We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Bad credit account on file
leereni
Posts: 377 Forumite
I have an account on my experian file. It was a loan which was settled in July 2011. Prior to being paid off I was making the regular required payments for 2 1/2 years. Prior to this I was behind and therefore for 1-2 years I have 6's shown.
Unfortunately due to the rules this account will not disappear until 2017. In some ways I would have been better off just not paying it at all and then it would have come off in a couple of years.
Just wondering how this will affect my application in 6-12 months time.
Thanks
Unfortunately due to the rules this account will not disappear until 2017. In some ways I would have been better off just not paying it at all and then it would have come off in a couple of years.
Just wondering how this will affect my application in 6-12 months time.
Thanks
0
Comments
-
Did it default?
If so there will be a date in the default column on Experian...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
No, didn't default so technically it's not a default and doesn't mention it in the column.
However, lots of 6's as I said. Doesnt look very pleasing to the eye....0 -
So long as you stay on top of any credit/bills now, by the time you are looking and with a fair deposit you should be fine.
Would have been a lot harder if it had been defaulted...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The reason why I'm suggesting it's similar to a default is a default is technically a breach of contract which is what happened with this account until I brought it back up to date.0
-
A default is a huge issue, whilst yours is not perfect it is just bad history.
So long as you have some recent history, this will be mitigated.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
BTW what would you say is a fair deposit for say a fla worth £150000.
I earn £40000 per year, GF earns £10000 per year. She as a very good credit rating.
One or two late payments on other accounts a couple of years ago.0 -
Oh and do you think Halifax would touch me. They wouldn't even give me a credit card several months ago.
Please bare in mind I'm looking at applying in about 9months to a year.0 -
If you can get to 15% that would be great.
If the loan with bad payment history was with Halifax then not a good selection...
Could be ok, although difficult to give opinion without full sight of credit file.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yes thanks for your input.
Loan was with lloydstsb which are almost the same bank. Think I'll need to try a different one.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards