22 Oct 2021

What Credit Score Do You Start With?

Banks and lenders use your credit score as a preliminary guide to determine your reliability as a borrower. Having a good credit score means you’re less of a risk to lenders. Your credit score is calculated based on the information in your credit report. If you don’t have a borrowing history or any kind of account in your name, you will have a credit score of zero. If you have a perfect credit score, you will have a score of either 1,000 or 1,200, depending on the credit agency running the report. 

What Factors Affect Your Credit Score?

If you just started borrowing, it is important for you to know what factors affect your credit score so you can make sure your credit is always in good standing. Having a good credit score makes it easier for you to secure loans of any kind. The most common factors that can affect your credit score include:

  • Your repayment history, including on-time and missed repayments, and payments made in full 
  • How many credit enquiries there are on your file
  • Defaults, debts, bankruptcies, and court judgments against you
  • Personal details, such as your age, employment status, and address
  • How long you have been borrowing and how extensive your credit and borrowing history are

If you don’t have a large credit or borrowing history, it may be difficult for you to secure a home loan. However, the specialists at Mortgage House may be able to help. We offer a variety of bad credit mortgages to help those with poor credit purchase the home of their dreams. If you don’t have a credit history, our financial experts will work with you to help you start borrowing responsibly. 

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