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    • Smevchenko
    • By Smevchenko 3rd Oct 17, 9:40 AM
    • 77Posts
    • 22Thanks
    Mortgage with low credit score?
    • #1
    • 3rd Oct 17, 9:40 AM
    Mortgage with low credit score? 3rd Oct 17 at 9:40 AM
    I have always worked on the assumption that due to a low credit score, I would struggle to get credit, and certainly a mortgage. I have seen numerous people on here say to ignore the score as it is not seen by the lender. Is this true? Now obviously the score is an indication of the state of your credit file, but even with a poor score, this isn't a definite for refusal of an application?
    For example, I am keen to get a Barclays springboard mortgage with my wife. We have funds available from parents to go in the savings account, and have our own funds for fees and stamp duty etc. I have a satisfied CCJ that is over 3 years old, and a partially settled default, with a balance of 0 that will drop off in December. I have no other late payments or anything else adverse. According to Barclays lending criteria, this is not necessarily a straight out refusal.

    So despite a poor 'score', is there still a chance that an application would be successful? My wife has a clean credit report, no late payments etc.
    Last edited by Smevchenko; 03-10-2017 at 9:51 AM.
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    • zx81
    • By zx81 3rd Oct 17, 9:41 AM
    • 17,251 Posts
    • 18,338 Thanks
    • #2
    • 3rd Oct 17, 9:41 AM
    • #2
    • 3rd Oct 17, 9:41 AM
    The scores are never seen by anyone apart from you, and rarely more accurate than a finger in the air, or reading the tea leaves.
    • kingstreet
    • By kingstreet 3rd Oct 17, 10:10 AM
    • 33,559 Posts
    • 18,195 Thanks
    • #3
    • 3rd Oct 17, 10:10 AM
    • #3
    • 3rd Oct 17, 10:10 AM
    Lenders use the raw data from your credit history and the other application data the credit reference agency knows nothing about to generate their credit score.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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