How to Improve now that Creditors all settled with

Louk83

Hi
Yes I am going straight into new employment in March so there will be no gaps in my employment.

Louk83

Deleted_User wrote: »

If you have a solid history, free of defaults and missed payments etc, with a decent deposit saved, you'll be in a good place.

But consider using a broker, so your application gets placed correctly. There's no point in just banging applications into the lowest rate lender if you don't meet their criteria.

Thanks This helps!

Nasqueron

Louk83 wrote: »

Hi This is my first post,
I am in same situation as Bjorn85 and plan to pay off in full 2 credit cards, a personal loan and store card within the next 6 weeks and plan on using voluntary redundancy money to do this.
My plan was to then apply for a mortgage at the end of this year, however I am bothered that my score which is currently 102 wont be at a reasonable score within the next 9 months.


Has anyone paid off a number of credits in full all at once and if so how long has it then taken for you to get a "good" score to be able to apply for a mortgage.


Any advice would be much appreciated


Thanks !

The score is 100% meaningless, only you see it. A lender will not. Lenders have their own criteria and a "reasonable score" on Experian/Equifax/CallCredit will not give you any indication as to whether you will get a deal or not or even how good it is.

If you have no debts and show good money management (no late payments, no defaults etc) you will still not be guaranteed to get a mortgage. If you have a score of 102, while the score itself is pointless, it would indicate you have had money management problems in the recent history so a mortgage may be difficult to get in the mainstream market and you may need to go through a broker and you'd be unlikely to get the better rates

Louk83

Nasqueron wrote: »

The score is 100% meaningless, only you see it. A lender will not. Lenders have their own criteria and a "reasonable score" on Experian/Equifax/CallCredit will not give you any indication as to whether you will get a deal or not or even how good it is.

If you have no debts and show good money management (no late payments, no defaults etc) you will still not be guaranteed to get a mortgage. If you have a score of 102, while the score itself is pointless, it would indicate you have had money management problems in the recent history so a mortgage may be difficult to get in the mainstream market and you may need to go through a broker and you'd be unlikely to get the better rates

Thanks That makes sense.
Ive never had CCJS but have had around 3 defaults when moving house as I did not receive correspondence in time.

[Deleted User]

Louk83 wrote: »

Ive never had CCJS but have had around 3 defaults when moving house as I did not receive correspondence in time.

That's going to make it very difficult to get a mortgage unless you have a very large deposit and can afford to pay top interest rates.

I think the end of the year is a little premature to be aiming to get a mortgage. You'll probably need to wait until those defaults drop off I'm afraid.