Two late payments

rachie1985

Hi,


I'm after some advice, my husband and I are hoping to get a mortgage in a few months, we have both looked at our credits reports. His according to Equifax and Experian are both excellent.


On my Experian mine is rated as fair at 880 although the good bracket starts at 881. It still shows as having 1200 on my Halifax cc although £1000 has now been cleared. it shows two late payments in Oct 2013, both payed that month.


I would like to know if anyone has had an experience similar to mine and how their mortgage was affected, or any advice would be really appreciated, everything else on credit report was fine, all accounts up to date and showing correct info.


Thanks for reading

Kirstyb1987

Mine was also fair. I paid my credit card off in full and also reduced my over draft from £1300 to £300. It took a couple of weeks but mine went from 785 to 936 even though I had a couple of old defaults. Just keep checking every day and it should improve. Although dont count to much on experian as the banks do their own credit scoring and don't solely go off what experian says. Also might be worth checking equifax to. You may be best trying to get a mortgage with a lender who uses the one you have a higher credit rating with.

Good luck.

Butti

I think take all the information in that they request when you go in and be upfront. You tell them about the black marks, you tell them why they occured and why they won't happen again. It will go to the underwriters but your honesty will play in your favour.

Another approach? The people who bought my house got refused a joint mortgage but were approved on one just under his name.

ace_85

If it helps, OH and I were in a very similar situation recently; initially we went for a dual application through broker for a mortgage with Accord and Platform. Both rejected due to 'adverse credit'. We then checked our Experian reports and OH had a couple of silly late payments on a mobile phone account from about November time (moral of that story is always pay by DD). Anyway, we'd effectively priced ourselves out of the best interest rates, so applied through the Halifax who, our broker assured us, are more lenient.

Long story short, we have an agreement with them now for a two-year fix at about 3.7%, which is long enough for us to sort out the credit files and try again in a couple of years from a far stronger position. So all is not lost. Not sure if a credit card late payment is seen as more 'serious' than a phone contract, but I would guess that to a lender, a late payment is a late payment; either they'll forgive or they won't (and some, as we've found, simply won't). Either way, get yourself a broker; it was the only thing that kept us sane through the whole saga