Conflicting Credit Scores from different Agencies

scampy_008

Hi Guys,

I could do with some help. I was looking to move home however I needed to get a mortgage in principle. It was joint application with me and my missus. It got declined and the reason they gave was declined due credit rating (or something to that accord).

I found it strange as I thought I had a decent credit rating. I knew my credit rating on experian was about 950 plus, I checked my missus's profile and it was also 950+.

I didn't know about the other agencies until joining the MSE club. The MSE credit club show my transunion credit rating 547 which is very poor.

So my experian Credit score is 964 (excellent) while my transunion score is 564 (very poor)

I can get slight difference,but two completely different ends of the spectrum?

I did mess up with CCJ on March 2023 for parking ticket, I tried fighting the case and ended up losing, in the end it went to Northampton court, eventually I paid and settled the debt and the judgement is now satisfied.

I really want to move but I feel like I wont be able to get a mortgage. I always pay my bills on time and am overpaying my mortgage. 

Any help would be appreciated.

MattMattMattUK

scampy_008 said:

Hi Guys,

I could do with some help. I was looking to move home however I needed to get a mortgage in principle. It was joint application with me and my missus. It got declined and the reason they gave was declined due credit rating (or something to that accord).

The CRA score is made up and meaningless, ignore it. The scoring will be the banks internal metrics which you will never see and the only answer you will get is a yes or a no.

scampy_008 said:

I found it strange as I thought I had a decent credit rating. I knew my credit rating on experian was about 950 plus, I checked my missus's profile and it was also 950+.

I didn't know about the other agencies until joining the MSE club. The MSE credit club show my transunion credit rating 547 which is very poor.

So my experian Credit score is 964 (excellent) while my transunion score is 564 (very poor)

I can get slight difference,but two completely different ends of the spectrum?

The CRA scores are entirely made up for marketing purposes, bankrupts can have maximum scores, billionaires can have low scores ignore the score/rating and look at the data on the file. 

scampy_008 said:

I did mess up with CCJ on March 2023 for parking ticket, I tried fighting the case and ended up losing, in the end it went to Northampton court, eventually I paid and settled the debt and the judgement is now satisfied.

This is almost certainly why you were declined for the mortgage. It's impact will lessen with time and especially time from satisfied. 

scampy_008 said:

I really want to move but I feel like I wont be able to get a mortgage. I always pay my bills on time and am overpaying my mortgage. 

Speak to a broker rather than applying directly with a bank, they will be able to look at all the factors and they will have policies that account for your CCJ. 

scampy_008 said:

Any help would be appreciated.

Speak to an independent mortgage advisor rather than applying directly with a bank.

Krakkkers

Experian is max 999 and transunion max score is I think 710.
You did know that didn't you?

MattMattMattUK

Krakkkers said:

Experian is max 999 and transunion max score is I think 710.
You did know that didn't you?

And both of them are meaningless, so it does not matter if they are out of 710, 999 or potato. 

scampy_008

Krakkkers said:

Experian is max 999 and transunion max score is I think 710.
You did know that didn't you?

Yes I know that

scampy_008

MattMattMattUK said:

scampy_008 said:

I really want to move but I feel like I wont be able to get a mortgage. I always pay my bills on time and am overpaying my mortgage. 

Speak to a broker rather than applying directly with a bank, they will be able to look at all the factors and they will have policies that account for your CCJ. 

scampy_008 said:

Any help would be appreciated.

Speak to an independent mortgage advisor rather than applying directly with a bank.

Is mortgage broker the same as an advisor? anyone you can recommend? or better to find someone local?

MattMattMattUK

scampy_008 said:

MattMattMattUK said:

scampy_008 said:

I really want to move but I feel like I wont be able to get a mortgage. I always pay my bills on time and am overpaying my mortgage. 

Speak to a broker rather than applying directly with a bank, they will be able to look at all the factors and they will have policies that account for your CCJ. 

scampy_008 said:

Any help would be appreciated.

Speak to an independent mortgage advisor rather than applying directly with a bank.

Is mortgage broker the same as an advisor? anyone you can recommend? or better to find someone local?

Sort of, I actually meant broker, a mortgage advisor usually works for a bank, a broker is independent and can give regulated advice. No one I can recommend, you could use a local one that friends or family can recommend, or there are brokers on this forum's mortgage section you can approach. Site rules mean that they cannot approach you, you have to message them, they all have signatures that state who they are. 

Nasqueron

MattMattMattUK said:

Krakkkers said:

Experian is max 999 and transunion max score is I think 710.
You did know that didn't you?

And both of them are meaningless, so it does not matter if they are out of 710, 999 or potato. 

4 out of potato - the new ranking system

Or should it be boiled, mash, jacket, roast / potato? 

MattMattMattUK

Nasqueron said:

MattMattMattUK said:

Krakkkers said:

Experian is max 999 and transunion max score is I think 710.
You did know that didn't you?

And both of them are meaningless, so it does not matter if they are out of 710, 999 or potato. 

4 out of potato - the new ranking system

Or should it be boiled, mash, jacket, roast / potato? 

All forms of potato and all varieties, but to keep with the same meaningless scale as credit ratings no one knows if mashed is a higher or lower than King Edward, Jersey Royal, chips, or canned.

MEM62

scampy_008 said:

So my experian Credit score is 964 (excellent) while my transunion score is 564 (very poor)

I can get slight difference,but two completely different ends of the spectrum?

To expect to be able to compare the relative values of two randomly generated numbers is unrealistic.  Remember that these are produced for entertainment purposes only  :-) 

CliveOfIndia

MEM62 said:

Remember that these are produced for entertainment purposes only  :-) 

Do try and stick to the topic, please.  As has already been stated, they are there for nutritional purposes - Jersey Royals being the top pick to go with the Sunday roast, King Edwards or Maris Piper being perfectly adequate for everyday consumption