Mortgage Declined - Poor Credit Score

ruthie1thom

First post from me & hope can get some help
Mortgage application has been declined.
Issue 1) I have just received my credit score from Equifax & it shows 2 defaulted accounts (one for £127 & one for £1400) One is from a credit card that I thought I had repaid by DD & the other is from Avon! when I was a rep (I didn't realise I owed anything & haven't had any reminders) Both are defaulted in 2009 & I have had perfect credit history since that date.
Issue 2) I can't get a mortgage with a regular bank as I only have 1 years accounts so am limited.
Please can anyone help or offer advice? Is it possible to settle these debts & have the defaults removed from my file? If I do this will this increase my credit score?
Any help would be appreciated.
Thank you in advance

ACG

You can settle them, it will help but they wont be removed from your credit file.

How much is the property your looking to purchase?
How much is your deposit?
What was your income from your business?
Is it a joint or single mortgage? If joint whats the second applicants income.

Any other debts/loans/CC/HP etc?

Thrugelmir

I have had perfect credit history since that date.

Your first step should be to settle these debts. As outstanding defaults will blight your credit record until you do. Its your overall record that matters. Not selective periods of time.

The defaults will remain until 6 years after they are cleared. As these reflect your history. A harsh lesson to learn from your oversight in the past.

Build your deposit up or reduce the amount you wish to borrow. As you'll find it extremely hard to source a mortgage in the immediate future from a mainstream lender. There are adverse credit lenders but you'll pay for borrowing through them.

CBR600F_2

I can empathise with the Avon thing. You buy one lipstick, then another, then another. Before you know it, you're sat on the floor in the corner of the room with lipstick smeared all over your face sobbing, 'Daddy, why won't you hug me?' over and over again.

If it makes you feel any better you could tell the mortgage lender that you reject them. Ideally it's better to do it before they have the chance to rejec t you, but it still carries some weight. This is how I break up with women I'm seeing. They'll say something like, 'Ari, I think we need to talk about us...' or 'Please mister, if you let me go, I won't tell no one...' and I'm right in there - bam - with, 'No, I reject you!'

And then I punch their face off.

Thrugelmir

CBR600F wrote: »

I can empathise with the Avon thing. You buy one lipstick, then another, then another. Before you know it, you're sat on the floor in the corner of the room with lipstick smeared all over your face sobbing, 'Daddy, why won't you hug me?' over and over again.

If it makes you feel any better you could tell the mortgage lender that you reject them. Ideally it's better to do it before they have the chance to rejec t you, but it still carries some weight. This is how I break up with women I'm seeing. They'll say something like, 'Ari, I think we need to talk about us...' or 'Please mister, if you let me go, I won't tell no one...' and I'm right in there - bam - with, 'No, I reject you!'

And then I punch their face off.

You'll get a better response to this in the MoneySaversArms .

Wutang_2

CBR600F wrote: »

I can empathise with the Avon thing. You buy one lipstick, then another, then another. Before you know it, you're sat on the floor in the corner of the room with lipstick smeared all over your face sobbing, 'Daddy, why won't you hug me?' over and over again.

If it makes you feel any better you could tell the mortgage lender that you reject them. Ideally it's better to do it before they have the chance to rejec t you, but it still carries some weight. This is how I break up with women I'm seeing. They'll say something like, 'Ari, I think we need to talk about us...' or 'Please mister, if you let me go, I won't tell no one...' and I'm right in there - bam - with, 'No, I reject you!'

And then I punch their face off.

Have you shared this with any of your transexual 'friends'?

bigadaj

CBR600F wrote: »

I can empathise with the Avon thing. You buy one lipstick, then another, then another. Before you know it, you're sat on the floor in the corner of the room with lipstick smeared all over your face sobbing, 'Daddy, why won't you hug me?' over and over again.

If it makes you feel any better you could tell the mortgage lender that you reject them. Ideally it's better to do it before they have the chance to rejec t you, but it still carries some weight. This is how I break up with women I'm seeing. They'll say something like, 'Ari, I think we need to talk about us...' or 'Please mister, if you let me go, I won't tell no one...' and I'm right in there - bam - with, 'No, I reject you!'

And then I punch their face off.

Not very nice, but quite funny.

Dave_Ham

Have you also checked experian?

What is showing on there?

Who do you bank with, what deposit and purchase price and is it sole or joint application?

Answers to these may give alternative solutions...