Dependants and credit score / mortgage applications

JasonJAE

With regards to dependants and credit score / mortgage applications , if you have children (under 16) that are not financially dependent on you, don't live with you and in fact, live in a different country , would you need to declare them on mortgage applications and or your details on credit score websites?
Thanks

[Deleted User]

No

And ignore the scores

JasonJAE

Thanks Gary. Could you explain why you think it's a no?
I've read that patents have recently found it harder to get mortgages as dependants are seen as a large drain on available income. This was shown to when I updated my details on MSE credit score site and although my score stayed the same, my loan and credit affordability went right down.

JasonJAE

I don't want to give false information but if by definition, they are not dependants, I would not be doing so.

[Deleted User]

If they're not dependant on you, and don't live with you, or even live in another country, then you cannot call them dependants.

MEM62

JasonJAE wrote: »

Thanks Gary. Could you explain why you think it's a no?

Because, in your own words;

JasonJAE wrote: »

you have children (under 16) that are not financially dependent on you, don't live with you and in fact, live in a different country

They are not dependents.

JasonJAE

Thanks for the replies.

PRAISETHESUN

Ignore the scores provided by the CRAs. Every lender will calculate their own score for you when you make an application based on the contents of your credit report, therefore what matters most is your credit history - ie. the contents of your report.

In terms of your mortgage application, you should only ever supply factually correct information to your lender or else they are likely to decline you. I would say that your children are definitely NOT financially dependant upon you, due to their living situation. As you've suggested, having dependants will definitely impact your affordability for a mortgage, but this only reported to the indivudual lender, not to the CRAs (ie. other lenders will not be able to know you have dependants until you tell them during the application). The MSE credit club uses your personal information (including whether or not you have dependants) to calculate your score, but as this score is not seen by lenders (or anyone else except yourself) then it doesn't affect you.

JasonJAE

That is very detailed and helpful. Thank you for taking the time to explain.

JasonJAE

So can I ask, as I understand it, your credit report is universal and the same regardless of which credit scoring company is used (Experian etc). Is that correct?

Sncjw

No it’s not universal. Different lenders report to different agency’s.

Ignore the score as it’s the history that matters