Inheriting and credit

Cheers

If I have poor credit after missing 24 monthly repayments of a £10,000 loan, and then inherit £150,000, will I still have poor credit. Potential lenders will see on my credit file, my new bank balance and paid off loan if I pay it off subsequently.

CLAPTON

Cheers wrote: »

If I have poor credit after missing 24 monthly repayments of a £10,000 loan, and then inherit £150,000, will I still have poor credit. Potential lenders will see on my credit file, my new bank balance and paid off loan if I pay it off subsequently.

potential lenders will see what's on your credit files: obtain copies of all three (£2 each )


your credit files only show credit record and do not show your savings account


if you have defaulted on your loan payments then they will show for 6 years


if you pay them off then they will show as settled but they will still show up for the 6 years years

glentoran99

Lenders don't see your bank balance, and yes you will still have poor adverse markers on your file

David_White

Yes you will still have credit issues until these missed payments expire from your report.

Having lots of cash in the bank doesn't equal good credit.

MEM62

The bad news is that lenders will still view you negatively for some time to come.

The good news is that with your inheritance you should not need to borrow money anytime soon.