You can get approved with a home loan with a 500 credit score, but whether or not your credit score of 500 is ‘good’ or ‘poor’ depends on the credit reference agency you’re using.
Each credit reference agency has different scoring systems. So a 500 credit score with Experian and TransUnion is ‘Very Poor’ but a 500 credit score is ‘Excellent’ if you’re checking with Equifax.
It’s easier to get approved for a home loan with a ‘Good’ or Excellent’ credit score, but it’s not impossible with a ‘Fair’ or ‘Poor’ credit score. If you have a low or poor credit score and want to be approved for a mortgage, then get in touch with us – we specialise in bad credit mortgages.