Checking your credit score will lower it.

When you check your own credit score, it is considered a soft inquiry that does not impact the number at all. Only applications for new credit trigger hard inquiries that can lower your score slightly. Monitoring your own score regularly is fine.

Closing unused credit accounts will improve your credit score.

There’s no immediate effect on your credit score by closing unused accounts. The length of your positive credit history is viewed favourably by lenders, so closing long-standing accounts doesn't help your score. Maintaining accounts responsibly over time is the proven way to demonstrate stability.

Can’t rebuild for years after a hit.

Your credit score can rebound more quickly than you might expect if you take positive actions. Paying down balances, fixing errors, limiting hard inquiries and demonstrating responsible use of credit accounts allows your score to rebuild within a year in many cases.

Only current scores matter.

Lenders want to see your entire history, so past dips in your score do matter if you've since taken steps to improve your credit. Positive actions you've taken over time to rebuild your score from previous issues will be considered as part of evaluating your overall responsibility.

Shopping around for mortgage rates will hurt your credit score.

Having your credit checked for a mortgage, auto loan or credit card will lower your score slightly. However, lenders understand you are rate shopping and expect inquiries. As long as it's one mortgage search within a short period, the inquiries will generally group into a single hit rather than multiple dings.

Spouses’ scores are combined.

This is incorrect. For a joint mortgage application, lenders look at each individual borrower's credit score separately. However, your spouse's history and scores can supplement weaknesses in your own profile during approval.

Your credit score is the only factor considered in mortgage approvals.

We will highlight that, while credit scores play a significant role, lenders also consider various other factors in mortgage approvals. We will work with you to strengthen your overall mortgage application by addressing these factors comprehensively.

Get in touch with Investors Mortgage now to get your personalised advice. No matter your credit score, your journey to owning a home begins here!

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