Credit history

Viz_2

Can somebody please explain to me all the things that produce either a good or bad credit history ?

And how much bad history do you need before a company / bank will refuse you a loan, account or mortgage ?

Thanks

Welsh_Al

I don't know about all the factors, but from what i've seen and heard, credit histories are like a booky's form guide to your potential.
They take into account;
Where you live/have lived (Electoral Roll, postcodes, previous addresses) and how (home owner, renting, parents)
What you do (Employment Status)
How much it earns you (Income)
How long you've been doing it (Job Stability)
How often you move (Geographical Stability)
Where you've come from (History)
How much you borrow and from whom
How much you repay and how.
They want to know that you are stable, but likely to earn them money by paying interest.

Anyone watching may notice that this is my first post here, and i certainly don't want to imply that i'm an MSE. Just sharing what i know, for what it's worth .
I'll be making a related post about now...

deemy2004

Can somebody please explain to me all the things that produce either a good or bad credit history ?

And how much bad history do you need before a company / bank will refuse you a loan, account or mortgage ?

Thanks

Well all the things would be a looong list, so heres a few

GOOD
1. Make ALL your monthly payments on time
2. Have a history of making regular payments over several years.
3. At the same address for a number of years
4. On the electoral register

BAD - The above in reverse - PLus
1. No or low income
2. Lack of credit history.

Viz_2

Basically, my girlfreind has a terrible history of bad credit and missed payments ( i am the complete opposite ).

How can it be rectified ? How long will it take ? And will we be able to apply for a joint mortgage ?

Robert_Sterling_3

You will be able to apply for a joint mortgage.

deemy2004

Basically, my girlfreind has a terrible history of bad credit and missed payments ( i am the complete opposite ).

How can it be rectified ? How long will it take ? And will we be able to apply for a joint mortgage ?

Your girlfriend needs to ensure her repayment history hence forth is spotless, NO late or missed payments !

As the credit card companies give a greater weight to the more recent than distant activity.