rebuilding my credit/ getting a mortgage advice needed
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Billythekid13
Posts: 4 Newbie
so Starting from the top.
8 years ago i was 19, working full time, living with parents and 'living the dream', i didn't have any savings, i spent as i earnt, had a personal loan to buy a fancy sports car. blah blah
This was fine for for a year or so, but for some reason i decided to better myself and go to university, i assumed id get a job and carry on as i was,this didn't happen.
To make matters worse halfway through my first year studentloans decided they were giving me to much, so stopped giving me as much maintenance loan, and asked for £600 of the money they 'overpaid' me back.
fast forward 6 months and id run out of money, was living on credit cards and dropping out of uni with a huge pile of debt, £6k personal loan, £1.5k Credit cards, student loan overpayments, phone bills, etc etc about £12k in total
I moved back in with my parents but still struggled to find work. all my bills Defaulted (2010) and were passed on to collectors.
Today, I am back in full time work (4 years now) with a pretty good job, i'm Married and i 'own' a very nice house (mortgage is in my wifes name) a have cleared all of my debts except my personal loan (£5k left) which i have a payment schedule that i have been paying for 4 years.
So now for the Questions.
Can i start rebuilding my credit rating while i still have defaults on my file?
or do i have to wait for them to drop off?
What is the best way to do that? Credit card?
Me and my wife would like to buy a better house,we can afford it with both our salaries, but due to my defaults i cant be named on the mortgage so she can only get half the mortgage what we would want. is there anyway round this?
Am i trying to run before i can walk? should i wait until the defaults drop off, then start worrying about this?
8 years ago i was 19, working full time, living with parents and 'living the dream', i didn't have any savings, i spent as i earnt, had a personal loan to buy a fancy sports car. blah blah
This was fine for for a year or so, but for some reason i decided to better myself and go to university, i assumed id get a job and carry on as i was,this didn't happen.
To make matters worse halfway through my first year studentloans decided they were giving me to much, so stopped giving me as much maintenance loan, and asked for £600 of the money they 'overpaid' me back.
fast forward 6 months and id run out of money, was living on credit cards and dropping out of uni with a huge pile of debt, £6k personal loan, £1.5k Credit cards, student loan overpayments, phone bills, etc etc about £12k in total
I moved back in with my parents but still struggled to find work. all my bills Defaulted (2010) and were passed on to collectors.
Today, I am back in full time work (4 years now) with a pretty good job, i'm Married and i 'own' a very nice house (mortgage is in my wifes name) a have cleared all of my debts except my personal loan (£5k left) which i have a payment schedule that i have been paying for 4 years.
So now for the Questions.
Can i start rebuilding my credit rating while i still have defaults on my file?
or do i have to wait for them to drop off?
What is the best way to do that? Credit card?
Me and my wife would like to buy a better house,we can afford it with both our salaries, but due to my defaults i cant be named on the mortgage so she can only get half the mortgage what we would want. is there anyway round this?
Am i trying to run before i can walk? should i wait until the defaults drop off, then start worrying about this?
0
Comments
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Just seen this is probably in the wrong section, i have posted in the credit file board,
Mods, can you delete this thread?0 -
There are many ways to rebuild your credit file and also get things removed. Buy yourself a Credit report from Equifax and Equiplan at £2 each see what errors they show and you can request to have them removed. You are also able to complete a Notice of Correction which allows you to explain the circumstances you were in. Also if possible get a credit card eg Aqua and pay it back early every month and this will put your ratings up again. If you get an Aqua card they start at £250 credit limit but in no time will give you £1,000 plus this make things look great very quickly. Also you can get a mortgage with bad credit just pay a bit more or try your bank they should know you
Good luck it can definitely be done0
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