Ex- Credit Analyst - Throw your Credit & Underwriting Q's at me.

sarah_skint

Hi Mike, I Read Loads Of Your Threads You Sound Like A Decent Honest Very Friendly Person I Am In A Bit Of A Rut I Posted A Thread Today With My Current Situation About My Debt, Do You Think Bankruptcy Is An Option? I Have A Baby Due In 8 Weeks (no.4!) And Am Looking To Start Sorting Things Out Pronto - Any Advice Would Be Very Helpful
Sarah

i_am_really_rich!!

Hi there Mike, can I first say that this is a great service that you are providing :A

Just a quickie really, I have just got copies of my credit reports from all 3 agencies. There are a couple of anomalies that I will write to them to put right (a name that I don't recognise and an address very similar to mine that I seem to have a mortgage at ). But my question is in relation to defaults, we had a payplan arrangment up until May last year, which is now paid off. consequently there are a few defaults on my files. I know that they stay there for 6 years, but how long do lenders take them into account for?? Will they take a better view if they are old defaults and your recent say 18 months - 2 years has been unblemished??

Thanks in advance.

Mike_St_Helens

The_Boss wrote:

Cheers Mike - thought I'd ask first in case I wasted your time.

Basically, I wanted to know - if you request an increase on a card what is the more important factor in deciding whether to grant it? Your credit search, past credit limits or your account history?

Also, any other tips on how to successfully get an increase please.

Well... 1st your account will be looked at so as long as you pay more than min, dont take out a lot of cash out and dont have fees... then you should pass thet one ok.

Your file will then be looked at, as long as that is clean, you have a moderated debt to income and havnt a load of cr4p on your file, you should be OK.

Each lender is VV different, some rely on score alone, which I personally think is VV unfair.

Please ask if you want to know anything else

Mike

tee_pee_2

Mike_St_Helens wrote:

Id get a copy of your credit file and see if they have put anything on there. I very much doubt it, and if they have, wo betide their sorry !!!8s!!

But, if you have had an issue, even though resolved, it may have tarnished your 'internal' credit score, hence them asking for a deposit.

Also, if your score is a tad low anyway for other reasons, like moving, credit balances, late payments... anything at all... this may have an effect.

Either way, BT are far too expensive, try NTL:Telewest... they are really good !

thanks Mike- I will order my credit rating now.
x

Mike_St_Helens

sarah_skint wrote:

Hi Mike, I Read Loads Of Your Threads You Sound Like A Decent Honest Very Friendly Person I Am In A Bit Of A Rut I Posted A Thread Today With My Current Situation About My Debt, Do You Think Bankruptcy Is An Option? I Have A Baby Due In 8 Weeks (no.4!) And Am Looking To Start Sorting Things Out Pronto - Any Advice Would Be Very Helpful
Sarah

Hiya sara... I gen answer more underwriting questions professionally, Thats where my qualifications lie. Your Bankruptcy is more of a personal issue, as this is what I am going through

I would never ever tell anyone to go BKY, it is a very drastic thing to do. You need to research and queston every little thing that is in your mind, im still asking and I have 8 weeks before i go BKY.. Just when your little ones due to pop out !

If you think you are up to it, you know that is whjat you want and need, and you have the £500 quid required.... and more important you have some support, then go for it. I cant wait till I walk away oweing no one nothing, Ive had a sh17ty time, and sounds like you have also. Please think about it tho.

If you want to PM me then please do.. I can offer you my number then if you want to talk.

Mike xx

Mike_St_Helens

i_am_really_rich!! wrote:

Hi there Mike, can I first say that this is a great service that you are providing :A

Just a quickie really, I have just got copies of my credit reports from all 3 agencies. There are a couple of anomalies that I will write to them to put right (a name that I don't recognise and an address very similar to mine that I seem to have a mortgage at ). But my question is in relation to defaults, we had a payplan arrangment up until May last year, which is now paid off. consequently there are a few defaults on my files. I know that they stay there for 6 years, but how long do lenders take them into account for?? Will they take a better view if they are old defaults and your recent say 18 months - 2 years has been unblemished??

Thanks in advance.

Hi...

Its really up to the lender, High quality lenders with low APR's will accept no defaults, Normal lenders with High street APR's will poss accept after 2/3 years if they were a reasonable size and settled. Prime lenders will look at anything !!

The mort at the other add sounds like a miskey... happens all the time, especially with DOB's... Thats annoying !

Mike

sarah_skint

Thanks Mike, Having Been A Gambler And Had Problems Which Led Me To Get Myself In This Mess Going Bankrupt Would Leave Me With No Credit And So I Look At As If I Can't Get Credit I Can't Have The Access To Waste What I Dont Have - The Invisible Money. I Am Due A Meeting With A Money Specialist On The 12th Of Sept So Hopefully Will Be Able To Sort Something Out, As For Support My Oh Now Knows Everything And I'm Sure He Will Stand By Me.
Thanks For Your Help Mike
Sarah

Brown_suga

Hi Mike,

I've submitted a right to buy form for my council house and have until next may to complete.
Is it true that i shouldn't have any searches on my file in the preceeding 12 months?

Also i do have some defaults from a few years back. All of which have been paid but 1 was paid this year. I know they show for 6 years but i don't have any outstanding, will this hinder me getting a high street mortgage?

Mike_St_Helens

Brown_suga wrote:

Hi Mike,

I've submitted a right to buy form for my council house and have until next may to complete.
Is it true that i shouldn't have any searches on my file in the preceeding 12 months?

Also i do have some defaults from a few years back. All of which have been paid but 1 was paid this year. I know they show for 6 years but i don't have any outstanding, will this hinder me getting a high street mortgage?

Hi there... The defaults on your file will certainly hinder you getting a highstreet mortgage im afraid...

How much were they, what for and when were they settled...

Those are the issues you will have. Try IF... They were always good, quite aggressive in positive lending.

Mike

trevor_john

Hi MIKE,
I wrote earlier in this thread.

I have now recieved my £2 credit file from equifax.As i thought my iva has disappeared and no trace.It is only showing my current cc that is running well and my van loan of 12 k.

I have just moved 3 months ago and lived at my last address 8 years.why am i being declined ? all looks good and i can only think it is because i have moved and am not on the vr yet but then they can see i was at my last address all that time can they not ?

Thanks Mike

Trevor