Credit Score Improvement (Credit Cards)

richestorags_2

Why won't my payment history be visible to a mortgage lender? I'm assuming they can see my credit files in the same way I can? Or am I incorrect?!

Butti

Because it will be six years old.
Have you been clean living for the last 4 years. If you look like a safe bet now lenders could be coming round to you. I have 2 late payments in 2011 but managed to get a mortgage with my bank by highlighting the problems and being brutally honest with them.

bsms1147

Your history from >6 years ago won't be available to the lender, regardless of what action you take.

LplateSaver

bsms1147 wrote: »

Your history from >6 years ago won't be available to the lender, regardless of what action you take.

http://www.experian.co.uk/consumer/questions/askjames376.html

bsms1147

LplateSaver wrote: »

http://www.experian.co.uk/consumer/questions/askjames376.html

That's interesting, thanks.

harryfrombarry_2

richestorags wrote: »

That's an interesting comment. But surely lenders will see adverse information and it could have a negative effect? No?

Yes, you are correct and he is totally wrong. You need to keep that card open for a further two years before you close it. You can, of course, pay the balance off minus about £200. Then, keep paying just the minimum payment on the £200 for the two years it takes this default to drop off your file. THEN close the card, or if the lender closes it, it won't matter.

Otherwise you are totally correct - if the lended closes it now because you pay it off, then you are stuck with a dodgy file for SIX years, and not two.