How to get back on the credit ladder

Innocent_Guy

marcellep wrote: »

Oh I will do! This is the 1st thing I have applied for since I spent the last 4 mths sorting my CR

Top Thread:)

Best of luck

Nomoredebtnow

Well done mate just waiting ICO to solve out my file then l can apply first credit card and current account

Innocent_Guy

NID / Regulars

Can we use this as the equivilant to the Sub Prime Thread?????

If this is a prob with you NID tell us!

never-in-doubt

Innocent_Guy wrote: »

NID / Regulars

Can we use this as the equivilant to the Sub Prime Thread?????

If this is a prob with you NID tell us!

Get in there my son......... :whistle::whistle::whistle::whistle::whistle:

Louie99

I have a question; why if you have a clean credit file but adverse data more 6 years ago would this adverse data matter ? I thought it was not on your credit file anymore so potential lenders wouldnt not know about it ? Why therefore it there a special section of guidance for these people suggesting particular cards ? Surely after 6 years and now in receipt of a clean file mainstream lending would be available ? just curious as to the thinking on this one ? thanks

never-in-doubt

Louie99 wrote: »

I have a question; why if you have a clean credit file but adverse data more 6 years ago would this adverse data matter ? I thought it was not on your credit file anymore so potential lenders wouldnt not know about it ? Why therefore it there a special section of guidance for these people suggesting particular cards ? Surely after 6 years and now in receipt of a clean file mainstream lending would be available ? just curious as to the thinking on this one ? thanks

You'd be classed as new to credit and the first thing any underwriter would think is why is someone this age, without any credit facilities.....

The products mentioned are not actually sub-prime either, they are mainstream products. The section exists because some people have mentioned in other posts that adverse data sometimes remains for 9 years - 6 years is the legal timeframe true, but the payment data (3yr history) can actually make a negative impact for an additional 3yrs.

Hope this makes sense

danielanthony

Hi,

Can you tell me how I can get a copy of the data held on me after the 6 year period for defaults? This data does not show on my Experian/Equifax/CallCredit files, so can a lender really see this default info or is it just for the lenders you have already defaulted with?

danielanthony

I had a few defaulted accounts due to my IVA in 2003 and they will come off my file at the end of this month and I intend to apply for a mortgage shortly after, I would like to know how defaults coming off in May would affect an mortgage application in June.

never-in-doubt

danielanthony wrote: »

Hi,

Can you tell me how I can get a copy of the data held on me after the 6 year period for defaults? This data does not show on my Experian/Equifax/CallCredit files, so can a lender really see this default info or is it just for the lenders you have already defaulted with?

after 6yrs it is not visible period. Even the lender you defaulted with, would not be allowed to retain a record nor refer to it. It is dead and burried. Also certainly statute barred in the process.

never-in-doubt

danielanthony wrote: »

I had a few defaulted accounts due to my IVA in 2003 and they will come off my file at the end of this month and I intend to apply for a mortgage shortly after, I would like to know how defaults coming off in May would affect an mortgage application in June.

I'd look to wait until middle of June (at least 2wks since the last ccj drops off) and then apply for all 3 credit reports (pay £2 each and do via post) and then check manually. If they do not show - then they are gone.

Only apply for mortgage after you have checked all 3 reports - not before!