End of CCJ

Remulos · 17 August 2017 at 1:01PM

Hi Everyone,

I have a satisfied CCJ which will no longer be on my file after April 2018. I have seen a lot of posts saying that my credit score will be better after that but should I be expecting a sudden jump of, say 100 on the Experian score, or will it mean that it is easier to get a gradual rise? I'm looking at mortgages and want to know if it's worth forgoeing the house I am currently looking at for a different house next year.

National_Debtline · 17 August 2017 at 4:16PM

Hi Remulos

It’s important not to put too much importance in your credit score. Every lender is going to have their credit scoring system, and your credit file is one factor that they will look at. Although CCJs can go against you on a credit application, they are going to have less impact the older they are. If the debt is satisfied that will also look better.

In terms of whether you should postpone buying a house until the CCJ has dropped off your credit file (this happens 6 years after the CCJ was made), you will be best to speak to a mortgage broker to get some specialist advice. While you might not be turned down for a mortgage, it might be possible you get a better deal once the CCJ has been removed. Good luck with it all.

Susie
@natdebtline

MEM62 · 18 August 2017 at 9:59AM

Your 'score' is a randomly generated number that only you can see. It totally irrelevant to lenders and is just as likely to change if you change the colour of your socks.

The data that is on your report is the only thing that you need to worry about. You will be viewed a lot more positively once the CCJ has fallen off your credit history.

Remulos · 18 August 2017 at 2:07PM

I'm not using my score as a value above or below what a lender would accept but it is surely a numerical appriximation of where one stands on the scale of bad credit to good? I'm just using it to measure growth more than anything.

The reason I am asking is that there are some accounts that went into default that were all settled in 2015 (and nothing negative after that) to go along with the satisfed CCJ and I'm wondering whether or not the removal of that CCJ from my credit file will be a significant enough change to warrant passing up an opportunity to get a house now. Obviously only I can determine the cost of passing on my current housing opportunity but I'd like to look at it compared to any information you can give me.

End of CCJ

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