Arrangment to pay query

beckyiow

hi - i am thinking about getting a mortgage in 2 or 3 years time and obviously i want the best one i can get so want to work on my credit rating. i have various credit cards that i always pay off on time and never go into my overdraft. my problem is i finished paying off an Arrangement to Pay recently. having looked into it, having an arrangement to pay on my credit file is VERY bad news if i want to get a mortgage! does the fact that i am good with all other aspects of my credit outway this horrible ATP or am i basically screwed??

:-(

Tixy

Hi

It won't make getting a mortgage impossible but it might mean you won't get the very best deals out there. Does that account show it is closed /settled on your credit file now?
In 2-3 years time, when the debt is older you may find it won't cause you as much of a problem (depends on each lender) but if struggle in applying to the man high street banks then an independant mortgage advisor should be able to help you.
(all dependant on what happens with the economy and mortgages in the next 2years of course).

beckyiow

yes - its just recently shown up as settled. i know it'll be on my file for 6 years or something stupid. it might be worth us continuing saving until its wiped off my file :-( depending on the market at the time. thanks for the reply! x

Verbatim

Martin has an article on improving your credit rating. I know one of the things is to make sure you're on the electoral roll.

beckyiow

yes, i have made sure im definately on that! as long as i can keep all my other cards and credit rating good i think thats the best i can do. x