Credit file

enook77

Hello,


I am just after some advice.


I have always had a very good credit report (very high score, no late payments, no defaults, etc.) until this year when I got a CCJ in Feb 2014 from a private parking company over a very small amount of money. The CCJ came about from bad advice, missing court papers and just general bad luck...Anyway, there is nothing I can do to reverse it. I am stuck with it.


As with regards to moving forward...I have now paid off the CCJ debt (only realised it was issued when I gained access to my credit report in Aug) and I'm in the process of obtaining a confirmation of settlement from the court. Once this is done do I have to write to all the credit agencies with this proof or is this done automatically? I need to get the CCJ to state 'satisifed'.


I still have access to credit around £10,000 (this is in the form of 3 credit cards with zero balances on all but these are no longer 0%).


The chances of me getting a 0% credit card in the future are very slim I know but I can manage without credit for small purchases or for bigger purchases I know I will have to save up.


But with regards to mortgages with a satisfied CCJ, Will it get better as the time rolls on (5 and a half years is a long time to wait to get a mortgage when the CCJ will have dropped off my credit file).


Also, does the amount of money owed on the CCJ have an impact also?


Have I ruined my chances?


I am frantically saving for a deposit.


Thanks for any advice,


Tom

Hazzinho

You'll have to try a mortgage broker, don't think anyone can say for sure. I'd imagine a CCJ is a big negative, if it's a small fee in a way it looks worse as you couldn't pay a small debt according to your credit file.

The_Boss

Very high "score" means nothing FYI

enook77

I know the credit score is irrelevant and lenders can't even see the score.

The_Boss

Kudos to you for knowing that. Just that you implied that your credit report was good because of several things, one of them being the high "score". One day this "credit score" myth will be known to all.

enook77

So is the amount of the CCJ relevant for future credit and does a satisfied CCJ become less of a factor after 1 year, 3 years, etc.

The_Boss

enook77 wrote: »

So is the amount of the CCJ relevant for future credit and does a satisfied CCJ become less of a factor after 1 year, 3 years, etc.

The CCJ is the most relevant bit. While things generally have less impact the longer ago they were, the fact it is on there is a huge red alarm bell to most mainstream lenders for most financial products. I'm afraid to say you're probably looking at waiting the full 5 and a bit years for it to drop off before you can get a mortgage.