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
How quickly will my credit score improve?
JoeChamberlain
Posts: 3 Newbie
Hello all,
I have a really bad credit score of 335. Got myself into a pickle a few years back and have about 10 defaults and 1 CCJ on my credit report, all of which are now satisfied.
I've gotten myself a credit card, I've paid it off in full every month and have had the credit limit increased on three occassions and am in good standing with them.
What I want to know, is that my partner and I are soon to be going to a mortgage broker to see what we have available to us. And despite my advice to my partner to carry on waiting for my credit rating to improve, she's really itching to get a house and I feel terrible. The large majority of my defaults will dissapear from my credit file over the next year which will leave the CCJ and handful of defaults for about another three years.
Does anyone know how much a credit score can improve with these defaults removing and all the others shown as satisfied. The total amount of debt over all defaults and CCJs was around £5,000.
It is that just a one default can keep my score this low or can I expect the score to go up much with these defaults dropping off?
Thanks
I have a really bad credit score of 335. Got myself into a pickle a few years back and have about 10 defaults and 1 CCJ on my credit report, all of which are now satisfied.
I've gotten myself a credit card, I've paid it off in full every month and have had the credit limit increased on three occassions and am in good standing with them.
What I want to know, is that my partner and I are soon to be going to a mortgage broker to see what we have available to us. And despite my advice to my partner to carry on waiting for my credit rating to improve, she's really itching to get a house and I feel terrible. The large majority of my defaults will dissapear from my credit file over the next year which will leave the CCJ and handful of defaults for about another three years.
Does anyone know how much a credit score can improve with these defaults removing and all the others shown as satisfied. The total amount of debt over all defaults and CCJs was around £5,000.
It is that just a one default can keep my score this low or can I expect the score to go up much with these defaults dropping off?
Thanks
0
Comments
-
Ignore the score.
Lenders will view you more positively over time as good behaviour replaces the bad.0 -
Mortgage lenders will have their own criteria. A single default could impact a decision with some.
When the time arrives consult a mortgage broker. They'll be in a position to advise the lenders to approach. In the meantime save for the largest deposit you are able. As this too can make a difference.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