Press Release of the Day – 9th July
Credit scorers look for certain red flags when assessing your eligibility. Here are a few things you should try to avoid:
- Missing payments: If this happens regularly, you could have a potential default flagged on your profile, and this can stick around for up to six years.
- Lending beyond your means: Borrowing more than you can afford means sticking with repayments will be tricky, and when debt piles up, it can quickly become unmanageable. If you get a debt relief order or apply for bankruptcy, your credit score will be significantly impacted.
- Regularly applying for credit: Each time you apply for credit, lenders will perform a ‘hard’ search on your credit history, and this is logged on your profile. If too many of these are logged, it could become a possible red flag.
Commenting on their average credit score analysis, Nick Lieb, Head of Operations at Share to Buy says: “Many people have been asking us what constitutes a good credit score when trying to buy a home. The topic is more relevant than ever right now as we navigate our way through the uncertainty of the last few months, but with so many variables, and credit score companies all calculating scores differently, it’s not an easy question to answer.
“We have combined data from two of the biggest agencies for our credit score review, and while it’s interesting to see the variation in numbers, an average credit score is just one of several factors that play a part in your ability to get a mortgage. Therefore, even if your credit score is not where you want it to be, this shouldn’t be a deterrent in your search for a home”.
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