If you’re planning a mortgage application, how can your credit score help you? Well, when you make your application, the lender will use the data & information held on your credit report, as well as other information within your application, to give you a credit score.
This will tell them whether to accept you as a customer or not. Generally speaking, the higher your credit score, the better your chances are of getting your mortgage, lower interest rates, and better deals.
It’s worth noting though that different lenders give different credit scores. Because lenders have different past experiences and expectations, they take different factors into consideration and score things differently.
Checking your credit report before you make the application can allow you to see what the lender would see, and give you chance to update any inaccuracies and correct any information that’s out of date.
This could be things like whether you have kept up to date with payments on other loans and credit cards, the total level of credit that you already have, and how much of that you’re using.
The Experian Credit Score is a guide to help you understand your credit report, and how they way you’ve managed the credit you’ve had in the past might affect applications you’re making now.
It can also help you keep an eye on your progress while you maintain or improve your credit score before you apply, such as making sure payments on credit cards and loans are all up to date.