What does your credit score really count for?

Hanger_boy89

Ok thank you. And I'm assuming that things like pay day loans and long-standing credit card balances, even if paid off in full by the time of applying, are pretty certain to hit you hard?

[Deleted User]

PDLs are generally viewed very poorly. Revolving card balances less so, if cleared by application, but both could indicate an applicant who is short on disposable income.

dazzaofdagenham

Deleted_User wrote: »

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.

Do they have them in blue....waiting to pay my 14.99 per month when they have them in stock.

Hanger_boy89

Ok so here's my final question... do all applicants get judged on the same basis, or do some get investigated more than others? For example, does having a big deposit and wanting a small mortgage mean you're liable to less credit investigation than those who only have a 5% deposit and require a larger mortgage?

glentoran99

Hanger_boy89 wrote: »

Ok so here's my final question... do all applicants get judged on the same basis, or do some get investigated more than others? For example, does having a big deposit and wanting a small mortgage mean you're liable to less credit investigation than those who only have a 5% deposit and require a larger mortgage?

Everyone applying for a mortgage gets assessed on same criteria, all a bigger deposit does is reduce the LTV which would impact on affordability

Hanger_boy89

Thank you. I've never had an issue with credit payments as I've always kept up monthly payments and am in the process now of paying my credit cards off. A year or so ago I probably spent too much money on the wrong things but that's only because I wasn't in the place then to purchase a property. So hopefully my credit history will be enough to secure the mortgage.

Thrugelmir

Hanger_boy89 wrote: »

So hopefully my credit history will be enough to secure the mortgage.

Well established employment history, electoral roll registration, long standing bank relationship etc will all help your cause. The lender is profiling you as a borrower and the likelihood that you'll pay the mortgage for 25 years.