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  • FIRST POST
    • dale11
    • By dale11 12th Oct 16, 10:52 PM
    • 3Posts
    • 0Thanks
    dale11
    Trying to "Fix" Credit File
    • #1
    • 12th Oct 16, 10:52 PM
    Trying to "Fix" Credit File 12th Oct 16 at 10:52 PM
    Hi MSE,

    Have been reading these forums for a long time now and taken on much advice, not really sure why I've never joined.

    Basically, I know I have a bad credit history, I want to fix it and I'd like any basic helpful advice.

    I have a few defaults. Default dates show as January 2014 for 2 of them and November 2012 for another. I also have an overdraft which I am repaying monthly at the moment.

    I want to get a mortgage within the next couple of years. I have no idea how hard this is going to be credit wise and what are my best steps. After paying off my overdraft, should I be looking to pay off my defaults? And with such a recent default, is there realistically any chance of me even getting a mortgage? Or will I need to be waiting until the defaults fall off in 2020...

    Any advice just to get my head around this and get me heading in the right direction would be amazing.

    Thanks
Page 1
    • zx81
    • By zx81 13th Oct 16, 4:27 AM
    • 13,677 Posts
    • 14,136 Thanks
    zx81
    • #2
    • 13th Oct 16, 4:27 AM
    • #2
    • 13th Oct 16, 4:27 AM
    Settled defaults will look better than unsettled.

    You also need to be building s good history now through sensible credit management, such as a credit card.
    • ukamber1
    • By ukamber1 13th Oct 16, 8:56 AM
    • 103 Posts
    • 30 Thanks
    ukamber1
    • #3
    • 13th Oct 16, 8:56 AM
    • #3
    • 13th Oct 16, 8:56 AM
    Hi MSE,

    Have been reading these forums for a long time now and taken on much advice, not really sure why I've never joined.

    Basically, I know I have a bad credit history, I want to fix it and I'd like any basic helpful advice.

    I have a few defaults. Default dates show as January 2014 for 2 of them and November 2012 for another. I also have an overdraft which I am repaying monthly at the moment.

    I want to get a mortgage within the next couple of years. I have no idea how hard this is going to be credit wise and what are my best steps. After paying off my overdraft, should I be looking to pay off my defaults? And with such a recent default, is there realistically any chance of me even getting a mortgage? Or will I need to be waiting until the defaults fall off in 2020...

    Any advice just to get my head around this and get me heading in the right direction would be amazing.

    Thanks
    Originally posted by dale11
    Hi,

    Defaults will show on your credit report for 6 years, so depending on your situation, it might be a little more difficult getting the best mortgage rates from High street Lenders. When you are ready to buy a property, a mortgage broker might be a good option. If you can "settle" those defaults, it will be a big help as this will show Lenders, you've been able to get back on track with your finances.

    Best of Luck
    • Katherin
    • By Katherin 19th Sep 17, 7:04 PM
    • 1 Posts
    • 0 Thanks
    Katherin
    • #4
    • 19th Sep 17, 7:04 PM
    Trying to get a mortgage
    • #4
    • 19th Sep 17, 7:04 PM
    Hi, I want help, my wife and I just applied for a mortgage, my credit report has come back bad, mortgage company say I'm going to struggle to get a mortgage, I earn 23,000 yearly, at moment until end sept when my house is sold I'm paying 780,00 mortgage to engage credit due to bad advice years ago/bad relationship/remortgaging. I have 1 CCI and a loan of 10,000
    • zx81
    • By zx81 19th Sep 17, 7:25 PM
    • 13,677 Posts
    • 14,136 Thanks
    zx81
    • #5
    • 19th Sep 17, 7:25 PM
    • #5
    • 19th Sep 17, 7:25 PM
    Engage a broker.
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