Mortgage turned down

jay459

Ok the Lowell debt for over £600 has disappeared from both equifax and experian. No improvement on my score or file...

I still have two defaults which come off in April. Now once these come off will my score shoot into the green and my file look unblemished...

Will a bank be able to decline me at that stage with a 30k deposit, full time job and no defaults on credit file....

thebritishbloke

jay459 wrote: »

Will a bank be able to decline me at that stage with a 30k deposit, full time job and no defaults on credit file....

Of course they can. They could decline you because they don't like the colour trousers you wore.

jay459

I realise that lol, but I'm saying on paper they cannot decline me....

DesignDad

jay459 wrote: »

I realise that lol, but I'm saying on paper they cannot decline me....

Jay you're hilarious, and very much deserving of a newbie status on MSE.

You've got it all worked out. No need to come on here!

:rotfl:

glentoran99

yazzypower wrote: »

jay, if u pay off these debts now they will show as satisfied and will stay on for a further six years from the date u settle them. lenders will be able to see your past dealings with these companies so don't listen do some of these people telling you to pay off debt.

I am not saying don't pay but wait till the default comes off your credit files and then if u want contact company and pay on the condition that no further information to be shared with the CRA. it would of only been beneficial for u to pay off the debt earlier when u defaulted not after 5 years when defaults are about to come off. And regarding company's buying the debt and then defaulting u again and registering with CRA is old wife's tales.

no the wont, its 6 years from date of default, settled or not

jay459

That was a question mate, I'm asking for help, I haven't got anything worked out....

I'm trying to find out if my credit file will impact my mortgage file from April next year.

Apart from those defaults 5 1/2 years ago I've had a great credit history past 5 years...

kloana

jay459 wrote: »

That was a question mate, I'm asking for help, I haven't got anything worked out....

I'm trying to find out if my credit file will impact my mortgage file from April next year.

Apart from those defaults 5 1/2 years ago I've had a great credit history past 5 years...

Once your defaults are gone, they're gone. Lenders will be none the wiser. So your past won't stand in your way here. Keep using and repaying your credit card.

Anyone can be declined a mortgage, and as of this year, for a wider range of reasons than ever. You'll be required to undergo full income and expenditure checks, right down to the nitty-gritty. Now is the time to reflect upon what your bank (and credit card) statements 'say' about you, and to make any clean-ups, if necessary (cutting back on expenditure, cancelling unused/un-needed subscriptions/insurances/direct debits, etc.).

Thrugelmir

jay459 wrote: »

I realise that lol, but I'm saying on paper they cannot decline me....

There's no right to a mortgage. Lenders set the criteria on which they will lend and also who they will lend too. Financial organisations have longer memories than six years as well. So best to avoid those that you defaulted on.