7 Common Credit Score Myths Every Mortgage Seeker Should Know

When applying for a mortgage, your credit score can play a big role in what products are available and at what rates. But with so much misinformation out there, it’s easy to fall into traps that could harm your chances of securing the best deal. Let’s clear up some of the most common credit score myths.

Myth 1: Checking your credit score will harm it

Many people worry that looking at their own credit report will lower their score. In reality, a soft search (when you check your own report) leaves no mark on your file. Only a hard search, typically carried out by a lender during a formal application, is visible to other lenders.

Myth 2: Closing old credit cards boosts your score

It might feel sensible to close unused accounts, but doing so can shorten your credit history and reduce your available credit, which may actually harm your score. Lenders like to see a long, stable track record of responsible borrowing.

Myth 3: You need to be debt-free to get a mortgage

Having some borrowing, such as a credit card or loan, isn’t necessarily negative. What lenders really want to see is that you can manage debt responsibly — making payments on time and keeping balances well within your credit limits.

Myth 4: Being on the electoral roll doesn’t matter

Registering to vote at your current address is a simple yet crucial step in boosting your credit profile. Lenders use this information to verify your identity, and not being on the roll could make them less confident in your application.

Myth 5: All credit reference agencies hold the same data

Experian, Equifax, and TransUnion each hold slightly different information. A lender may use any one of them, so it’s wise to check your credit reports across all three to ensure accuracy and spot errors that could impact your application.

The easiest way to do this is with Checkmyfile, which shows data from all three agencies in a single report. This gives you the clearest picture of your credit profile and makes it easier to spot any discrepancies.

Myth 6: Your income affects your credit score

Your salary doesn’t directly appear on your credit file, and therefore doesn’t impact your score. However, it does affect how much you can borrow, as lenders run affordability checks alongside reviewing your credit history.

Myth 7: Once you’ve got a poor score, you’re stuck with it

Credit scores aren’t permanent. With consistent good habits — such as paying bills on time, reducing debt, and avoiding unnecessary hard searches — you can steadily improve your score. Even if your history isn’t perfect, many specialist lenders can still help.

Want some practical steps you can start today? Check out our blog: Tips for maintaining a good credit score for ideas to get your score moving in the right direction.

The Bottom Line

Your credit score isn’t everything — lenders also look at income, affordability, and overall financial stability — but understanding how credit reporting works can help you avoid costly mistakes.

At Impact Specialist Finance, we work with clients from all kinds of credit backgrounds. Whether you’ve got a near-perfect score or a few bumps along the way, we can help you find the right lender and product. Get in touch today to talk through your mortgage options.