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Once default has gone.......
carlyfluck
Posts: 137 Forumite
Hey everyone, I have a couple of defaults on my credit rating, I'm in a DMP. They are due to come off in the next couple of years. Once they have gone what is the best way to build up my credit rating?
Thank you
Thank you
First time buyer- Shared ownership- 13/7 DIP Leeds- soft search- 20/7 told we got house-21/7 instructed solicitor- 27/7 sales memo and full application- 30/7 hard search- 3/8 mortgage declaration sent- 6/8 told valuation complete
13/08 questions from underwriters
17/08 letter to say initial assessment completed.
20/8 Broker says it will be another week until more communication from Leeds.
27/08 Mortgage approved
13/08 questions from underwriters
17/08 letter to say initial assessment completed.
20/8 Broker says it will be another week until more communication from Leeds.
27/08 Mortgage approved
0
Comments
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Are you still currently paying your DMP?0
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carlyfluck wrote: »Hey everyone, I have a couple of defaults on my credit [STRIKE]rating[/STRIKE]istory/file, I'm in a DMP. They are due to come off in the next couple of years. Once they have gone what is the best way to build up my credit [STRIKE]rating[/STRIKE]history/file?
Thank you
Corrected that for you.
Its your credit history or file (which ever you like) lenders can see.0 -
One of the usual conditions of a DMP is that you don't take on any more debt.
Once your DMP ends, the best way is usually to apply for one of the sub prime credit cards and use it regularly, always paying the balance in full each month.0 -
carlyfluck wrote: »Once they have gone what is the best way to build up my credit rating?
Time is the healer. Proving that you've learnt from the experience. There's no quick fixes.0 -
I agree...no short term solutions. I had 2 defaults come off my file and my 'score' went down because those accounts were years old. So- the 'ignore the score' motto constantly reiterated is true. It's pretty meaningless.
Just need to pay on time and don't over extend yourself.0
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