What Won't Affect My Credit Score?

 

What Might a Lender Ask Me?

There are some things a lender might ask you that aren't on the list we went over in the last chapter. You may be wondering why a lender might ask you these things and that because they are asking, it may be a factor impacting your credit score. While these factors don't have an affect on your credit score, they may be a factor in your credit approval.

• Your Job - The point of a credit score is to provide an impartial rating of your risk as an investment. If your occupation were to play a part in credit score it would likely lead to income based discrimination. 
  
• Employment Length - While being able to maintain a job looks good on a resume, it has no affect on credit score.
• Income and Savings - While more wealth may in some cases make you a safer investment, a system in which wealthier people can take out better loans solely because of their wealth would create an unequal system for customers.

That said, a creditor may want to know these things to ensure that you can afford the purchase and the required payment.  If you have an 800 credit score but want to take a loan that will require payments that exceed your income, its still a risk that the creditor will not want to make.

Although you now know what will and won't affect your credit score, mistakes happen.