Will mortgage application affect my credit score?

NiceDream

Hi all,
I have an excellent credit score and just received a mortgage offer. However, it looks as though I may not proceed with the house purchase (too many issues to list). It might take me another few months to find another house so I would have to start a new application once I do. Will the fact that I've had a recent application negatively affect my credit score?
Grateful for any knowledge you can share
thanks!

[Deleted User]

Don't worry about your score. It's a made up number that has little meaning and no one but you ever sees. It can be - and often is - any number you want.

Lenders will see a search on your files. In isolation, a search is nothing to worry about and part of the mortgage process.

typoon21

Deleted_User wrote: »

Don't worry about your score. It's a made up number that has little meaning and no one but you ever sees. It can be - and often is - any number you want.

Lenders will see a search on your files. In isolation, a search is nothing to worry about and part of the mortgage process.

Completely agree... Experian put me at Poor Equifax I was excellent.

Then a month ago a file dropped off my record (a clean one) my score went from 510 to 489.

Then my recent credit card statement was incorrect putting me to 440 on eqifax putting me to "good"

During all of this I was at the underwriting stage of my mortgage - I received a call yesterday to say all is good.


Each company will mainly look at your payment history and debt utilisation - the score is a stupid figure and varies toooo much!

But to answer your main question...

yes your score will go down once you apply for a mortgage as you have a hard search on your file... this will gradually increase again as you make payments.

[Deleted User]

The scores are to be ignored.

Forgetting increasing it as payments are made.

PRAISETHESUN

Ignore the score as has been mentioned - every lender will generate their own rating for you based on the contents of your credit file and the information provided during your application. No-one but you sees the scores provided by the CRAs.

One or two recent credit applications on your file shouldn't adversely affect your chances of getting a mortgage, particularly if they are a few months apart. I wouldn't worry