New mortgage with fair credit rating

sickandtiredofdebt

Hi guys
Just wanted a quick bit of advice really.
My husband and i are hoping to move house this year, we tried last year but found our credit ratings were rock bottom. Well we have spent a year really concerntrating on getting them back to normal. To date we have managed to get both our scores to FAIR.
I just wanted to know if anyone knows if banks are likely to accept people with fair ratings or is this still looked on as adverse!!!
Thanks
H x xx

VIGILANT22

If rock bottom last year...one year's not going to make much difference.....what have you done to "get them back to normal"?

sickandtiredofdebt

Basically my score was 558 last year which is very poor, its now 749 which is fair!!!
What i have done is pay off credit cards, which put my percentage of credit being used down, made sure all accounts are up to date. Just generally tidied it up and kept my payments up.
Obviously i was never going to get a mortgage in this climate with a very poor rating, just hoped that with it now being fair we would at leasted get looked at!!!!

VIGILANT22

sickandtiredofdebt wrote: »

Basically my score was 558 last year which is very poor, its now 749 which is fair!!!
What i have done is pay off credit cards, which put my percentage of credit being used down, made sure all accounts are up to date. Just generally tidied it up and kept my payments up.
Obviously i was never going to get a mortgage in this climate with a very poor rating, just hoped that with it now being fair we would at leasted get looked at!!!!

"kept my payments up."...this suggests you haven't in the past...you need to get a copy of your credit report (not score) and check for late payments/defaults etc

LilacPixie

it really isn't as simple as yes they will or no they wont. Do you have debt?? is it alot?? Do you have a deposit?? how much? What caused your 'score' to be poor?

Wutang_2

sickandtiredofdebt wrote: »

Hi guys
Just wanted a quick bit of advice really.
My husband and i are hoping to move house this year, we tried last year but found our credit ratings were rock bottom. Well we have spent a year really concerntrating on getting them back to normal. To date we have managed to get both our scores to FAIR.
I just wanted to know if anyone knows if banks are likely to accept people with fair ratings or is this still looked on as adverse!!!
Thanks
H x xx

Speak to whole of market advisor, take along your credit reports, ignore the score (it means nowt) and ignore condescending responses. Peace.

herbiesjp

Having debt does not mean the same as being classed as adverse.

Adverse is when you have had problems paying the debts you have, and have run up CCJs, defaults and countless missed payments, or entered into payment arrangements with creditors.

If you have none of the above, then you could be ok.

Some people have a poor credit score because they do not have enough credit history - so nothing at all to do with adverse.

As stated above, the score given by the agencies is not worth anything. What IS important is the information on your credit file, and how that will affect your score with the lender's scoring system.

So get both your credit reports, and discuss these and the whole scenarios with a good whole of market adviser.

Conrad

Yes, ignore these consumer credit scores, they count for now't with lenders. In the final analysis the lender has to demonstrate they are lending responsibly, based upon your history to date.

Make sure your broker uses some of the small locqal building societies local to you as these can sometimes take a 'human' approach. To be frank I'd be willing to bet the broker wont use all the local societies as these loenders often don't take broker business / pay no commision, so if I were you I'd try some of those lenders direct.

beecher2

You need to give details of what deposit you have, what your income is, and what salary multiple you're looking at.