Help to Buy Mortgages

kingstreet

Teaandtoast0124 wrote: »

I think we should be told the lenders credit scoring criteria. Instead of going in blind and getting declined.

Working for the same employer for three years or longer scores more points than a new job six months ago.

Living at the same address for three years or longer scores more points than having moved three times in three years.

Having well-conducted credit scores you points, where having no credit scores you nil and adverse credit scores a negative.

Being on the electoral roll scores you points.

A loan to value of under 60% scores more points than a loan to value of 75% and that scores more points than a loan to value of 95%.

Credit scoring is the total of all your positives and all your negatives blended together, with the overall quality of your application determining the outcome.

Don't like this? Use a lender which doesn't credit score which bases its lending on each individual case assessed by a human being.

amnblog

Jambo5 wrote: »

Yeah it be 3 years since I had my last one.
I really hope they are more lenient.
If it's not one thing it's another with this credit rating business.

Surely if they do damage your CR you should be warned about effects they can have.

Lenders do not expect applicants with a history of controlling their finances to have need of PDLs.

We are saying mortgage lenders don't like them, regardless of how many points they add or remove from your Equifax or Experian rating.

amnblog

Teaandtoast0124 wrote: »

I think we should be told the lenders credit scoring criteria. Instead of going in blind and getting declined.

The credit score is a simple way for a major lender to process hundreds of applications per day.

If everyone know how score was calculate, applicants would try to manipulate their score by being selective with information, thereby wasting everyone's time.

Even the staff at the lenders do not know how the points add up. They only learn through experience that actions like raising deposit improve the score.

Jambo5

Obviously I think I know exactly what you are saying.
Have you been an apprentice then just as I was finding my feet the recession hits us. No work for me. I find it hard to pay bills.
I work hard ti better myself, I'm now in the Army and all I want is to move forward. So again, we know why they do this on application but even people with good credit ratings are getting declined.
I just wish I was rich or silver spooned.....either way you all know about credit reports but clearly didnt suffer during the recession. Merry xmas

Jambo5

Or have you all got shares in this site??

Jambo5

Every dog has its day... I will have mine!!