Will Credit Rating Be Neutral - Good or Bad?

NWOIHTS

Hi

I am 37 and mostly always worked and kept myself with my own money. I never took out loans for anything and never had a credit card, stayed with family so never paid bills except keep etc.

I am looking at applying for a mortgage and wonder if my credit rating will perhaps be neutral because although I aint had any bad debts or anything I also aint borrowed money and paid it off or had credit cards. Will that count against me?

I have had some overdrafts on my bank account but it was small change and I rectified it once I realised what had happened.

Thanks

N

Thrugelmir

On the electoral roll?

Have savings i.e. a deposit? As Nationwides Save to Buy scheme or something similar is a way of a lender building a profile of you.

YorkshireBoy

NWOIHTS wrote: »

I have had some overdrafts on my bank account but it was small change and I rectified it once I realised what had happened.

Authorised?

If not, and they were recent, then that will not look good to a mortgage lender as it will show you can't manage your day-to-day finances.

CLAPTON

check your credit files to see what they say

but for a mortgage the size of your deposit and the LTV ratio are probably the most important factors.

NWOIHTS

YorkshireBoy wrote: »

Authorised?

If not, and they were recent, then that will not look good to a mortgage lender as it will show you can't manage your day-to-day finances.

I don't know what do you mean by authorised?

How will it not look good if it wasn't recent? I'd have thought that the more recent the worse it would be?

YorkshireBoy

NWOIHTS wrote: »

I don't know what do you mean by authorised?

Were you using an agreed overdraft facility, or did you exceed an agreed overdraft facility, or use one that didn't exist?

ie were you operating within the terms and conditions of your account or not?

How will it not look good if it wasn't recent? I'd have thought that the more recent the worse it would be?

Read my post again.

If the use of the overdraft was NOT authorised AND these charges were recent, then that will not look good...is what I said.

Clear?

NWOIHTS

YorkshireBoy wrote: »

Were you using an agreed overdraft facility, or did you exceed an agreed overdraft facility, or use one that didn't exist?

ie were you operating within the terms and conditions of your account or not?Read my post again.

If the use of the overdraft was NOT authorised AND these charges were recent, then that will not look good...is what I said.

Clear?

No problem i misread that.

I eventually did check my score and it was about 520, the score is out of 600 and something so that's quite good.

Andrew

You-kip

NWOIHTS wrote: »

No problem i misread that.

I eventually did check my score and it was about 520, the score is out of 600 and something so that's quite good.

Andrew

Ahh that's ok then as long as you don't go under 515 and not above 530 then you'll be good to go.

The_Boss

You-kip wrote: »

Ahh that's ok then as long as you don't go under 515 and not above 530 then you'll be good to go.

they'll probably take that seriously since they appear to not realise what the score means

You-kip

The_Boss wrote: »

they'll probably take that seriously since they appear to not realise what the score means

Most probably.