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Bad Credit Rating

Chris91
Chris91 Posts: 17 Forumite
in Mortgages & endowments
My girlfriend and I are looking to buy our first place. We're currently renting.

She took out 3 credit cards and defaulted on them all so she has a bad credit rating (score of 1/5).

What's the best way to improve this? Is there anyone who offers free advice on the high street?

Comments

  • ACG
    ACG Posts: 24,625 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    When were the defaults registered?
    Who were they with?
    How much as a percentage is your deposit?
    Have they been satisfied?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Chris91
    Chris91 Posts: 17 Forumite
    Defaults: Aug 2013, Jan 2014 and July 2013
    Ccj: Aug 2016
    None satisfied - with Lowell, Barclaycard, Halifax.

    Deposit will be about 25%
  • obay
    obay Posts: 570 Forumite
    Chris91 wrote: »
    Defaults: Aug 2013, Jan 2014 and July 2013
    Ccj: Aug 2016
    None satisfied - with Lowell, Barclaycard, Halifax.

    Deposit will be about 25%

    clear the defaults so there satisfied before buying the house.. AFAIK lenders will look more favorably

    However, I think the CCJ will also put you at a loss... but not 100% sure
    [STRIKE]1/12/16 - £152,599.00 [/STRIKE]
    [STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
    11/11/18 - £142,074.00
    Barclays Car (5.99%)£0/£8,832.37
  • ACG
    ACG Posts: 24,625 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    If you were borderline high street I would say get them satisfied. Realistically though you will not be looking at high street lenders.

    You should have options, but rates are probably going to be around 3-4% a a ballpark, maybe a little over.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Chris91
    Chris91 Posts: 17 Forumite
    Thank you to everyone for your responses.

    Who is the best person to sit down and talk this through with - Mortgage Advisers, High Street Financial Advisers?

    Thanks
    Chris
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Why not attempt to settle them? Would at least improve her profile.
  • NineDeuce
    NineDeuce Posts: 997 Forumite
    Take out credit for the sake of it and pay it back in full before interest kicks in. Cant you do this with Tesco?
This discussion has been closed.
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