Improving rating with defaults

rhiaf

Having just reviewed my CreditExpert report I'm really hating myself right now - for silly and naive reasons I have three defaults from the past 18 months on my credit report. All for less than £130 but all nearly paid off (£88 going out next month then ALL debts are gone) At the time I was working pt, I'd just had my sub-tenant move out unexpectedly and there'd been a mix up with HMRC which meant my wtc was cut off for 6 weeks until the issue was resolved, my salary has since more than doubled. I really didn't understand the significance nor the impact that they would have.

Realistically, what are my chances of improving it - my rating is currently 'fair' (I assumed it would be 'poor' so that's something at least)

All this all came to light because I tried to buy a house recently, everything was coming together until we hit the credit check and then I discovered that these defaults were there and that they were going to be a BIG issue - realistically are there any lenders who will give me a second glance? If not how do I start working towards getting a mortgage in the future? Do I literally have to sit out 6 years waiting for these to clear?

I would really appreciate any advice, I had no idea how much of an issue store cards could cause - I always thought that I was ok as long as I wasn't running up £1000s of debt, didn't think that £100 here and there would do so much damage! Anyway, lesson learned now and need to start moving forward. Sorry for the waffle.

Tixy

It is possible to get a mortgage with settled defaults on file, but it is harder and will cost more.

Given that these defaults are pretty recent that is likely to make it tough, you might struggle to get anything right now.

Once the defaults are marked as satisfied you could try speaking to an independant mortgage broker and showing them your file. Realisitically you are likely to only be able to get a lower ltv so will need a larger deposit, and are likely not to be able to get the most competitive rates on the market.

You-kip

6 years of a trashed credit report for less the 200 coin no wonder you're annoyed.