Credit File and impacts

Rhian1986

Hi all

I'm brand new today, tried searching for my answer but didn't get anything back...

I've been checking my credit file for the last year or so religiously as I want a new car before any equity in my current is no more.

Anyway, when I was younger I did that thing of accepting every credit ever thrown at me, spent it all and got into a serious mess because I couldn't afford it. I'm pleased to say everything is now sorted after some serious hard graft, however I did get a CCJ which was on my file from November 13. I paid it off but unfortunately didn't have the funds at the time to do it within 30 days of judgment. I didn't realise that once they were paid off they show as satisfied.

I tried to get car finance from the dealership and was turned down. I wasn't surprised as I know my own history (as above) and it was literally as soon as everything was paid off. I tried again six months later after getting a credit card and spending around £100 a month and paying in full, my score (which I now know is worthless) was going up so when I was refused I was annoyed. I ordered my statutory report very recently and mentioned to a friend, she said the CCJ should be satisfied but was actually showing active. It had been paid/cleared for a year. The other accounts are that old that they have dropped off.

I've checked my report today (on here, Credit Club) and it does now show satisfied, with my only negatives showing as living at home (I've not been able to afford to move out) and account stability (my oldest account is my bank about, 11 years, and the rest are around 2 years).

I'm wondering how likely it is that I'll get credit now the CCJ is satisfied? Does it make much difference? I now have two credit cards, aqua to get me built enough to get something better which is £0 balance, and Tesco which is £800. I have my phone contact and loan, I'm with o2 and it's in two parts. And finally my car insurance.

Sorry for the really long post but I felt I needed to explain

Rhian

cjmillsnun

The CCJ will continue to affect you even though it is satisfied until November 2019, but will have less of an impact as time goes on.

It will affect who will lend to you and also how much they will lend and the interest rate you will be offered.

You have to wait until November '19 for it to completely drop off.

You mention that you cannot afford to move out. I take it you're a relatively low earner?

This will also affect how much you can borrow.

Rhian1986

Hey!

Thanks for your reply!

I did wonder if that was the case. November 19 it is :-( I wondered if it was worthwhile trying again as now it is satisfied whereas it was showing active last time I tried.

I can afford to now, but haven't been until very recently due to the amount of debt I had. I just mentioned that as it is one of the only negatives showing to improve on, everything else is hunky dory now.

The finance is with GMAC, but they only thing I know of them is the subprime mortgages they offered. The payment is only around £100 a month, I realise a car is a bigger purchase but my phone bill is £60 haha!

Thrugelmir

Rhian1986 wrote: »

I tried again six months later after getting a credit card and spending around £100 a month and paying in full, my score (which I now know is worthless) was going up so when I was refused I was annoyed.

Means absolutely nothing to a potential lender by having a credit card and settling in full. The fact is that you had historic issues. You still have access to a line of credit. Therefore you could slip down the slope again in the future. Your score would have improved purely on time. Nothing more.