AnthonysMum wrote: »

Is the credit report they do to lenders the same one they show the consumer?

Yes, lenders see everything except the worthless score, the names of the accounts you hold (so they can't see if with Halifax, Lloyds etc) and things such as quotation or insurance searches.

The_Boss

Experian reps back to ignoring being challenged about the worthless meaningless score *sigh*

https://forums.moneysavingexpert.com/discussion/5054116