Credit Report help

matttye

oopsadaisydoddle wrote: »

It is a bit worrying!

Especially since OP said the default was settled the month after. I am not sure whether they mean late payment rather than default? Usually though, even a default doesn't happen until they have had a good few missed payments with no attempt to contact the network.

Re: the default. I had a default that dropped off in 2010 which my ex had left me with. I managed to get a normal mortgage with a good rate just before it dropped off. We went through a financial advisor and they basically told us of which banks/building societies they knew that would overlook the default.

I can't remember the rate without looking but we are on a really good fixed rate until feb next year. The only issue we had was that we were slightly restricted with which lenders would look at us but we managed it without going sub prime.

We did have some things in our favour though in that the default was that old and I explained that my ex had 'caused' it and that it wasn't a reflection of me - the rest of my credit report was spotless. Mr Oops also had a fantastic credit history!

When you say you got a mortgage with a good rate 'just before it dropped off' how soon do you mean?

I'm saving every penny I've got for a mortgage deposit, but my two defaults aren't due to drop off until February and March 2015. My job is at risk in September 2014 and I'll be hoping to move to be closer to my fiancee somewhere around that time. I'm hoping the defaults with five/six months left to run (and an impeccable record since) won't have too much of an impact!

oopsadaisydoddle

matttye wrote: »

When you say you got a mortgage with a good rate 'just before it dropped off' how soon do you mean?

I'm saving every penny I've got for a mortgage deposit, but my two defaults aren't due to drop off until February and March 2015. My job is at risk in September 2014 and I'll be hoping to move to be closer to my fiancee somewhere around that time. I'm hoping the defaults with five/six months left to run (and an impeccable record since) won't have too much of an impact!

My default was July 2010 (IIRC) and we got the mortgage in feb 2010. So only a few months but we are with Newcastle Building Society and they consider defaults over 3 yrs old.

Obviously all circs are different but mine arose because my ex was supposed to be paying a joint loan and he didn't. I know that i was liable too but I had no reason to suspect he wasn't making the payments. I paid other things. Anyway, I eventually found out about that (and other things) and I kicked him to the kerb. I also arranged to pay the loan off straightaway which i provided proof for to the building society.

They asked a million questions about EVERYTHING, but luckily my answers were sufficient.

* I meant my default dropped off in July 2010.

matttye

oopsadaisydoddle wrote: »

My default was July 2010 (IIRC) and we got the mortgage in feb 2010. So only a few months but we are with Newcastle Building Society and they consider defaults over 3 yrs old.

Obviously all circs are different but mine arose because my ex was supposed to be paying a joint loan and he didn't. I know that i was liable too but I had no reason to suspect he wasn't making the payments. I paid other things. Anyway, I eventually found out about that (and other things) and I kicked him to the kerb. I also arranged to pay the loan off straightaway which i provided proof for to the building society.

They asked a million questions about EVERYTHING, but luckily my answers were sufficient.

* I meant my default dropped off in July 2010.

Thanks for that!

My defaults were through stupidity and lack of financial knowledge so they probably wouldn't be as forgiving with me I guess I'll wait and see what happens, no point dwelling on what I can't change.

LaylaMC

Thanks for all the help. Yes there were 4 missed payments but all information about them were sent out via text, e-mail or phone call and therefore none of them came to me. Very worrying that the mobile phone companies do not have to notify you before applying a default. I still have a year in December to wait until my defaults fall off so trying to repair some damage by getting a bad credit credit card and doing my weekly shopping on it (always paying off in full of course) and then hopefully I'll be able to arrange a half decent mortgage at that time. Plus I can always be paying off more of my current mortgage in the mean time.

oopsadaisydoddle

LaylaMC wrote: »

Thanks for all the help. Yes there were 4 missed payments but all information about them were sent out via text, e-mail or phone call and therefore none of them came to me. Very worrying that the mobile phone companies do not have to notify you before applying a default. I still have a year in December to wait until my defaults fall off so trying to repair some damage by getting a bad credit credit card and doing my weekly shopping on it (always paying off in full of course) and then hopefully I'll be able to arrange a half decent mortgage at that time. Plus I can always be paying off more of my current mortgage in the mean time.

I don't have a bad credit history but I got an aqua card for the cash back. It's great! You get 3% up to £100.

The only issue is the small credit limit but I can cope with that. I worked out you need to spend approx £300 a month on it and it will get you the £100 which just gets credited to yr account on the anniversary of you opening the card.