Credit Score of 366 - How to Improve - Can I get a mortgage?

[FluffyKittenss]

Hi Folks,

Need some advise, I just checked my Equifax score and it is 366!

I don't get why its so low? I have a credit card that I pay off every month on time (only buy petrol) & i have a car loan but i've never missed a payment over 2 years and very close to paying it off. I'm on the electrol roll too.

Has anyone ever got a mortgage with a score like mine? any advise to get it up?

Also Stressing Big time HELPPPPP MEEEEE PLEASEEEE

Mortgages won’t see your score, they want bank statements, proof of debts and wage slips. They look at your deposit and how much the mortgage loan is for and over what period.
The mortgage needs to be affordable to you.
Find yourself a good mortgage broker they will tell you what mortgage you can get.

I would double check your credit file report for any fraud or old debts as that could hinder your chances

Don't stress, you may just have had too little credit. Remember the score is just made up, all three companies I'm with (Noddle and Clearscore too) have different scores for me. Check all 3 for errors and then have a look at the MSE forums on improving your credit score. Full of sensible advice.

Oh thanks guys!

I'm completely clueless about any of this stuff so maybe a mortgage broker is probably best, at least speaking to a mortgage adviser might clear this up a bit.

yeah I noticed my score with clear score if different then equifax. Why can't there just be one universal score haha.

It’s not the score it’s what’s on the report.

Any missed payments? Defaults or CCJs? Any unsettled under 2 years old will make it difficult to get a mortgage, if you have settled over two years you should be able to get one but at a higher rate.

Nope never had a CCJ.

There isn't one universal score as the number is not relevant, it's a marketing gimmick aimed at us to believe it matters so they can sell us something to "improve our credit score." There are plenty of examples of people with high numbers refused credit. Google "999 Experian refused credit"

A potential lender will look at your credit history and use their own scoring sytem to decide whether or not they want you as a customer.

You have a credit card paid in full each month, are on the electoral register, have no ccj's. These are all positives, show you are doing well and in control of finances. As long as you meet affordability tests there is nothing to suggest you would struggle to get a mortgage offer.

You need to understand why your score is low, have you got copies of the reports?

Sorry I reread your OP and note there’s nothing adverse.

I got a mortgage in December with a lower score than that, so you should be fine!