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Impact of (old) late payments on credit rating

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  • Indebted.Dunce
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    Thanks Molerat and Droiderm,

    Like I said I am not looking to get any new borrowing in the immediate future. I am just trying to understand how badly my history has been trashed and how long I will need to suffer as a result.

    I am already paying down the debts every month, it will be gone in the next 12-15 months.

    Droiderm - about the mortgage, in normal circumstances yes I would have to save for a deposit. However, my partner and I are in a slightly fortunate position as a family member is kindly helping my partner and I get on the property ladder by putting down the required under the springboard mortgage.

    The above offer has triggered the initial post, cause I need to understand:
    1. will the late payments come to haunt me when I am trying to get a mortgage. Would Sept 2015 be the earliest when I should consider getting on the property ladder; and
    2. In terms of use of OD/Cash Withdrawals, how far back do the lenders go?

    Thanks,

    ID
    Gambling is the son of avarice and the father of despair

    Luck sometimes visits a fool, but it never sits down with him
  • izools
    izools Posts: 7,513 Forumite
    Combo Breaker First Post
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    Your old payment history isn't a cause for concern.

    The amount you owe, in comparison both to your salary and your credit limits, is.

    This is what you need to concentrate on.

    If you owed nothing, you'd have no trouble.

    With what you owe now, you would have difficulty regardless of whether or not you had missed payments in the past :o
    Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
  • Indebted.Dunce
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    Thanks izools
    Gambling is the son of avarice and the father of despair

    Luck sometimes visits a fool, but it never sits down with him
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