Credit rating advise needed please!

winkler1

no missed payments in about 18months-2 yrs majority of them are 3-5 yrs ago

nicp60

Right.

But you also have a history of late payments and defaults. I'm sorry if I sound harsh, but a 90% mortgage won't happen for a while. It doesn't matter what you earn, who you are etc etc. It matters that when given money in the past you have not repaid it responsibly.

The banks don't give a monkey's what the circumstances are. Phone contracts etc are good for building up some credit, but they will see from your credit report that when you were given cards loans etc, you defaulted and missed payments. A phone contract won't make up for that.

By all means apply in 12 months, but if you're being refused for sub-prime credit cards now, what do you honestly think the chances are of getting a mainstream 90% mortgage in a year???

What dates will the default and credit cards with late payments actually come off your credit report?

DCFC79

Just run your account well and over time it will get better.

winkler1

according to my credit report almost half of the credit accounts on my file will drop off by march 2014 as are all settled over 5yrs ago

but the default wont drop off for yrs

other missed payments are from 2010 or before.

so I am guessing it is just wait and see.

could prop raise 15% + on mortgage as only looking to borrow small amount

The_Boss

winkler1 wrote: »

according to my credit report almost half of the credit accounts on my file will drop off by march 2014 as are all settled over 5yrs ago

but the default wont drop off for yrs

other missed payments are from 2010 or before.

so I am guessing it is just wait and see.

could prop raise 15% + on mortgage as only looking to borrow small amount

No offence, but your credit file showed problems with repaying debts far smaller than the amount you wish to borrow for the mortgage. The lenders will obviously score this accordingly even though it is in the past (although may not weight the score as severely) and will still have some concerns over your reliability.

Thrugelmir

winkler1 wrote: »

I don't currently need any credit but thought I better get some to improve my credit rating as I want to buy a house eventually in the next year or so

Consider using Nationwide's Save to Buy scheme or something similar to save the deposit. This will be a major plus in terms of your credit rating when applying for a mortgage.

Mockingjay

Get a prepaid card with a credit builder.