Saturday 15 May 2021
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theguardian - 27 days ago

Why did our credit score result in us being turned down for a mortgage?

Our agreement in principle – when the score was lower – expired in February so we applied againQ Back in November 2020, my partner and I used a broker to apply for a mortgage. At the time, my partner’s credit score at Experian was 629 and mine was 964, and we got an agreement in principle (AIP) for a mortgage. We weren’t able to find a house to buy before our “in principle” mortgage offer expired in February 2021. So in March we applied for a new one. This is what we don’t understand. We got turned down because of our credit score. But our credit score is slightly higher than it was in November. We tried other lenders and we got turned down for it again, for the same reason.At the same time, we tried to contact the original lender to give us information on what is the specific credit number they require us to have. No one knows. They don’t even spend time on the phone. Why do we use a credit score system if no one knows about it? And who is responsible for this system? I want someone to justify to me why there is not clear information online. Why don’t lenders set targets for credit scores? I need to know what number to aim for.
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