Re: Why did I fail CBA's credit scoring?
Posted: Fri Jun 07, 2019 3:55 pm
Hello Bradleigh. Welcome to the forums.
Credit scoring is an automated system and each lender have their own system leading to different outcomes between the different systems. The banks don’t disclose the algorithm they use to credit score your home loan application to stop people from gaming their system. Fortunately, many of our mortgage brokers have worked with the bank’s credit department and are familiar with the system used by banks.
You may have failed CBA’s credit scoring due to a myriad of different factors. We’ve compiled common reasons borrowers fail a bank’s credit score under three categories, namely:
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a home loan.
Cheers,
Credit scoring is an automated system and each lender have their own system leading to different outcomes between the different systems. The banks don’t disclose the algorithm they use to credit score your home loan application to stop people from gaming their system. Fortunately, many of our mortgage brokers have worked with the bank’s credit department and are familiar with the system used by banks.
You may have failed CBA’s credit scoring due to a myriad of different factors. We’ve compiled common reasons borrowers fail a bank’s credit score under three categories, namely:
- Your personal situation: Lenders like to see stable employment and income, genuine savings, location of the property and your asset and liability position relative to your age.
- Your credit file: A clean credit history with minimal credit enquiries is preferred. Adverse credit listings such as defaults, part 9 agreement and bankruptcy on your credit file are likely to make you fail their credit scoring.
- Your home loan application: The loan amount, LVR (loan to value ratio), inconsistencies, incomplete application, serviceability and loan purpose stated in your loan application all factor into the bank’s credit scoring.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a home loan.
Cheers,