Are we in a better standing now?

AnnaLMLH

Hi
I'm just wanting to know if we are heading in the right direction and if our mortgage ability is improving

I started in the forum near on a year, me with a banruptcy and my credit file still a mess, Dh with a default caused by me going bankrupt on a joint loan and a credit card and overdraft balance totalling £6600
we do own a home, but its too small,

fast forward to today, I am of course still bankrupt and will be till it drops off my files in August 2016. My file has been completely cleaned up alot has dropped off already (due to them defaulting a year before bankruptcy) and all the dates now in line with the bankruptcy. I now have a credit card that is paid off in full every month to build my ratings.

As to DH the default dropped off overnight (and it was fully satisfied before then), his file is now perfect no late payments, no defaults and no new credit for 5 years.
The credit card and overdraft are completely paid off, and again any credit card use paid in full monthly.

So would we stand better now for a mortgage, or would he stand better with me and the kids as dependents? its something we need to try by November.
I suppose I need some light at the end of what has been and continues to be a long tunnel (we now of course save as much as possible monthly)

Thanks

AnnaLMLH

anybody ? please

Thrugelmir

Time heals as far as credit history is concerned.

Simply having a credit card and repaying it offers little of real value. For many people it's where they start to go wrong. As they end up using next months pay to clear this months expenditure.

Keep on the same track. You will get there.

AnnaLMLH

thanks
luckily, the ammount on the card is set, £80 a month I spend on it for the kids swimming lessons, the rest of the time the cards kept locked away,
I wont fall into the trap that got me into thi mess again,
Im strictly of the if there no money to buy it it doesnt get bought lol
to be honest I am scared stiff of applying for a mortgage now, its an age since we got the one we have and that was with the debts standing but not defaulted

Dave_Ham

Hubby should have access to products now, subject to income and deposit of course.

Word of caution on deposit, just ensure you engage a sensible broker and this can be pulled together.

World becomes easier 6 years after bankruptcy registration with a few lenders.

AnnaLMLH

thank you,
question though please, as I am married to dh (obviously lol) do i have to be on the mortgage? the deposit would be from savings and from a part excahnge (house in joint names but i was working then and I am now a sahm)

Dave_Ham

If packaged and presented to the right lender in the right manner, you may have options.

Not that easy, but potentially achievable.

Chances of success improve with broker capability/experience.

AnnaLMLH

Dave_Ham wrote: »

If packaged and presented to the right lender in the right manner, you may have options.

Not that easy, but potentially achievable.

Chances of success improve with broker capability/experience.

is that with me on? or without me

Foxy-Stoat_3

AnnaLMLH wrote: »

is that with me on? or without me

Depends on the level of deposit.

Dave_Ham

Almost certainly without, but you need someone to review the details to formally confirm that

AnnaLMLH

thats great thanks Ive an adverse credit experianced broker lined up for September
we will just keep on saving everything we can till then