Credit score and mortgage

[Deleted User]

Though the “score” played no part in brokers decision to proceed.

DE5T1NY

The "default" and "Very Poor" credit score was the problem not the points.

[Deleted User]

The defaulted account was the issue yes.

The “very poor” score/rating had nothing to do with it.

Likewise the new “excellent” score/rating has no part in lending decisions.

DE5T1NY

Both played a part in the outcome.

Hope this makes sense:

My mortgage advisor (avoiding Experian mortgage lenders) kept the lender (Nat West) and vendor in the loop throughout this whole period during the "default" error.

NW uses Equifax as their main check, but on Equifax the "default" didn't show anywhere on my own updated reports (Fair) but it did show in the Clearscore reports I was getting, so the person my advisor was dealing with at NW didn't want to do a "hard search" knowing it would put my Equifax into a "poor" reading, if unsuccessful, and decided to wait until the "default" was resolved.

My advisor explained that if a "hard search" was carried out, he would not recommend another offer using Equifax for at lease 6 months or more, until score moved up again.

Having the "default" removed was a great bonus (hopefully I might not need) as it opened the door to co-ownership if all else fail.

The loan (60k) is on a low income over a 9 year period with a 10% deposit, so not much room to move.


The "Very poor" and "Poor" in my case did play a big part, the "default" did play a part as well, how much I can't say.

[Deleted User]

DE5T1NY wrote: »

The "Very poor" and "Poor" in my case did play a big part, the "default" did play a part as well, how much I can't say.

The reason people are saying that the poor/very poor played no part is because no one ever saw that rating apart from you. It's a gimmick for your eyes only.

They only saw the default, along with the rest of your data.

DE5T1NY

There was no "default" on the Equifax report. So the gimmick can be ruled out (I think).

[Deleted User]

Absolutely. You can always rule out the gimmick, whichever CRA gives it to you.

[Deleted User]

You’re still not grasping it.

Your score and rating from ANY CRA plays no part in lending decisions.
Period.

DE5T1NY

Just one example:

A credit score is a statistical number that evaluates a consumer's creditworthiness and is based on credit history. Lenders use credit scores to evaluate the probability that an individual will repay his or her debts. A person's credit score ranges from 300 to 850, and the higher the score, the more financially trustworthy a person is considered to be.

Most if not all the banks/lenders seem to have the same idea (quote above) posted on their websites when it comes to lending or not, points differ depending on CRA they use.

You are more likely to be accepted if you meet these minimum scores, yes. Lenders work across a lot of different criteria, and your credit score is just one part, so even if you do not meet the ‘minimum’ levels, you should speak to one of our specialist mortgage advisors to see how we can help.

Everyone I've looked at seem to think the credit score plays a part in their judgement.

[Deleted User]

DE5T1NY wrote: »

Just one example:


Most if not all the banks/lenders seem to have the same idea (quote above) posted on their websites when it comes to lending or not, points differ depending on CRA they use.


Everyone I've looked at seem to think the credit score plays a part in their judgement.

You’re quoting American sites and lending terms.

This is not applicable in the UK.