Am I likely to get a mortgage with this credit score?

cascaid

Hi guys,

I have checked both my Experian and Equifax credit scores and was wondering whether you all thought I would be likely to get a mortgage approved?

My Experian is 999 and my Equifax is 448.

Thanks!

Candyapple

There is no such thing as a credit score.

As to whether you will get a mortgage or not depends on lots of factors such as:

1. Your income
2. How long you've employed
3. Size of your deposit
4. If you are applying with anyone else and what the status of their credit files are
5. Your credit history i.e any late payments/CCJs/defaults/history of payday loans etc
6. If you're on the electoral roll

Those are just a small number of things likely to affect your application. Don't pay for any scores from the credit reference agencies as they are pointless. If you are serious about taking out a mortgage speak to an independent mortgage broker.

pvt

^^^^ Everthing Candy apple said.

Experian and Equifax don't lend people money. So what value would their ill informed guestimate of your creditworthiness be?

jamesd

Each of those scores implies that there is nothing majorly wrong with your credit history but they don't guarantee it, since people here who've been bankrupt have reported high scores. Income will also matter, as will things like use or not of an overdraft facility (avoid using it). If those numbers mean that you have a perfect record of on time payments that should put you in a good position to get a mortgage from even the most fussy lenders, subject to your income and LTV being good enough. Those with less good records could instead see the LTV restricted from the highest levels to 75%, reduced borrowing in general or both.

solentsusie

Everything that has been said above. And don't pay these credit reference agencies for scores, your £2 statutory report shows everything that you need.

Credit is awarded by any lender on an individual assessment of your own circumstances. Nothing at all to do with these made up scores.

Good luck.

PaulW922

Mortgage applications are assessed much more on an individual basis and the biggest factor will be whether you can afford the proposed mortgage. Obviously a poor credit history will seriously impact your chances, but in your case, with an in-house score that good, you clearly don't have any. Many lenders and brokers have simple online tools that give a broad indication as to how much you are likely to be abel to borrow. As your credit history is clearly good, I would move on and start looking at affordability.

solentsusie

PaulW922 wrote: »

Mortgage applications are assessed much more on an individual basis and the biggest factor will be whether you can afford the proposed mortgage. Obviously a poor credit history will seriously impact your chances, but in your case, with an in-house score that good, you clearly don't have any. Many lenders and brokers have simple online tools that give a broad indication as to how much you are likely to be abel to borrow. As your credit history is clearly good, I would move on and start looking at affordability.

Some people who have been bankrupt have scores of 999. The score means nothing.

It is the affordability factor and what information is contained in your credit report that decisions will be made upon. Every application is assessed on individual circumstances. Nobody on here can tell you whether you are likely to be accepted for your ideal mortgage or not. Get yourself a good broker and be completely honest with your income and outgoings so that you can apply for a mortgage that best suits your own individual circumstances.

Good luck.

nicholaswitchell

Here we go: today I think your credit score is... 815. There we go. I totally made that up based on no facts or knowledge.

Just like Experian do.

Thrugelmir

nicholaswitchell wrote: »

Here we go: today I think your credit score is... 815. There we go. I totally made that up based on no facts or knowledge.

Just like Experian do.

There is a methodology to how Experian create a score. So that is slightly unfair.

PaulW922

solentsusie wrote: »

Some people who have been bankrupt have scores of 999. The score means nothing.

It is the affordability factor and what information is contained in your credit report that decisions will be made upon. Every application is assessed on individual circumstances. Nobody on here can tell you whether you are likely to be accepted for your ideal mortgage or not. Get yourself a good broker and be completely honest with your income and outgoings so that you can apply for a mortgage that best suits your own individual circumstances.

Good luck.

Which is exactly what I said

matttye

Thrugelmir wrote: »

There is a methodology to how Experian create a score. So that is slightly unfair.

There have been occasions when people have been awarded excellent experian scores with bad adverse information on their files.