FTB Mortgage/Credit Score Worries

alvysinger

Hi,

I'm a FTB looking for a mortgage and while I think our deposit is alright for what we want to borrow, I'm worried about my personal credit score. I had a loan in the past that I never defaulted on and paid off early, and I've pretty much always just paid off the minimum on my credit card (just one, with a limit of only £250) and have been mostly overdrawn for quite a while. I just found out that i am in arrears for self-employment National Insurance so I'm going to pay that off in full tomorrow, as well as my credit card.

Based on all that, does it add up to a bad credit score?

thanks!

herbiesjp

alvysinger wrote: »

Hi,

I'm a FTB looking for a mortgage and while I think our deposit is alright for what we want to borrow, I'm worried about my personal credit score. I had a loan in the past that I never defaulted on and paid off early, and I've pretty much always just paid off the minimum on my credit card (just one, with a limit of only £250) and have been mostly overdrawn for quite a while. I just found out that i am in arrears for self-employment National Insurance so I'm going to pay that off in full tomorrow, as well as my credit card.

Based on all that, does it add up to a bad credit score?

thanks!

Being in arrears on cards etc will not be good for your credit file.

How badly it affects you, will depend on the actual purchase scenario (LTV/affordability etc) and the details on your credit file.

So get your £2 copy of your credit file and discuss your scenario with a good whole of market broker.