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

Mike_St_Helens

siewhung1314 wrote:

i want to apply for a personal loan, but due to my low credit rating do you have any idea what type of companies that i may be in with a chance?

Try MBNA, Abbey, Virgin and poss First Direct... If were always quite leineint also in my experience.

Hello

Hi Mike

Very kind of you to offer this service. I would like to ask about these trial services on Equifax and Experian, you may have experienced this when completing credit checks in your posts in the past. Congrats on your new job by the way!

I have registered and checked my history with no problems, however we cannot get past the registration stage with my OH. Any ideas?

Eventually IF allowed OH a bank account, since then it has been run perfectly with a cash card but the only credit card is a second from my account. What can he do to be more credit worthy? He is self employed too, to make matters worse!

Sorry to throw so much at you.

Many thanks

Mike_St_Helens

Hello wrote:

Hi Mike

Very kind of you to offer this service. I would like to ask about these trial services on Equifax and Experian, you may have experienced this when completing credit checks in your posts in the past. Congrats on your new job by the way!

I have registered and checked my history with no problems, however we cannot get past the registration stage with my OH. Any ideas?

Eventually IF allowed OH a bank account, since then it has been run perfectly with a cash card but the only credit card is a second from my account. What can he do to be more credit worthy? He is self employed too, to make matters worse!

Sorry to throw so much at you.

Many thanks

Hi.

The trial services are ok, but tke no notice of the scores it tells you, just read that factual info... Thats all lenders will do.

Bening SE unfortunatley isnt too good score wise... if you havent been SE for 86 years then it is no good..... Just make sure there is plenty VR, no searches and good credit with good but moderate balances.

Mike

Snaggles

Hello :hello:

I'm going to help Mike out a bit with some of the answers on here - I don't have as much experience in the field, so I'll just answer the ones I'm sure of the answers to - don't be offended if I don't answer your question - it just means I'm not sure of the answer and am leaving it for Mike to answer lol!

(just read that back - how many times did I use the word 'answer' :rotfl: )


This message is sponsored by the word 'Answer'

Mike_St_Helens

Snagglepuss wrote:

Hello :hello:

I'm going to help Mike out a bit with some of the answers on here - I don't have as much experience in the field, so I'll just answer the ones I'm sure of the answers to - don't be offended if I don't answer your question - it just means I'm not sure of the answer and am leaving it for Mike to answer lol!

(just read that back - how many times did I use the word 'answer' :rotfl: )


This message is sponsored by the word 'Answer'

Yey !!

help is here, Ive had 30 PMs this last 2 days. Snagg will be a great help, knows the score !

Mike xx

Glass_Half_Empty??

Ok, my credit rating is very much in tatters
I have since the age of 18(I am 24 in two weeks:eek: )been extremely bad with money, I have never till recently been on time with payments and even now I am still behind with things so I have never actually been on time with everything :rolleyes: and I have took took took when offered money even though I know I can't pay it back I swear it is a disease :mad:
Anyway I currently have 4(I think) defaults all ranging from 2001 to last November when the last one was settled. I live with my fiance in a rented flat and we now know we are comfortable living together and want to get on "the ladder" but obviously with my history and current debt it may be difficult which I understand but my fiance gets very fustrated with me about it as her friend pays 50 pounds more a month to own a house then us :rolleyes:
Now how will I be able to get my rating good enough to get a morgage? Do I/we have to wait 6 years before we will get one?
My bro is as bad as me but 30 and was offered 15% by the morgage point, he would have ended up paying nearly 3 times the money borrowed after a 30 year term :eek:

Snaggles

Hello Glass Half Empty!

One solution might be to bite the bullet, accept that you're going to have to pay over the odds for a few years, and look at one of the mortgage lenders who will lend to people with defaults (shop around as interest rates/fees vary hugely) - once you have built up a good track record of meeting your mortgage payments, you could then start shopping around the more 'high street' lenders.

I'm presuming in saying this that your fiancee's salary alone wouldn't be sufficient to obtain the size of mortgage you would need? (Because if it was, she could look at buying the house in her sole name, and then do an equity buy in at a later date to add you to the deeds - although there would be solicitors fees to pay if you did this as it's treated like a house purchase). Or if her income alone could support the mortgage, some lenders would possibly take a more lenient view if for example, the defaults were all in your name, the mortgage was joint, but was based on (and affordable on) your fiancees sole income. (But lets face it, not many of us are in the position to do that - just thought it was worth mentioning though)

Glass_Half_Empty??

Thanks for answering, her salary is 16k and mine is 20k although I am only staying in my current job till Jan as I am hoping that I can save up to then with winter over time and do my Class One License(I have recently done my Class Two Lorry driving) which is around 800 pounds but will take my wages to a hopefull 25-27k a year. Now if I hadn't had any bad debt in the past then 25+16 = 41 which wouldn't be a bad starting block of 123k for buying a house. We don't have the budget to save the 5-10k needed for buying a house first time at the minute so that is another task we are finding difficult.
Is there any chance we will get a morgage of 100% at any time in the future even though I have had problems??
Also other thing to add although she is on 16k a year she has an offer for graduates from HSBC for 5 years that will give her a 100% morgage and 5 times her salary. If she did go this way and I paid half the morgage with her even though it is in her name would I be able to be "put on the deeds" or do I have to "buy a share of the house"?

Snaggles

With regard to being added to the deeds, if she buys the property in her name, you can't just be added on, it has to be an equity buy in. Although this doesn't mean any money actually has to change hands, so it is, in effect, just you being added to the deeds. There are a couple of things to note though - firstly there would be solicitors fees, and secondly, there could potentially be stamp duty involved as you are effectively purchasing a property (well, a share in the property). I'm not an expert in this area, but there may be someone around who could give some more in depth advice on this.

Mike_St_Helens

Snagglepuss wrote:

With regard to being added to the deeds, if she buys the property in her name, you can't just be added on, it has to be an equity buy in. Although this doesn't mean any money actually has to change hands, so it is, in effect, just you being added to the deeds. There are a couple of things to note though - firstly there would be solicitors fees, and secondly, there could potentially be stamp duty involved as you are effectively purchasing a property (well, a share in the property). I'm not an expert in this area, but there may be someone around who could give some more in depth advice on this.

You know ur stuff queen !

Mike xx