Child Benefit and Credit Score

Ferret8

Hi all,

If a similar post has previously been created then please direct me to it as I couldn't find anything on the forum.

I live in Scotland and I am trying to find out if Child Benefit will have any impact on my Credit Score in the future, when I will be trying to apply for a house mortgage?

I couldn't find anything regarding my query on the internet. I would very much appreciate if someone could answer my question. Also, if there is any policy or anything like that confirming whether Credit Score can be affected by Child Benefit or not I would very much like to read it, so that I could refer to it in the future when applying for a house mortgage and checking my Credit Score.

Thanks!

poppy12345

Child benefit has no bearing on any credit history, the same way as any benefits you maybe claiming.

Ferret8

poppy12345 said:

Child benefit has no bearing on any credit history, the same way as any benefits you maybe claiming.

Thank you for your fast reply!

Another thought:
Even if benefits don't affect credit score they can have impact whether a bank will grant a loan, I think.

However, I do not suspect the Child Benefit will have a negative impact as it is not based on low income and most people are entitled to it for their children.

marcia_

Child benefit won't stop you getting a loan, other out of work benefits might because they look at your income 

Ferret8

marcia_ said:

Child benefit won't stop you getting a loan, other out of work benefits might because they look at your income 

That is what I thought. Thank you for the clarification

HillStreetBlues

Ferret8 said:

Another thought:

Even if benefits don't affect credit score they can have impact whether a bank will grant a loan, I think.

However, I do not suspect the Child Benefit will have a negative impact as it is not based on low income and most people are entitled to it for their children.

Lenders don't look at credit scores,
All lenders are interested in is if you fulfill their criteria.
So will based on things like income (some take benefits, some like to discount them)
Outgoings
Credit history
Bottom line, what they think your disposable income is (so how much they will lend you), and the likelihood that you will pay them back.  

Bigwheels1111

My friend is on benefits, ESA,PiP.
When she wanted to switch banks they were very happy with her benefits and gave her a £500 overdraft.
Never used it yet, want to give her a credit card and loan if needed.

gbhxu

Bigwheels1111 said:

My friend is on benefits, ESA,PiP.
When she wanted to switch banks they were very happy with her benefits and gave her a £500 overdraft.
Never used it yet, want to give her a credit card and loan if needed.

I'm on ESA and PIP too.

Managed to get a £10k personal loan.