We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Credit building help
clarebo9
Posts: 6 Forumite
Hi there, I am trying to help my brother with improving his credit so he can move forward and eventually get a mortgage to buy his first home.
A bit of background - he had been renting a room from a friend for 6years until recently when he moved into a different shared building.
In his younger years ( now nearly 30) he made the usual mistake of credit cards and mobile phones - defaulting on both. This was well over 6 years ago.
He has a good job now and has saved a substantial deposit for when he decides to buy a property.
He has applied for the 3 credit checks, he is on the electoral roll, and this shows on his checks. It shows his previous addresses, going back to our parents home. He has no financial associations. There are no defaults/missed payments, it seems that everything has 'dropped off' of the reports. The only thing that shows are insurance searches, from when he used the comparison sites a few months ago.
What confused me is the fact that none of the reports show his bank account, it's a Halifax basic easy cash account that he's had for 10years. Is this normal?
He applied for a luma credit card this evening but has been declined, I was under the impression that this was the way forward to help build a credit file. What can he do now, does anyone have any tips that can help him start to improve his financial situation?
A bit of background - he had been renting a room from a friend for 6years until recently when he moved into a different shared building.
In his younger years ( now nearly 30) he made the usual mistake of credit cards and mobile phones - defaulting on both. This was well over 6 years ago.
He has a good job now and has saved a substantial deposit for when he decides to buy a property.
He has applied for the 3 credit checks, he is on the electoral roll, and this shows on his checks. It shows his previous addresses, going back to our parents home. He has no financial associations. There are no defaults/missed payments, it seems that everything has 'dropped off' of the reports. The only thing that shows are insurance searches, from when he used the comparison sites a few months ago.
What confused me is the fact that none of the reports show his bank account, it's a Halifax basic easy cash account that he's had for 10years. Is this normal?
He applied for a luma credit card this evening but has been declined, I was under the impression that this was the way forward to help build a credit file. What can he do now, does anyone have any tips that can help him start to improve his financial situation?
0
Comments
-
Re the insurance searches they don't affect your credit file and re the Lima card they don't have to accept everyone.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards