please put my mind at rest

tenbob84

ok, ive been fixing my credit up to get a mortgage at the end of this year, my last default dissppears on the 15th of august, now about 12 months ago had a few payday loans which i had no problems repaying or anything like that but they are all on my credit file obviously.

someone mentioned recently that this would ruin any chance i have of getting a mortgage, does anyone know if this is the case

can the form of past credit reflect badly on the individual? will they relise i have obviously had trouble in the past seen as my two credit cards are aqua and vanquis?

any info would be awesome, thanks:beer:

Tixy

Any potential lender who searches your credit file will not know the name of your current lenders - they see an anonymised list so it will not say aqua and vanquis. That said if the limits are very low then arguably they may well suspect they are subprime cards.

Payday loans regularing appearing on your credit file indicate someone under financial stress who is unable to manage their finances on their monthly income. So recent payday loans would be a major red flag to a potential mortgage lender. Older ones should have much less of an impact - you had cashflow issues in the past but don't anymore.

Hopefully payday loans all repaid on time over a year old shouldn't be a big issue, especially if you can demonstrate that you have been able to afford to save towards a deposit regularly since then.

tenbob84

thanks for your input, im hoping that the fact ive had my vanquis card for over 12 months and the balance is usually 0 or just above and my aqua is allways 0 will show them that i am no longer in hardship.

heres hoping, they dont turn me down black and white because i have payday loans on my file.