Credit Score

whambam

Someone I know who doesn't have any credit history recently opened up a new bank account and has a credit card, however is he seen as high risk as its been only 9 months, however his credit experian score is 877/999.

Can he apply for a big loan or a mortgage at this moment in time? His recently payments have all been on time.

Nebulous2

Is his only problem lack of history?

Or does he have other issues; not on electoral roll, other debts,late or missed payments and defaults?

He can certainly apply for a mortgage, but he might not get one. If there are other problems then he should consider going to a mortgage broker who specialises in adverse credit.

He could also ask for advice in the mortgage forum. There are a few brokers who post there.

whambam

yes only lack of history, no defaults or missed payments. He is on voters roll.

what is considered a acceptable history? 2 or 3 years with no missed payments 1?

Nebulous2

whambam wrote: »

yes only lack of history, no defaults or missed payments. He is on voters roll.

what is considered a acceptable history? 2 or 3 years with no missed payments 1?

People get mortgages with limited history. Stable income, affordability, and a good deposit all help. Its preferable not to have missed payments at all, but if you do the older the better. It would be an idea to talk to a broker. They could advise on whether it is possible.

[Deleted User]

The score is also a made up number with no significance in the lending factor.

Why would he want to take out a loan? Just for the sake of being able to?