Mortgage with a credit score of 656???

djw1979

Im looking to buy a flat which is 50,000. I was wondering if i would be accepted with a credit score of 656?? any advice would be appreciated. i earn 30k a year but my credit history is poor but getting better each year.

many thanks

ACG

Forget the score.

Whats on your credit report? Whats making it bad.

We need to know:
Late payments, CCJs, Defaults....
How many, when were they registered, how much for when/if cleared.

How much deposit do you have?

djw1979

i have 2500 deposit and 4 defaulted accounts in which im in dispute with over 6 years ago. no ccjs. the truth is its not the best, im trying to get them removed now with letters of dispute

ACG

Why are you disputing them? Are you just trying it on or is there a legitimate reason why you dont think you should have them?

£2500 isnt enough you need atleast 10% but unless you get them removed you need more like 20%.

djw1979

its a long story, lowell financial have duplicated a credit card debt and capquest say i owe 9k in which i have not got a clue where it came from as ive never had a loan that big. ive sent letters requesting copies of credit agreements as i aint got a clue about them. i dont know how these debt collectors get this information

so your saying i have no chance then

djw1979

ive seen newbury mortgages accept 5% deposits. im new to all this so dont know

rizel23

djw1979 wrote: »

i have 2500 deposit and 4 defaulted accounts in which im in dispute with over 6 years ago. no ccjs. the truth is its not the best, im trying to get them removed now with letters of dispute

I wish you luck, if you require help if challenging these defaults please do PM me and i'll offer what advise i can :money:

djw1979

is it true these collection companies try and fob you off use false agreements?

ACG

You wont get a mortgage with a 5% deposit and your credit file as it is.

The loan that you took out tht your disputing because of the value - are you disputing that a loan was ever in place? Its probably had all sorts of fees added to it to make it higher than it is.

Do you know of a loan you took out (for any value) that you didnt pay and could have been sold on? If so then your disputing the value and not the actual default.

You also say one company has duplicated a debt...so that still means there is one default?

I would find out for sure whether these defaults are going to be removed and ammended, wait for a month until your credit report updates then have a look at your file. Take them to a mortgage advisor.

As it stands you would just be wasting your time.

djw1979

thats what i need to find out, i cleared a loan of 2500 in 2006 and it seems its the 9k one now looking at the default date. Im challenging them all. when i win how will get them removed from the credit history.?

Dave_Ham

You also have to realise that the defaults come off your file after 6 years...

Irrespective of this you have no hope of a 95% mortgage - sorry

If you are earning that money and the property price is that low (relatively) then you should be able to save to 10% in no time..

Get your credit rating sorted legitimately...