improve credit

MNM2903

So I have pretty bad history in terms of credit. I have 4 defaults from 2010 - 2014 and I have a ccj from 2014.

I have satisfied the ccj and partially settled the others. I was just wondering when I can expect my history to look more favourable to lenders. Not that I want debt or anything but I will be looking to get a mortgage in the future.

At present I have up to date accounts with EE for home phone and broadband and also an EE Mobile. I also have a car on finance which is also up to date and never had missed payments on these. And I have my bank account with santander which is never in its overdraft.

I suspect it won't look any better until 6 years from the default date when they start to drop off but I'm not 100%

Thanks in advance.

Thrugelmir

mullen8627 wrote: »

Not that I want debt or anything but I will be looking to get a mortgage in the future.

Look to save with a lender. Nationwides Save to Buy scheme or the new Help to Buy ISA that gets launched later in the year.

If you cannot trust yourself with credit then don't borrow. Learn to save before spending. You'll find that money goes far further. You'll get both more satisfaction from what you buy. Finally you'll think twice before spending.

MNM2903

Yeah that's what I'm going to do once the isa launches. I've just stopped my own isa as it would limit what I can save in the help to buy one.

I was bad with money the more recent ccj was from a debt 10 years ago. Don't know how it's took until last year for it to be given to me like but never mind. I'm a lot more sensible with my money now and do tend to save.

I was really just wondering about how long this bad history would have such a bad impact on my rating towards lenders.

Thrugelmir

mullen8627 wrote: »

I was really just wondering about how long this bad history would have such a bad impact on my rating towards lenders.

Varies from lender to lender. The larger the deposit you save the more doors will open for you. Time is the only healer. There's no quick fixes.

MNM2903

Cook were going to have a minimum of 18k by next year and that's without using the help to buy ISA. Just in terms of our affordability going of one persons wage reduces what we can get massively. My girlfriend has perfect history but her wage as a midwife on 22k means she couldn't borrow a great deal. Hopefully with a couple of years gone and good recent history and a large deposit more doors will open.

Thrugelmir

mullen8627 wrote: »

Cook were going to have a minimum of 18k by next year and that's without using the help to buy ISA. Just in terms of our affordability going of one persons wage reduces what we can get massively. My girlfriend has perfect history but her wage as a midwife on 22k means she couldn't borrow a great deal. Hopefully with a couple of years gone and good recent history and a large deposit more doors will open.

Good luck. The past is history. The future is what you make it. If you believe in your dream you'll get there.