Credit Files

Clive765

Hi all,

Apologies if this has been asked before.
I have looked at my Equifax report and it shows an entry for a loan I had with Rbos some years ago, (2007).
I missed some payments, some by 6 months, it now shows as satisfied.
A couple of points I would like answering if possible.

It shows as last updated 17/09/2007 & satisfied on 30/08/2007 when should this clear from my report?

I have had a couple of mortgage applications turned down, how much of an effect would the above have on my application, and is there any providers who would be able to help me?

Only looking to borrow £62,000 and my income is £30,000 pa.

Many thanks.

reddog

ACG

Did it go into arrears or default?
If not then the only effect i could see it having is a positive one as it shows you pay off your loans on time.

If not then it would be negative and it depends how much the default was for. It will remain on there for 6 years (so another 3 reaming).

Affordability wise you shouldnt have a problem getting a mortgage. Who did you apply with?

Dave_Ham

Hi reddog,

You have to wait until the Summer of next year for that to drop off.

I am still surprised it is only that having an affect, if you could answer the few questions below I will be able to give you a firmer answer..

Which 2 lenders declined
What is the purchase price of the property
Have you run any other credit cards, loans or mortgages since 2007 and if yes are you carrying any secured debt

Is it just you on mortgage and have you only the equifax credt file or have you alrady retrieved the Experian information?

Clive765

Hi Dave,

I applied to the Nottingham Building Society and HSBC.
The purchase price is £68,000 and I have 10% deposit.
I also have my my Experian and call credit report and the loan does not show on those.

I only have one loan and that is with HSBC, a mobile phone contract and no credit cards or other debt.

Thanks for your reply.

Dave_Ham

This may lie where your issue is.

HSBC are one of the least flexible providers (search the forum and will see many tales) and I do not know a huge about The Nottingham although have used them when they had a market leading rate at 80% and they again were selective.

I think this would be your issue to be honest...

Was the loan started poast 2007 defaults?

If so I would be amazed if you could not be placed elsewhere... so long as no sloppy history of being late with payments etc recently (2011-2012 I mean)

Is it just you on mortgage?

Thrugelmir

ACG wrote: »

Did it go into arrears or default?

Repayments not made to time on a contractual loan agreement would certainly represent a default once 6 months was reached. From the lenders point of view.

Clive765

Dave_Ham wrote: »

This may lie where your issue is.

HSBC are one of the least flexible providers (search the forum and will see many tales) and I do not know a huge about The Nottingham although have used them when they had a market leading rate at 80% and they again were selective.

I think this would be your issue to be honest...

Was the loan started poast 2007 defaults?

If so I would be amazed if you could not be placed elsewhere... so long as no sloppy history of being late with payments etc recently (2011-2012 I mean)

Is it just you on mortgage?

Yes it would just be me on the mortgage, and I have no CCJ'S, defaults or missed payments for years.

I went through the Nottingham because they said they could provide me with a 5% deposit mortgage, but it was refused on the grounds of my credit score with Experian(its in the Fair range).

I see you cannot give direct advise, but do you know of any providers I could approach.

Thanks