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First Time Buyers/Credit Checks
freakuno
Posts: 20 Forumite
Hello,
My husband and I are now on the look out to buy our first property. We've briefly spoken to our financial adviser and are due to meet with him beginning of May. In between times, he suggested we get copies of our credit reports from Experian and Equifax which I have done.
On my credit report, there are 7 previous credit card/loan/store card references spanning over previous years/addresses. They are all showing as settled with nil balances and with "0"s across the payments section. Meaning paid on time. I haven't used these cards for years but they're still on there - will this affect credit rating adversely? Should I try to get these removed from my report or does it show that we can manage credit well? If it can be avoided, I don't want to go mucking around with my report when we're on the verge of making a mortgage application.
My husband is on £32,000 basic before tax. I'm on £19,050 plus £2,500 bonus paid every November before tax.
We have no outstanding credit cards (paid off in the last couple of months). I have a car loan of £199.19 per month due to be paid off mid next year and a £30 interest free credit repayment plan with CSL for sofas which is due to end in a couple of years.
We have no children or any other debits apart from the obvious things like utility/telephone/TV licence and the like.
We are currently in rented accommodation from the Army (SFA).
Does anyone think we'll face problems with being accepted for a mortgage?
We're looking to purchase say at £130,000 but will only have 10% deposit (regrettably as we've had our hand forced and have to purchase sooner rather than later for personal reasons).
Any thoughts would be appreciated and put my mind at ease!!!
:beer:
My husband and I are now on the look out to buy our first property. We've briefly spoken to our financial adviser and are due to meet with him beginning of May. In between times, he suggested we get copies of our credit reports from Experian and Equifax which I have done.
On my credit report, there are 7 previous credit card/loan/store card references spanning over previous years/addresses. They are all showing as settled with nil balances and with "0"s across the payments section. Meaning paid on time. I haven't used these cards for years but they're still on there - will this affect credit rating adversely? Should I try to get these removed from my report or does it show that we can manage credit well? If it can be avoided, I don't want to go mucking around with my report when we're on the verge of making a mortgage application.
My husband is on £32,000 basic before tax. I'm on £19,050 plus £2,500 bonus paid every November before tax.
We have no outstanding credit cards (paid off in the last couple of months). I have a car loan of £199.19 per month due to be paid off mid next year and a £30 interest free credit repayment plan with CSL for sofas which is due to end in a couple of years.
We have no children or any other debits apart from the obvious things like utility/telephone/TV licence and the like.
We are currently in rented accommodation from the Army (SFA).
Does anyone think we'll face problems with being accepted for a mortgage?
We're looking to purchase say at £130,000 but will only have 10% deposit (regrettably as we've had our hand forced and have to purchase sooner rather than later for personal reasons).
Any thoughts would be appreciated and put my mind at ease!!!
:beer:
0
Comments
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It sounds to me like you will have as good a chance as anyone who is looking for a 90% deal, if not better than most.Happily an ex mortgage broker!0
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Thank you HappyBroker....so I shouldn't be concerned about the previous credit cards etc. on my credit report?0
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Its proof that you were able to manage credit. You didnt get any defaults or non payments. Its better to have a history of good credit than none at all.0
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