Do i stand a chance to get credit?

vfv

I have a 5 month delinquency (for £12 total) with 3 Mobile that prevented me from obtaining credit about a year ago. I was rejected by 2 banks before I started digging into my credit report and trying to fix things. The last application for credit to my bank was last December, and the delinquent debt was also paid in full in January 2014 (checked the report and now comes up as ‘satisfied’)



I have also registered on the electoral roll since June, and got out a credit builder credit card in July. All addresses in my credit report point to my current residence.



I have zero other debt and own 50% of a flat in London (notsure this has any bearing). I work as a contractor in the financial services industry, affordability shouldn’t be an issue if I go via a specialist mortgage broker for freelancers.



Any ideas of what are my chances to obtain credit assuming the delinquency stays in my report? The coming February the delinquency will be12+ months old and the amount as stated is trivial, do I stand a chance here?

Tixy

By credit do you mean a mortgage?

I would imagine that you would be likely to find a lender willing to lend to you, although likely not all lenders would. Obviously the amount you wish to borrow and the ltv will also have a big impact.

In general if you have any recent negatives on your credit file you want to look to have more than a minimum deposit.

vfv

Thanks Tixy, yes by credit i mean a mortgage.

I aim for a 20% deposit so not huge still higher than the minimum required.

Are mortgage brokers usually able to point to lenders more likely someone to accept me?

Also is a notice of correction likely to make a difference even if i have a good excuse?

Quimoi

Yes, a mortgage broker experienced in working with contractors will be a big benefit and will know the most suitable lenders, their current acceptance criteria and will likely have a contact at the lender to explain about the (very small) 'hiccup' on your credit history.

I don't think I would bother with a notice of correction as I'm sure your application is going to be manually reviewed anyway - the broker would be the expert on this though.