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  • FIRST POST
    • Chris91
    • By Chris91 1st Oct 17, 7:56 PM
    • 9Posts
    • 1Thanks
    Chris91
    Bad Credit Rating
    • #1
    • 1st Oct 17, 7:56 PM
    Bad Credit Rating 1st Oct 17 at 7:56 PM
    My girlfriend and I are looking to buy our first place. We're currently renting.

    She took out 3 credit cards and defaulted on them all so she has a bad credit rating (score of 1/5).

    What's the best way to improve this? Is there anyone who offers free advice on the high street?
Page 1
    • ACG
    • By ACG 1st Oct 17, 8:06 PM
    • 15,916 Posts
    • 8,155 Thanks
    ACG
    • #2
    • 1st Oct 17, 8:06 PM
    • #2
    • 1st Oct 17, 8:06 PM
    When were the defaults registered?
    Who were they with?
    How much as a percentage is your deposit?
    Have they been satisfied?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Chris91
    • By Chris91 2nd Oct 17, 9:56 AM
    • 9 Posts
    • 1 Thanks
    Chris91
    • #3
    • 2nd Oct 17, 9:56 AM
    • #3
    • 2nd Oct 17, 9:56 AM
    Defaults: Aug 2013, Jan 2014 and July 2013
    Ccj: Aug 2016
    None satisfied - with Lowell, Barclaycard, Halifax.

    Deposit will be about 25%
    • obay
    • By obay 2nd Oct 17, 10:00 AM
    • 452 Posts
    • 329 Thanks
    obay
    • #4
    • 2nd Oct 17, 10:00 AM
    • #4
    • 2nd Oct 17, 10:00 AM
    Defaults: Aug 2013, Jan 2014 and July 2013
    Ccj: Aug 2016
    None satisfied - with Lowell, Barclaycard, Halifax.

    Deposit will be about 25%
    Originally posted by Chris91
    clear the defaults so there satisfied before buying the house.. AFAIK lenders will look more favorably

    However, I think the CCJ will also put you at a loss... but not 100% sure
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • ACG
    • By ACG 2nd Oct 17, 10:09 AM
    • 15,916 Posts
    • 8,155 Thanks
    ACG
    • #5
    • 2nd Oct 17, 10:09 AM
    • #5
    • 2nd Oct 17, 10:09 AM
    If you were borderline high street I would say get them satisfied. Realistically though you will not be looking at high street lenders.

    You should have options, but rates are probably going to be around 3-4% a a ballpark, maybe a little over.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Chris91
    • By Chris91 3rd Oct 17, 10:46 AM
    • 9 Posts
    • 1 Thanks
    Chris91
    • #6
    • 3rd Oct 17, 10:46 AM
    • #6
    • 3rd Oct 17, 10:46 AM
    Thank you to everyone for your responses.

    Who is the best person to sit down and talk this through with - Mortgage Advisers, High Street Financial Advisers?

    Thanks
    Chris
    • Thrugelmir
    • By Thrugelmir 3rd Oct 17, 12:37 PM
    • 56,258 Posts
    • 49,627 Thanks
    Thrugelmir
    • #7
    • 3rd Oct 17, 12:37 PM
    • #7
    • 3rd Oct 17, 12:37 PM
    Why not attempt to settle them? Would at least improve her profile.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • NineDeuce
    • By NineDeuce 3rd Oct 17, 1:13 PM
    • 545 Posts
    • 487 Thanks
    NineDeuce
    • #8
    • 3rd Oct 17, 1:13 PM
    • #8
    • 3rd Oct 17, 1:13 PM
    Take out credit for the sake of it and pay it back in full before interest kicks in. Cant you do this with Tesco?
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