Credit rating advise

*pinkpanther*

Hi everyone,

Myself and my husband are at the point of looking into buying our own house.
We obviously want to be in the best financial position possible when we take the dive so at the moment we are just saving as much as possible.

With moving around every few years we both have a few details still registered to our parents, just to save the hassle of things going missing during moves or us forgetting to change an address on something.

So what i want to know is, as we have our own separate bank accounts both still registered to our parents addresses, would this effect our credit rating in any way and cause any problems when it comes time to apply for a mortgage?

Is it best to just get more organised and get everything sent to us from now on?

Many Thanks

Trying_to_be_good

We've had everything registered to our own addresses, even when we lived apart. I kept a spreadsheet of all the relevenat people - financial plus boots advantage card, subscriptions etc, so everytime one or other of us moved, it was easy to write all the letters, and tick off their replies back. I'd suggest having everything registered to you, where you are, and checking your credit files to make sure all that's there is accurate.

Good luck - living together is great, and in a long-term home, even better :-)

trooperdog

Ive never had trouble with moving around and getting a mortgage, they do look at it but as lond as you can give them 3-5 years history you should be fine. Would be good to check your credit report as well.
Good luck!

Archer0710

I much prefer to have everything for DH and I at the address we live at - that way nothing can be missed. TBH we move every 2 years where as I know a lot of private renters that move every 6 months.

I hadn't really thought of a spreadsheet but love the idea. We usually put a redirection onto our post.

Equally I try to keep everything simple and I know its frowned upon but we have a joint account which everything goes into (both lots of wages, expenses mileage the lot) and comes out of so I know what is where.

minirolo2004

Hey

I posted what happened with me about a year ago. I hope it helps.

minirolo2004 wrote: »

Hello all,

About a month ago someone posted a thread about worries over getting a mortgage etc due to lack of a credit rating. The thread rang true with me as I was just starting the process myself, I was hoping this thread may help others.

In Jan, I switched mobile phone providers and was horrified when I didnt pass their credit check. Not because I have a bad credit score, but, because I simply have no credit! I'm in the RAF and I have had 5 addresses in the past 5 years, I wasn't on the electoral role, I have a credit card which I haven't used in years so yup, literally NO credit. But I'm very good with money which, I was essentially being punished for. I tried to check my credit score with experian, but, they needed so much paperwork to verify who I was, I decided to just go ahead with trying to get a mortgage.

I got myself on the electoral role ASAP, although, I was told it would be 2 months before that would be processed. I also set up a DD to pay off my credit card each month and I now buy 1 magazine each month.

Anyhow, towards the end of January, I approached a local mortgage broker in the hope that she dealt with RAF often. I had a 10% deposit saved up and had elected not to use LSAP. I explained my concerns and fears and she seemed completely non-plussed. As it turned out, she was correct, I just had to jump through a few more hoops than normal for the mortgage company in terms of proving affordability.

Its now the beginning of April and I exchanged on my first home yesterday and I move in at the end of the month. For anyone who really is worried about their credit score and applying for a mortgage, it worked out ok for me and my fears were unfounded. If you truly are concerned, go and see a mortgage advisor (mine charges nothing and takes a small fee on completion) and hopefully that meeting will help some of your worries.

bobbyann

minirolo is spot on, make sure you are on elecoral role (number 1 priority!!!!!) and use a credit card, RESPONSIBLY. Even if its just to spend a couple of quid and pay it off every month. Do register your stuff where you live, moving isnt a prob, as long as you always get on the electoral role etc, and can prove 3-5 years address history, keep old bank statements, gas bills etc!
Do all of the above and you'll be good to go!
Only probs can sometimes arise, if one of you has lived on an armed forces base in quarters in last 3-5 years as the on camp addresses are sometimes obscure and unsearchable for credit companies, so even if you were good with money; unsearchable = unproveable my DH lived on camp and we now renting in nearby village and will do for 3-5 year to develop a proper credit history for him (mine is good) before we can buy together.