Credit Score Myths Every First-Time Buyer Falls For

Think your credit score will stop you buying a home? Here are the most common myths first-time buyers fall for.

For many first-time buyers, the words 'credit score' bring instant stress. You might assume a less-than-perfect score means you have no chance of getting a mortgage. But the truth is, there are a lot of myths around credit scores that cause unnecessary worry.

Here are the most common myths — and what first-time buyers actually need to know.

Myth 1: You need a perfect credit score to get a mortgage

Many first-time buyers think anything less than 'excellent' means rejection. In reality, lenders consider a range of factors. A solid history of managing credit, even if your score isn’t perfect, can still work in your favour.

Myth 2: All lenders use the same credit scoring system

There isn’t one universal score. Each lender has its own criteria, and they may view the same applicant very differently. That’s why one person might be declined by one lender but accepted by another.

Myth 3: Checking your own credit report harms your score

Looking at your own credit report is classed as a 'soft search' and has no impact. In fact, checking regularly helps you spot errors and keep track of your progress.

Myth 4: Past mistakes mean you’ll never get a mortgage

Old defaults or missed payments don’t necessarily stop you forever. Lenders focus more on recent behaviour. With the right advice, many buyers still secure mortgages after credit issues.

Myth 5: Your salary is more important than your credit history

Income matters for affordability, but lenders also want to see evidence that you manage money responsibly. Even with a strong income, a poor credit history can limit your options.

The Bottom Line

Credit scores matter, but they aren’t the whole story. Don’t let myths stop you from exploring your options. The right lender and preparation can make homeownership possible sooner than you think.

Your home may be repossessed if you do not keep up repayments on your mortgage or other loan secured against it.

• Can I get a mortgage with a bad credit history?

  Yes, depending on the severity and how recent the issues are. Specialist lenders may help.

• Do all lenders check the same credit score?

  No, each lender has their own criteria and may interpret your history differently.

• Should I check my credit report before applying?

  Absolutely. It helps you understand your position and correct any errors.