credit score - b-l-s-h-t

naijapower

davethorp wrote: »

I was charging £5 but you've just undercut me £4.10..... damn

oooh yes, i beat you to it..lol

naijapower

noah271007 wrote: »

I know credit applications like mortgages will ask if you EVER been bankrupt.... if the person has been bankrupt a long time ago, how will the lender find out his credit history past if his credit files are clean??

Good point. But i wonder how long the bankruptcy register stays on for cos for mortgages, Solicitors also do BR search as well

thriftymomma

never-in-doubt wrote: »

well spoken :beer:

well done on the halifax - 3% reduction!

8% in total!:beer:

byebyedebt

Hi Thriftymomma, 8% well done. I got 3% recently on an existing balance. Whats does 8% take the overall rate down to? Im down to below 10% now.

noah271007

naijapower wrote: »

Good point. But i wonder how long the bankruptcy register stays on for cos for mortgages, Solicitors also do BR search as well

I am not sure, but i won't be surprised if it is for 6 years after bankruptcy date. It is EXTREMELY unfair how creditors can turn down an prospective customer applying for credit due to the fact it got arrears recorded on credit files (going back more than 6 years) and granting someone credit even though the person was previously bankrupt over 6 years ago and credit files wiped state clean!

Look at GRANT BOVEY!!! HIS Imagine Home business went bust (not the first time!) owning hundred of thousands to many creditors and yet he is starting another business!! I just don't understand the logic here... he should be made bankrupt if he cannot afford to pay back the debts he owed!

James3891

Did the free report and paid for the score earlier what a waste of time but was curious, got a score of 530 lol , thats with 3 missed payments in 3 years over 7 accounts , no defaults or anything, only got about 5k credit but as i'm close to some low limits it says i'm using 89% of credit so thats why they give a low score, anyone lending me for a mortgage would see i have very little outstanding debt over the accounts and all my limits are low anyway so i wouldn't think twice about it

naijapower

noah271007 wrote: »

I am not sure, but i won't be surprised if it is for 6 years after bankruptcy date. It is EXTREMELY unfair how creditors can turn down an prospective customer applying for credit due to the fact it got arrears recorded on credit files (going back more than 6 years) and granting someone credit even though the person was previously bankrupt over 6 years ago and credit files wiped state clean!

Dont get you. Thot arrears also disappear after 6yrs. Same thing in my opinion. 6 yrs for arrears, default & CCJ and same 6 yrs for Bankruptcy

never-in-doubt

Regards to the mortgage and bankruptcy question..... it seems that some mortgages ask the question 'are you a recent bankrupt' in which case you could class 'recent' as sooner than the lender. My point is you'd not be lying if you said no after 6yrs because a lot changes in 6yrs! If however the lender found out, it could give you a mortgage warning meaning no1 would touch you! Its a catch 22 with whatever you decide being the best option.

Take a look at some opinions here: http://www.talkaboutdebt.co.uk/question-answer/bankruptcy/if-i-was-made-bankrupt-8-years-ago-am-i-legally-bound-declare-it-applicat

never-in-doubt

Just because the b/r has gone from your credit report does not make is vanish from public records. All mortgage lenders check this public record.

naijapower

That's what i was getting at initially. Didnt think it would varnish from public record cos conveyancing solicitors are mandated to do BR search as well. So even if one lies, he/she would get found out somehow