credit file and late payments

rosiest

Hi i was wondering if any one has any idea about credit files. I have some late payments on file over 2005 - 2008, no defaults though . Do these totally ruin chances of getting a mortgage ( got a 25% deposit ) also do they drop off 6 years after you get them or 6 years after you close the account as some stayed open for a couple more years. I thought it was after you got them but some still on from 2005 and equifax implies 6 years after acc closed but what if you got a late payment and didnt close the account, would they stay on indefinitely ?

Only asking as moving house is the reason im pushing to get debt paid off then i am moving to a lovely house, not seen it yet but got a year yet !

posted on mortgate section but not a lot of replies. Thanks

[Deleted User]

Well I had 8, I didn't know I had them, I applied for my mortgage and got it, just recently I found out they have been there all along.

HTH

Tixy

6years from when they were incurred, unless the account is closed before that 6year period - in which case then 6years from when the account is closed.

How many late payments are you talking about? lots? the odd one? things that were more than 1 month late?
If they are all going to be over 4years old by the time you are looking for a mortgage and you have had credit since then and that shows lots of history of payments on time then they won't totally ruin your chance of a mortgage - it might mean you have to be a little careful who you apply to. I'd talk to an independant mortgage broker with copies of your credit files to see who they'd recommend you approach.

rosiest

Assj - thats good to hear

Tixy - its four accounts. One has 5 months showing late payments of 1 month in 2007, One shows payments late in 2004 - 2006 between 1 and 6 months late ( however it shows i was four months late, had an arrangement to pay for 4 months then next month shows six months late which cant be right ), one with 3 separate 1 month lates in 2007 and one with one month late in 2005 and 3 months late in 2007. Didnt think the 2005 one would show and the one ones 2004 - 2006 should of dropped off I thoght.

I suppose as well though that this is the first time ive looked at my file and got a mortgage in 2006 and change mortgage companies since then

[Deleted User]

If you already have one, they you are sure to get another, you will just have to watch the rates. What is your current provider offering as they will know your a safe bet.

rosiest

i just received confirmation from equifax that a late payment will remain of your account for 6 years after the account is fully closed, defaulted or written off which is a bit pants really !

[Deleted User]

So what if the account is not updated, so the account does not change in 6 years, I have an account that hasn't changed for 4 years, but I asked if it was open and it was, so will this have to be closed and then wait 6 years or not?

rosiest

assj wrote: »

So what if the account is not updated, so the account does not change in 6 years, I have an account that hasn't changed for 4 years, but I asked if it was open and it was, so will this have to be closed and then wait 6 years or not?

Apparently its six years once fully closed. The one im questioning had no updates for nearly 2 years then settled and its 6 years from the settled date.

basically if you have a late payment you should close the acc straight away also if i had defaulted on my late payment it would be off my file now as 6 years from default or closure of account.

[Deleted User]

Oh no that is terrible, I am really upset now, has anyone else had this?

camuk81

I've got 33 lates on my file, fortunately no defaults. It's going to take a very long time to get proper credit again, however you can take small steps to rebuild it.

It is not an over night process and it will take a while.

1. Make all your payments on time
2. Can you overpay to your creditors.
3. Don't have debt owing
4. Longevity of accounts works in your favour
5. Electoral roll are you on it.

I'm suppose I'm lucky as my bank is over 9 years old, I've a mortgage for 5 years but still no one will touch me with a barge pole. It's going to take a long time to be a preferred or good credit customers any where. But not being blunt it was my fault and I have to live with it!

[Deleted User]

camuk81 wrote: »

I've got 33 lates on my file, fortunately no defaults. It's going to take a very long time to get proper credit again, however you can take small steps to rebuild it.

It is not an over night process and it will take a while.

1. Make all your payments on time
2. Can you overpay to your creditors.
3. Don't have debt owing
4. Longevity of accounts works in your favour
5. Electoral roll are you on it.

I'm suppose I'm lucky as my bank is over 9 years old, I've a mortgage for 5 years but still no one will touch me with a barge pole. It's going to take a long time to be a preferred or good credit customers any where. But not being blunt it was my fault and I have to live with it!

Can you tell me because you have a motgage, does you bank let you take advantage of new offers or let you take a new fixed term, or would your own bank let you move home for instance? Thanks