visibility when swarching credit files.

MQ77

Hi.

Thanks in advance to anyone who replies to my question.

Like many people using the forum, in a past life I made mistakes with my money and past credit.
with the support and advice I have received from here I am now in a much stronger position.

I have agreements with creditors and am up to date with all my debts.
At one point I had 9 defaults on my file. In a few months the last of my defaults will drop off my file.

Over the last 3 years I have been rebuilding my credit worthiness, through Vanquis, Luma and Aqua credit cards.

My question is, once I start applying to more main stream lenders, when they search my file will they see the companies I am currently associated with? or will they just see the length of time I have had the accounts, the limits and the amount of credit available?

I have a few catalogue accounts, with nothing on them, as I wanted to build up a better rating

I want to eventually get a mortgage, as this will reduce my monthly outgoings on rent. and to move the small balances I have on my current cards to a mainstream with lower apr.

many thanks

JuicyJesus

MQ77 wrote: »

My question is, once I start applying to more main stream lenders, when they search my file will they see the companies I am currently associated with? or will they just see the length of time I have had the accounts, the limits and the amount of credit available?

They will not see the company names, only the payment and account data (e.g. date opened, date closed, etc.)

Thrugelmir

Mortgage wise the important factors are clean credit history, employment history and nature of, size of deposit and electoral roll history. One well managed credit card will suffice.

After that's it's down to affordability. Number of dependents, expensive hobbies etc.

Best advice is to focus on saving. As larger the deposit you have. The more doors you'll find open.

Both Halifax and Nationwide offer saving schemes to FTB's. Alternatively save with a local building society. Where underwriting is more human and regularly saving carries a huge number of brownie points.

sirwiggum

MQ77 wrote: »

I want to eventually get a mortgage, as this will reduce my monthly outgoings on rent.

This is a good point that many people don't understand.

They think that if you are renting then you have most of your disposable income available to save, they don't realise how expensive rent has gotten to be.

MQ77

Thanks very much.

I thought as much, just wanted to check my understanding.