Am going through the process of buying a house. MY hubby earns 25K and I earn 21K and we both have students loans with a combined total of 18K, however we seem to be able to get a mortgage of 250K (however we could not afford the repayments) but a friend who probably earns about the same could only get a mortgage of 140K and they dont have any student loans and her hubby has about 10K in an ISA etc.
Im just wondering how credit ratings work and what they base their information on.
Lots of different factors can affect your rating, positives are things like; Professional, long time at an address, on the voters roll, good payments history on credit file, deposit. Negatives are if you move a lot, can't be traced on voters roll, don't have a particularly good career/job, not so good credit file etc.
However, no company will tell you how their credit score system works, and different companies have different criteria.
