The difference between Missed Payments/defaults/ccj

Jambo5

Hi all, though id try a tread here. Some of you may be aware I looking to obtain a Mortgage in Summer.

As it stands 1 default falls off in 3 weeks and 1 CCJ which will be removed in July 15.

After that all accounts are up to date and have been for years now. I have a CC which was a Barclay card initial who have just wrote to me and put my limit up without me asking:T:T

I did have Payday loans which are over 3 years old now. And im aware some banks see them as loans as long as there payed back etc.......

But what will remain will be 1 account thats been Satisfied since 2010...on that account there is up to 5 late payments.

At predicted time of Mortgage Application these late payments will be 5.5 years old.

What effect will late payments of that age have on such an application?

Or is my young stupid past going to haunt me for a further 6 months untill they are removed too?

National_Debtline

Hi Jambo5,

There are quite a few interesting points that you have raised within your post. First of all, if I assume that all of the debts are paid off, in full, but not necessarily removed from your file yet, then the following information may be useful for you.

Your credit file is a very complicated document. Your overall score is constantly influenced by several factors, such as your age, whether or not you are a homeowner, on the electoral role, anyone that you are financially associated with, and, of course, your previous credit history. Therefore, no one issue will be able to instantly repair or ruin your overall score (as you have found because Barclays have offered you more credit).

It can be the case that older information can have less influence on your overall score but it is up to the individual lender about how much of the credit history they take that into consideration when assessing you for the credit. All banks will have a different score that they require you to achieve in order to qualify for the credit. Which means, sometimes you can apply to one bank and be rejected and apply to another and be accepted (be careful that a lot of searches can also damage your credit score).

I hope this has been of some help to you, you may also find our factsheet about Credit Reference Files helpful - https://www.nationaldebtline.org/EW/factsheets/Pages/05 EW Credit reference agencies and credit reports/Default.aspx

Laura
@natdebtline

Jambo5

Thanks for your reply. Yes all debts were paid in full in 2010.

I have utility, mobile phone, vet insurance, Barclay credit card, Sky Tv, house insurance all in green and have been for a few years.

I hope when the adverse credit drops off in 3 weeks and July that this will help greatly. Just afraid that late payments on 1 car finance account over 5 years ago will stop me getting a mortgage.

Malmo

Hi Jambo5,

Given the information you've described about your credit history, it would be advisable to seek out an experienced, whole of market or fully independent mortgage broker in your area who would be able to review your circumstances and source the right mortgage product that fits those circumstances.

Take a look at the Unbiased website and search for Mortgage Advisers, unticking the "Only show sponsored results" tickbox on the left hand side of the results. You could also go on a recommendation from friends or family, if they know of any good brokers.