What does your credit score really count for?

Hanger_boy89

When it comes to applying for a mortgage, how much does your credit score factor into the decision? And how much comes down to size of deposit, affordability, etc?

TadleyBaggie

Have you read the responses to your other recent threads? You have been informed a few times that a credit score is meaningless, no one but yourself can see it. Each lender will have their own decision making process based on income, debt and affordability.

robber2

You dont have a 'credit score' so the simple answer to your question is ; absolutley nothing.

Rob

worried_jim

It means jack sh it. Diddly squat, Sweet FA.....

[Deleted User]

It's really important. If you ever get a credit score that is divisible by 3, you can claim a small prize from Experian.

This month, they have a range of tea towels and coasters to choose from.

Hanger_boy89

Thank you. The reason I ask is because I have some confusion - it seems that somebody who has a great credit score and somebody who has a poor one could seemingly both be approved for a mortgage, or perhaps one could be approved and not the other.

Basically my confusion is that if credit scores don't come into it, then what does?

glentoran99

Hanger_boy89 wrote: »

Thank you. The reason I ask is because I have some confusion - it seems that somebody who has a great credit score and somebody who has a poor one could seemingly both be approved for a mortgage, or perhaps one could be approved and not the other.

Basically my confusion is that if credit scores don't come into it, then what does?

Your credit history

Hanger_boy89

Is it based solely on income, debt and affordability? Not so much on size of deposit?

Hanger_boy89

But when you say credit history, how much history? Years? Months? Do they use bank statements?

glentoran99

6 years history, (as that's how long is on your file) bank statements are looked at yes, Its based on everything you mention and how you have handled credit previously

[Deleted User]

You credit files show up to 6 year of history. This is what lenders will look at.

They may, in the case of mortgages, ask for bank statements to take a view of affordability and to see that you are not spending your money on anything stupid, like credit scores for example.