Help: Why is my partners Equifax credit score so low?

ftbstressed1

Hi all,

Me and my partner have had an offer accepted on a flat and we’re just about to put our mortgage application in when he checked his Equifax score and it’s at 502 which they list as ‘fair’. His Experian score is 999 so we’re a bit confused about why this could be. 

We compared the reports they have and there doesn’t seem to be any major differences - he’s had an Amex for around 5 years and never missed a payment, uses about 25% of his limit regularly, is on the electoral register, no debts, CCJs or anything like that

Is there any non-obvious reasons why his score would be so low? We’re scared to put in the mortgage application in case it gets rejected but we don’t want to wait too long and loose out on the flat

DullGreyGuy

ftbstressed1 said:

Hi all,

Me and my partner have had an offer accepted on a flat and we’re just about to put our mortgage application in when he checked his Equifax score and it’s at 502 which they list as ‘fair’. His Experian score is 999 so we’re a bit confused about why this could be. 

We compared the reports they have and there doesn’t seem to be any major differences - he’s had an Amex for around 5 years and never missed a payment, uses about 25% of his limit regularly, is on the electoral register, no debts, CCJs or anything like that

Is there any non-obvious reasons why his score would be so low? We’re scared to put in the mortgage application in case it gets rejected but we don’t want to wait too long and loose out on the flat

The scores mean nothing and no lender will ever see them, they're a creation of the marketing department and used to sell subscriptions, gather extra data etc. 

Lenders use the history that they hold not the scores, so as long as there are no errors on either reports it doesnt matter if they are scoring you as 1, 502, 999 or 99,999 as the lender won't see it.

fatbelly

Your post illustrates what we regularly say. That the score is just a made-up number and what actually matters is the history

newsgroupmonkey_

My Equifax and Experian are at max.

Yet weirdly, my TransUnion isn't. When I go in and investigate that one, it says it's because I've moved twice in 6 years and only been on the electoral roll for 2 1/2 years.

Not sure how I'm supposed to fix that other than wait until I'm old.
Is your husband on the electoral roll? If you go to Equifax, they'll tell you what you need to do to up your score.
Clearscore is free!

poseidon1

ftbstressed1 said:

Hi all,

Me and my partner have had an offer accepted on a flat and we’re just about to put our mortgage application in when he checked his Equifax score and it’s at 502 which they list as ‘fair’. His Experian score is 999 so we’re a bit confused about why this could be. 

We compared the reports they have and there doesn’t seem to be any major differences - he’s had an Amex for around 5 years and never missed a payment, uses about 25% of his limit regularly, is on the electoral register, no debts, CCJs or anything like that

Is there any non-obvious reasons why his score would be so low? We’re scared to put in the mortgage application in case it gets rejected but we don’t want to wait too long and loose out on the flat

I wouldn't stress.

 My impeccable 5 star credit rating was of absolutely no use when trying to get a modest £50k  mortgage.

 I am retired, age was not the factor but perceived affordability was.  Despite having a high income from various investment sources, none of those sources were acceptable for mortgage purposes (Cash ISAs, investment portfolios, commercial investment property, SiPPs etc ).

However once the basic state pension came on stream, bank was more than happy to lend the £50k up to age 85 if I wanted.  The comparatively small state pension was considered far more worthy as a basis for mortgage funding compared to everything else. Go figure.

kipperman

Echo all the above comments. Just happened to look at my Halifax App, and I could get a free TransUnion "Credit Score". I got a 5/10, which was deemed "OK". Doesn't reflect my reality in the slightest, and I suspect neither does yours. In fact the only bank account it picked up was one with £0 in it, so maybe I was lucky to get a 5!

MEM62

ftbstressed1 said:

Me and my partner have had an offer accepted on a flat and we’re just about to put our mortgage application in when he checked his Equifax score and it’s at 502 which they list as ‘fair’. His Experian score is 999 so we’re a bit confused about why this could be. 

The reason is that it is a randomly generated number and you are the only one who sees it - your mortgage lender does not.  Don't worry about it and proceed with your application.  

newsgroupmonkey_

MEM62 said:

ftbstressed1 said:

Me and my partner have had an offer accepted on a flat and we’re just about to put our mortgage application in when he checked his Equifax score and it’s at 502 which they list as ‘fair’. His Experian score is 999 so we’re a bit confused about why this could be. 

The reason is that it is a randomly generated number and you are the only one who sees it - your mortgage lender does not.  Don't worry about it and proceed with your application.  

It's not randomly generated. It's just the way they calculate it is unfair.

If you have no credit, or credit history, then you're borked.

MEM62

newsgroupmonkey_ said:

MEM62 said:

ftbstressed1 said:

Me and my partner have had an offer accepted on a flat and we’re just about to put our mortgage application in when he checked his Equifax score and it’s at 502 which they list as ‘fair’. His Experian score is 999 so we’re a bit confused about why this could be. 

The reason is that it is a randomly generated number and you are the only one who sees it - your mortgage lender does not.  Don't worry about it and proceed with your application.  

It's not randomly generated. It's just the way they calculate it is unfair.

If you have no credit, or credit history, then you're borked.

Yes, that is a little tongue in cheek as most would realise but it is meant to express just how little weight should be placed on the number.  It drops at any change (good or bad), you can pay to 'boost' your score and bankrupts can get given good credit scores.  How can this be anything approaching credible?