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Getting poor credit up
retromonkey
Posts: 3 Newbie
Does anyone know if I get a car on fiance will it help my credit to get a mortgage
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Comments
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Will impact affordability that's a certainty. Better to wait until you've bought a property if possible.0
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It is more normal to suggest getting a credit card with a small limit; spending on everyday items and repaying in full each month.retromonkey wrote: »Does anyone know if I get a car on fiance will it help my credit to get a mortgage
Your suggestion is a bit OTT for the reason given. If however, you need a vehicle that would be a different matter. Positive credit information is good. Cutting your mortgage borrowing power by £30k would be shooting yourself in the foot!I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
If you have 15 defaults in the last 6 months, then no car finance or any finance is not really going to make a difference. If you have no credit at all and you are looking at buying in 6-12 months and you keep on top of the repayments then possibly.
Chances are you will fall somewhere in the middle of those 2.
Ignore your credit score, it is worthless. Do you have bad credit (arrears, defaults etc) or limited credit as the answer to that will mean different options.
If you have a bank account and are on the voters roll, that can be enough to get a Mortgage.I am a Mortgage AdviserYou 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.0 -
Thanks all for the advice a bit to think about now0
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