Mortgage advise- Defaults on Credit File

Jane91

Hi,

I've recently become debt free after 8yrs and i was on a DMP. Managed to pay it off 18 months early .

I've been looking at buying my council house and we get £75000 discount which is taken as our deposit.

Now I've checked my credit report and all my debts/credit are shown as satisfied but there are 3 of the debts/credit which show defaults but satisfied.

What's my chances of getting a mortgage?

Thanks

kingstreet

Can you list the items;-

default date

amount

satisfaction date

and

late/missed payments

shown on all three versions of your credit file. Please indicate what appears where, please.

ACG

The £75k is only taken as a deposit with some lenders, others (Woolwich for example) would require you to put down a deposit on top.

I think you just need to see a broker with this, i dont think you will get this placed on the high street.

Jane91

Can you list the items;-

default date 28.03.2008, 15.06.2009, 31.03.2008, 06.03.2008

amount £27.00 £132.00 £15907.00 £3389.00

satisfaction date 30.03.2008, 25.09.11, 25.08.13, 28.07.13

This is on experian

Experian_company_representative

Looks like all but one of the defaults will have dropped off your credit report by the end of March next year, including the two larger ones. So your creditworthiness should improve significantly then. The fourth one will hang around until 16.6.15, but may not kibosh all applications, particularly as it's now satisfied and quite old.

James

Thrugelmir

Settlement dates are extremely recent on 2 of the debts. Too recent for mainstream lenders to consider a mortgage at this point in time.

kingstreet

With two defaults totaling £19k only settled in the last month, I suspect you will find it difficult to source a mortgage product before they "fall off" your credit history.

Speak to a whole market broker for a full picture.

Jane91

So how does your credit score work then? My score is on my file as excellent at 963

GMS

Jane91 wrote: »

So how does your credit score work then? My score is on my file as excellent at 963

Credit score works by taking all required data and analyzing it as per lender requirements in order to get a pass, decline or refer.

Credit agency scores work so as to extract money from subscribers by using limited information which a lender could not make a lending decision on, namely having absolutely no details of income or not.

Senior_Paper_Monitor

Your present credit history will not be accepted on a RTB mortgage application - end of.

Sporting chance of something from April next year.

I process right to buy enquiries/applications literally every day so can be absolutely confident this going nowhere at the moment.

The score of excellent 963 with 4 defaults (of whatever age), two pretty big ones only settled in last couple of months and very little offsetting 'good credit' from what I can gather just shows what a joke these CA scores are. Sorry James, but I really feel that you guys need to get your act together on this issue - every week I get a report or two on my desk claiming a score in the 900s for a client who couldn't credit on a fish and chip supper !