Halifax Credit Score Test

Mlud001

Hi,

I have been attempting to get an agreement in principal arranged on a mortgage with Halifax but I have been rejected due to a credit score fail. Does anyone have any idea on how this works and what the 'pass mark/criteria' is?

Thanks

foxy-stoat

Only Halifax will know.

Take a look at your credit file to see if there is anything on there that may effect it, forget about the score that you see as this is not relevant.

Speak to a broker who may be able to assist you.

Noobie2011

As above, each lender us their own bespoke software to come put with a score which determines the result.

Best thing to do is check all 3 credit files, your income to outgoing ratio and see where you are.

If it helps we have had a nightmare the last few weeks with a broker getting declined for an AIP with Halifax and in the end went direct and we are now about a week away from an offer.

Mlud001

Thanks for the replies. Unfortunately, I am aware of why my credit score may be below par and it is a broker that has been applying to Halifax on my behalf. Would it be worth speaking to Halifax directly to try and find out how far off I am? The credit score has been improving significantly lately and I am working to improve it further in the near future

amnblog

No, you should not be speaking to Halifax Direct.

Is your Broker not managing this problem for you?

[Deleted User]

Mlud001 wrote: »

The credit score has been improving significantly lately and I am working to improve it further in the near future

That's not the credit score they're talking about.

Halifax mean your score with them. Not the made up one that you see.

Thrugelmir

mlud001 wrote: »

Does anyone have any idea on how this works and what the 'pass mark/criteria' is?

Your application could fail on any number of factors. Of which there's plenty.

Mlud001

The broker has submitted a couple of applications to Halifax on my behalf as I have seen my Experian credit score improve (I understand that this may be different to the Halifax rating but presumably some factors have the same effect). His wording was that they came back as a “credit score fail”

[Deleted User]

Mlud001 wrote: »

The broker has submitted a couple of applications to Halifax on my behalf as I have seen my Experian credit score improve (I understand that this may be different to the Halifax rating but presumably some factors have the same effect). His wording was that they came back as a !!!8220;credit score fail!!!8221;

No. They're entirely different. Whereas the Experian score reward youth, lack of credit history, no change in debts and occasionally bankruptcy, Halifax will take a very different view.

It's not even a case of apples and oranges. It's apples and screwdrivers.

Your broker needs to consider where he is placing your application.

Mlud001

Ah ok, good to know, thanks

sal_III

Each lender has it's own scoring method. Although it's not public knowledge a good mortgage broker will have a rough idea which lender is suitable to you based on your circumstances and their experience with 100's and 1000's of applications.

If you failed the credit score test for Halifax, there is little point in trying to "match" your credit score to their criteria, instead of trying to find a lender who's criteria matches your credit score.

You mentioned "recent" improvements of your score - bear in mind that Lenders often look back as far as 5-6 years, just because you became a "good boy" recently, doesn't they are going to overlook 5 years of bad credit history.