mortgage and credit rating Qs

scotsgraeme

Ive been doing a bit of reading, so i'm vaguely clued up but not totally up to speed. I have a default showing only with equifax, not with callcredit or experian anymore dated 8th Jan 2006, so i expected this to have dropped off. I also have a gap in the time i was listed on the electoral roll at my address, which i have no idea about, as ive been there 4 years and i voted in every election, including a couple of local by elections when people resigned or died. it's averaged an election ever 9 months around here. surely if i wasnt on the roll i wouldnt have gotten a polling card. anyway, i have 7k from parents as a gift form my birthday last year, which i have had them holding for me, and around 2k of savings i can spare without denting my safety net. I've seen a house i like at about 73k, and was hoping to get a 90% mortgage on this property
are these issues, coupled with a few credit checks from swapping credit cards in the past year likely to stop me getting a mortgage?

also, there is "attributable data" with someone else's name at oen of my previous addresses, who i have never had any link to, they have a default in 2008. is this likely to make a differnce? i have asked equifax to remove this data, as it is nothing to do with me so shouldnt be there at all.

i make 21k a year, un married, no dependants. pay around 180 a month to credit cards, having made a few big purchases on cards in the past few months, fridge, washing machine and bed all gave in within a few days of each other a month after getting a new suite. the balances are coming down and they're all still in interest free so i'm in no rush to pay them off much quicker. they'll be gone by the summer.

MoneyMagic01273

scotsgraeme wrote: »

Ive been doing a bit of reading, so i'm vaguely clued up but not totally up to speed. I have a default showing only with equifax, not with callcredit or experian anymore dated 8th Jan 2006, so i expected this to have dropped off. I also have a gap in the time i was listed on the electoral roll at my address, which i have no idea about, as ive been there 4 years and i voted in every election, including a couple of local by elections when people resigned or died. it's averaged an election ever 9 months around here. surely if i wasnt on the roll i wouldnt have gotten a polling card. anyway, i have 7k from parents as a gift form my birthday last year, which i have had them holding for me, and around 2k of savings i can spare without denting my safety net. I've seen a house i like at about 73k, and was hoping to get a 90% mortgage on this property
are these issues, coupled with a few credit checks from swapping credit cards in the past year likely to stop me getting a mortgage?

also, there is "attributable data" with someone else's name at oen of my previous addresses, who i have never had any link to, they have a default in 2008. is this likely to make a differnce? i have asked equifax to remove this data, as it is nothing to do with me so shouldnt be there at all.

i make 21k a year, un married, no dependants. pay around 180 a month to credit cards, having made a few big purchases on cards in the past few months, fridge, washing machine and bed all gave in within a few days of each other a month after getting a new suite. the balances are coming down and they're all still in interest free so i'm in no rush to pay them off much quicker. they'll be gone by the summer.

Just my 2 cents but I personally think you should probably hold until the default has definately dropped off your file AND the person you have this erroneous link to has been disassociated from your credit file. I would also strongly recommend that you make sure these 2 things have happened before you attempt a mortgage application. For a 90% mortgage I suspect the default alone would trigger an immediate rejection (though other opinions may vary...).

Recent credit applications (you mention swapping credit cards) will potentially have an impact on your credit score in the short term - as these searches and the relatively short tenure of your credit facilities are a factor when calculating your score I believe, however there is not much you can do to change this for now. Ensuring the default is gone and addressing this association with the other defaulted individual should be your focus for now, I reckon

billybear1

The default will probably take a few extra days into weeks to drop off! Unfortunate, very quick to slap them on not so quick to take them off!

scotsgraeme

equifax have replied to my request to remove it to say they keep them on file for 28 days after expiry to allow the company to update their records. i have tried to talk to the company in question regarding the default however they wont talk to me as the account was closed over 6 years ago. so i guess i'm stuck with it for an extra three weeks. and equifax have written to the company who have the false data on my record and said they need to allow 90 days for them to respond before any action can happen regarding that.
and the latest addition to the saga is an "outstanding debt search" with a date a year ago which only appeared on my report today! it's a search for my initial, with surname, no other details from "1st locate" and i gather they also sit for 6 years. so i think my plans of getting a mortgage are nil for the foreseeable future

MoneyMagic01273

scotsgraeme wrote: »

equifax have replied to my request to remove it to say they keep them on file for 28 days after expiry to allow the company to update their records. i have tried to talk to the company in question regarding the default however they wont talk to me as the account was closed over 6 years ago. so i guess i'm stuck with it for an extra three weeks. and equifax have written to the company who have the false data on my record and said they need to allow 90 days for them to respond before any action can happen regarding that.
and the latest addition to the saga is an "outstanding debt search" with a date a year ago which only appeared on my report today! it's a search for my initial, with surname, no other details from "1st locate" and i gather they also sit for 6 years. so i think my plans of getting a mortgage are nil for the foreseeable future

Ok, so it is a pain to have to wait a little longer for the default to drop off.

However, if you speak to equifax abou the search you may find the search is of a type which is not visible to lenders.

I know that certain categories of searches are not visible to anyone but you (and experian). For the most part, I believe only true applications for credit are shared with other lenders. Not quotation, ID verification or generic searches. As I say, speak with equifax as that search is probably not going to be an issue.