Help with Credit file and what it means.

bryanferguson07

I'm looking for some sound advice about what myself and my partners credit reports mean in relation to us possibly buying our first house.

We both have a fair "score" and each have a credit card that we use and pay off monthly and stay below the 30% usage.

I'm 27 and when I was 18 got 2 contract phones out and defaulted on one - this affected my score and report of course but being young and daft I didn't realise the consequences. It's now off my report and I only have my credit card that's always been paid on time for 4+ years, our joint account, and my own current account.

My partner has never defaulted or really had credit either and has the same on her credit report as me and both have just about the same score.

So my questions are:

1) will my past affect us even though it's not on my report?

2) will our scores being in fair be a negative for us?

3) are we best going through the bank we bank with so we have history with them?

4) would a mortgage advisor be our best option and what is it they actually do?


Thank you for your time, hopefully someone can shed some light on these points for us.

[Deleted User]

1) Any default older than 6 years will have fallen off your reports

2) No. The score is fictitious and not seen by anyone.

3) Unlikely that they will have the best offer.

4) A mortgage broker will place your application with a lender where you have best chance of being accepted and the best rate for your circumstances.

bryanferguson07

Awesome! Thanks for your advice and passing on your knowledge. Appreciate it ����