Skipton BS Credit scoring

DAWN08

Wondering if anyone has any knowledge on what Skipton building society consider a pass or refer score to be when assessing mortgage applications using Call Credit data? Our scores are 3/5, some historical issues but nothing in the last 4 years - any thoughts would be appreciated!

sal_III

I don't think that any lender has a universal "pass score". Each individual case is weighted depending on circumstance.

For example you might get a 55% LTV with mediocre credit file with some defaults in the past, but are likely to be rejected for 95% LTV mortgage with the same credit file.

ACG

The score that call credit or any credit agency gives you is worthless. It is a score based on the information on the report.

Lenders will score your application using that information and the extra information from your application (the big one being Income - which is not on your credit report).

DAWN08

Thanks for replies - I was more talking about any inside knowledge on how the lender assesses the credit file, I know score thresholds are rather meaningless to a lender - 'pass' or 'refer' is the lenders own terminology from their lending criteria: they categorise applications as pass or refers based on the credit report review stage - just wondered if anyone knows what that may entail / or what may make Skipton 'refer' an application at credit assessment stage. Thanks

ACG

When they score your application, it will either get a high enough score to pass, a low enough score to fail or fall somewhere in the middle and refer.

Nobody externally knows how their scoring system works and very few internally will know.

Im not really sure how to answer your question if I am being honest. Other than to say we (brokers) work of our knowledge and experience once we have your information on file to determine who would be the best lender for your circumstances.

I like Skipton, they tend to be a little more forgiving if the adverse is relatively minor, historic, good incomes (over £35k) and maybe 75% LTV or below. There are more forgiving lenders out there if your adverse is a little more serious. But that does not mean if your income is below £35k or LTV above 75% that they will not accept you, it is just a combination of everything.

DAWN08

Thanks! Your advice is appreciated, FTB so think I am just overanalysing every little thing!

Cheers for reply!

middleclassbutpoor

Here you go...

https://www.skipton-intermediaries.co.uk/mortgages/a-z-lending-criteria

Look under credit history and it will tell you about what they look for on your credit file - there are lots of reasons for declining but if you want to know if something on your file would automatically preclude you from them as a lender, then this may help?

im not a broker, Im not associated with any lender etc but i have just learnt that if you add intermediary to most lenders in your search, there is often a wealth of information there to be had.

I would recommend using a broker still though as even with this info, there are probably too many other things to consider in ensuring you get the right lender and product for your circumstances.

System

ACG wrote: »

When they score your application, it will either get a high enough score to pass, a low enough score to fail or fall somewhere in the middle and refer.

Nobody externally knows how their scoring system works and very few internally will know.

Im not really sure how to answer your question if I am being honest. Other than to say we (brokers) work of our knowledge and experience once we have your information on file to determine who would be the best lender for your circumstances.

I like Skipton, they tend to be a little more forgiving if the adverse is relatively minor, historic, good incomes (over £35k) and maybe 75% LTV or below. There are more forgiving lenders out there if your adverse is a little more serious. But that does not mean if your income is below £35k or LTV above 75% that they will not accept you, it is just a combination of everything.

I've had a look at the lending criteria look below, does that mean that if I have 1 default that's been more than £500 in the last few years, it's an instant no?

ACG

Sweetcake wrote: »

I've had a look at the lending criteria look below, does that mean that if I have 1 default that's been more than £500 in the last few years, it's an instant no?

On the face of it, it seems to be within criteria. But I would suggest checking with them directly or using a broker to check on your behalf.