Trying to "Fix" Credit File

dale11

Hi MSE,

Have been reading these forums for a long time now and taken on much advice, not really sure why I've never joined.

Basically, I know I have a bad credit history, I want to fix it and I'd like any basic helpful advice.

I have a few defaults. Default dates show as January 2014 for 2 of them and November 2012 for another. I also have an overdraft which I am repaying monthly at the moment.

I want to get a mortgage within the next couple of years. I have no idea how hard this is going to be credit wise and what are my best steps. After paying off my overdraft, should I be looking to pay off my defaults? And with such a recent default, is there realistically any chance of me even getting a mortgage? Or will I need to be waiting until the defaults fall off in 2020...

Any advice just to get my head around this and get me heading in the right direction would be amazing.

Thanks

[Deleted User]

Settled defaults will look better than unsettled.

You also need to be building s good history now through sensible credit management, such as a credit card.

ukamber1

dale11 wrote: »

Hi MSE,

Have been reading these forums for a long time now and taken on much advice, not really sure why I've never joined.

Basically, I know I have a bad credit history, I want to fix it and I'd like any basic helpful advice.

I have a few defaults. Default dates show as January 2014 for 2 of them and November 2012 for another. I also have an overdraft which I am repaying monthly at the moment.

I want to get a mortgage within the next couple of years. I have no idea how hard this is going to be credit wise and what are my best steps. After paying off my overdraft, should I be looking to pay off my defaults? And with such a recent default, is there realistically any chance of me even getting a mortgage? Or will I need to be waiting until the defaults fall off in 2020...

Any advice just to get my head around this and get me heading in the right direction would be amazing.

Thanks

Hi,

Defaults will show on your credit report for 6 years, so depending on your situation, it might be a little more difficult getting the best mortgage rates from High street Lenders. When you are ready to buy a property, a mortgage broker might be a good option. If you can "settle" those defaults, it will be a big help as this will show Lenders, you've been able to get back on track with your finances.

Best of Luck

Katherin

Hi, I want help, my wife and I just applied for a mortgage, my credit report has come back bad, mortgage company say I'm going to struggle to get a mortgage, I earn 23,000 yearly, at moment until end sept when my house is sold I'm paying 780,00 mortgage to engage credit due to bad advice years ago/bad relationship/remortgaging. I have 1 CCI and a loan of 10,000

[Deleted User]

Engage a broker.