Mortgage & Credit Score

hugp_14_12

Hi

I am planning to buy a property with my partner we already found the property and we made an offer but i am worry about the credit score for the below 2 reasons

- 3 months ago i moved to new electricity provider and my credit score dropped from excellent to fair (Experian)

- My partner been registered to the Electoral roll 5 weeks ago, but she doesn't appear to the credit history. This can take many weeks but we added a correction of note to Experian, says that my partner is register to Electoral Roll and she has the documents to prove that but due to annunal canvas that may take long

We dont have loans, overdrafts, credit cards etc apart from the above reasons our history is excellent. Should i worry that i maybe rejected (Santander is the lender(

poppasmurf_bewdley

You can worry all you like, but it won't make any difference to the outcome.

Your credit score is non existent. It exists only in the minds of the credit reference agency who sold it to you. Each and every lender has their own method of credit scoring each applicant, and being accepted by Santander depends on if you meet their eligibility criteria.

If you have proof of being on the electoral roll then take it with you when you apply for the mortgage.

AndyT678

hugp_14_12 wrote: »

Hi
We dont have loans, overdrafts, credit cards etc apart from the above reasons our history is excellent.

If you've never had loans, overdrafts, credit cards etc... then your credit history is NOT excellent; it is non existent.

hugp_14_12

AndyT678 wrote: »

If you've never had loans, overdrafts, credit cards etc... then your credit history is NOT excellent; it is non existent.

As per experian my credit score was excellent and dropped since is move to new electricity provider and my partner score is very good and expecting to be excellent after will appear to the electoral roll

CLAPTON

hugp_14_12 wrote: »

As per experian my credit score was excellent and dropped since is move to new electricity provider and my partner score is very good and expecting to be excellent after will appear to the electoral roll

experian won't be offering you a mortgage so their opinion is irrelevant

the mortgage company will form a view based on your income , your deposit etc and what your credit records show about how you handle credit.
It is unlikely they will care about whether or not you moved electricity company recently even if experian do.

dealer_wins

For mortgages, never having had credit is a good thing. If you have a nice deposit and the required income level and job stability, then you should have no problems getting a competitive mortgage offer.

hugp_14_12

CLAPTON wrote: »

experian won't be offering you a mortgage so their opinion is irrelevant

the mortgage company will form a view based on your income , your deposit etc and what your credit records show about how you handle credit.
It is unlikely they will care about whether or not you moved electricity company recently even if experian do.

Experian will not offer the mortgage but banks will get the credit history from credit companies. E.g Santander is using experian for credit score
Ok about electricity, what about electoral roll that i explained above?

Tixy

hugp_14_12 wrote: »

Experian will not offer the mortgage but banks will get the credit history from credit companies. E.g Santander is using experian for credit score
Ok about electricity, what about electoral roll that i explained above?

They may be using the data that experian hold about you, but the point people are making is that the experian opinion of your file (be that an excellent/good rating or any score they will sell to you) is not seen by the potential lender.

A potential lender's decision is based on their own assessment of the raw data held by the credit reference agency and all the other information they know about you.

As others have said a mortgage lender won't care at all that you opened a new utility account recently.

In terms of the electoral roll, ideally it would have been better to have a longer history. But unlikely a mortgage lender would turn down an application just because an applicant has a short electoral roll history.

DCFC79

hugp_14_12 wrote: »

Experian will not offer the mortgage but banks will get the credit history from credit companies. E.g Santander is using experian for credit score
Ok about electricity, what about electoral roll that i explained above?

Lenders don't see the score from Experian etc, they will use an in house system to score you on which is based on your history.