Poor credit Questions

ChristianCassidy

Hi all, just looking for a bit of info or advice On my current bad credit situation.

My partner and I recently applied for a mortgage and were denied due to us having poor credit, I then got an experian account to see my credit file and I have an awful score of 505. This is probably due to the ccj I got in my last year at uni and the pretty much maxed out student credit cards and overdrafts my girlfriend and I have. My plan is to pay off our credit cards and get a certificate of satisfaction from the court that issued my ccj in order to raise my credit score, buy I'm not sure what else I can do on order to help me get a mortgage. I have 3 questions if anyone could offer some advice I would be extremely grateful.

1. Although a cert of satisfaction will not remove a ccj from my credit file, will it help improve my score and will lenders even care about the fact that I paid it?

2. If I pay off my credit cards and get a c.o.s and do whatever else to improve my score how long would it take to update on my credit file?

3. If I am able to considerably improve my score over the next couple of month how long would I need to wait until I reapplied for a mortgage with a lender, or if I have already done a credit check previously with a lender would my new credit status be updated and perhaps sway the lenders decision towards offering mr a mortgage?

Thanks in advance for any replies

Christian

m00m00

what kind of deposit are you looking at ?

with even a satisfied CCJ you are going to need a fairly large deposit, and be looking at sub prime lenders.
you should talk to an experienced whole of market broker, rather than approaching lenders direct.

ChristianCassidy

Were looking at a special deal for first time buyers on new builds that is an 85-15% share and requires a 10% deposit.

Thrugelmir

Clear your overdrafts and credit cards before saving hard for a deposit.

chiquito

I also am looking for a sub prime mortgage, can anyone point us in the right direction?

I am kind of at my wits end with it all.

I will be debt free by the end of the year, have two credit defaults and 10k deposit

Anybody???????????????