540 score mortgage

carlypxx

I have a bad cred score of 540...any idea on mortgage lenders that would look at this???

_Andy_

541 is the minimum.

BoracicLint

I wouldn't rely too much on the score, lenders use their own scoring methods to assess your credit worthiness. If you have missed payments, defaults etc.. then this will affect your likelyhood of acceptance. You may be better off seeking a broker and providing them with your detailed credit report for a more definitive answer.

Being on the electoral roll, making payments on time and using less than 20% of your available credit are all valid ways of improving your score.

Dave_Ham

The score is worthless, your situation and the content of the report is what is important..

Either get yourself a broker; or by all means answer a few more questions:

What deposit do you have
What purchase price are you looking at
What income do you have
What other financial commitments

Additionally, are there any late markers, defaults and/or Count Court Judgements on your credit file. When and how much?

May be worth you also getting your Experian, Equifax and Call Credit files...

Best of luck

Daelim

Dave_Ham wrote: »

The score is worthless, your situation and the content of the report is what is important..

Either get yourself a broker; or by all means answer a few more questions:

What deposit do you have
What purchase price are you looking at
What income do you have
What other financial commitments

Additionally, are there any late markers, defaults and/or Count Court Judgements on your credit file. When and how much?

May be worth you also getting your Experian, Equifax and Call Credit files...

Best of luck

Let's say for example, in my case:

30,000 deposit.
75,000 purchase price.
17,500 income.
12 a month financial commitment.
On electoral roll etc.

However, I have 4 unpaid defaults - all over 2 years old. Total less than 2,000. Not paying them back out of priniciple. (IF it means no mortgage until they clear, that's fine!)

In the last 2 years I've had my mobile phone contract and 2 credit cards paid in full each month. I also had a year of credit builder payments with CashPlus.

What would you say my chances were of obtaining mortgage?

Dave_Ham

If a mortgage now was dependent upon the defaults being satisfied, would you then satisfy the defaults?

If you will not repay, I would say unlikely but dependent on what is on all of your credit files; Experian, Equifax and Call Credit...

You would require a broker though..!

All the best

droiderm

Daelim wrote: »

However, I have 4 unpaid defaults - all over 2 years old. Total less than 2,000. Not paying them back out of priniciple. (IF it means no mortgage until they clear, that's fine!)

I wouldn't lend you 75k with that attitude.

opinions4u

Daelim wrote: »

However, I have 4 unpaid defaults - all over 2 years old. Total less than 2,000. Not paying them back out of priniciple. (IF it means no mortgage until they clear, that's fine!)

What would you say my chances were of obtaining mortgage?

I think a reasonable written response to any application for any form of credit would say:


"Dear Daelim,

Up yours.

Yours sincerely,



Potential lender".

_Andy_

Daelim wrote: »

Not paying them back out of priniciple. (IF it means no mortgage until they clear, that's fine!)

1) You're a complete muppet.
2) Start your own thread.