First time buyer but noddle says I only have a 2/5 rating!!

mob.1710

Hi, I am a first time buyer purchasing a £107000 property with a 10% deposit. I am worried that mortgage lenders won't approve me because after doing a credit check on noddle my score came back as 2/5 although I have never missed any payments or been in any debt. Has anybody had any experience with this that knows how strict they are with first time buyers? We've lived renting for over a year, have a sofa on finance and buy everything with a credit card then pay the full balance at the end of every month if this helps paint the picture.

Thanks

[Deleted User]

Ignore your score. It's irrelevant.

Strummer22

Deleted_User wrote: »

Ignore your score. It's irrelevant.

Very true. Lenders won't see the score when they do a credit check on you, and may assess you differently to noddle.

That said, it's not completely detached from reality. They have given you 2/5 for a reason, even if, in the end, most people would think that reason is stupid. Log in to noddle, click 'my credit report' and look through all the tabs on the left. If any info is out of date, incorrect or in conflict with something else in your report, you will know what steps to take to improve your credit rating.

The most important things to check are also the most easily remedied:

i) Are you on the electoral roll for your current address?
ii) Do you have a financial connection to someone? If they are the result of a real connection, that's fine. I'm personally not sure if being connected to someone with rubbish credit affects yours though.
iii) Are all your address links correct?
iv) Is your personal info correct in every account listed under 'Financial Account Information'?

You say you've never missed payments. You should also check, for every account and for all previous months and years, that you have a nice green circle indicating the account is up to date. No missed payments means you should see a nice sea of green. If there are any months that aren't green, find out why. If it's the lender's fault, you can take steps to get the info corrected.

I also recommend getting your free report from Clearscore and see if they agree with noddle on your rating. Both reports give me the same general level of creditworthiness, indicating that the info contained in both is in agreement. If you saw a big discrepancy between the two, that could also indicate an error in your noddle file somewhere dragging your rating down.

I hope this helps!