Credit Scroe NEVER Changes...

Nebulous2

It sounds as though life has been pretty rubbish, but there are always options. You are in employment and have some family support.

Go to the debt free wannabe forum and put in your soa and they'll help.

How much are you spending on taxis? Is public transport possible? Cycling? You could get a banger for £500 to get you to work.

You are in many ways having to start again, but there are ways to pull yourself up if you are positive about it and put the work in.

RG2015

tenchy wrote: »

So, some lenders buy a/the score from the CRAs. What evidence is there that they buy a different score from that seen on your file? Why would the CRAs have such a 'dual-scoring' system?

I think a big problem here is that no one who contributes to this forum actually works for any of the credit bureaus, so we never get definitive answers on anything.

John-K wrote: »

That's not true, there are plenty of definitive answers and then there are people like you who just think that they know better, and so don't believe what they read.

Definitive; done or reached decisively and with authority.

There may be many compelling answers but unless they are from an authoritative source they cannot be regarded as definitive.

PixelPound

DigitalDevil wrote: »

Save up to buy a house or car? The entry house price in my area is £250k..... a reasonable car is £10k..... if I save my entire income for 10 years I still wouldn’t have enough to buy both.....

I don’t know how anyone looking at such a bleak future could find anything “positive” to take from it.....

A reasonable car is £10K :eek: have you not thought about second hand. If you are getting taxis every day then that cannot be cheap. Maybe you need to set sights lower to start off with, surely a cheaper car for the next couple of years would be better than thinking if you can't get finance for a £10K car then you might as well get taxi's everywhere.

If you are thinking the minimum for a car is £10K, then is the £250K entry point for a newbuild? Not being able to get a mortgage does not mean have to live at home, just as not being able to finance a £10K car means you have to rely on taxis everywhere.

It's about setting reasonable goals. You've paid off debts, so getting your own independence, a place of your own (even if rented like a 1 bed flat) and a cheap runaround car will allow you to start looking forward. Building savings so you can decide what you want and can afford and making sure they are reasonable. Surely that's better, after all even with a perfect credit history would you be able to get a £250K house and £10k car together on your own.

RG2015

This thread now has two distinct components, the original topic of credit score and obtaining credit and a second one of becoming despondent with your financial predicament.

Most of the suggestions here are intended to help you. Improving your credit history will help but it may take a while. Financial planning and budgeting will also help but will take some perseverance.

Have a look at the Money Advice Service website and in particular the budgeting tool. You may find it useful.

https://www.moneyadviceservice.org.uk/en

https://www.moneyadviceservice.org.uk/en/tools/budget-planner

DCFC79

DigitalDevil wrote: »

Save up to buy a house or car? The entry house price in my area is £250k..... a reasonable car is £10k..... if I save my entire income for 10 years I still wouldn’t have enough to buy both.....

I don’t know how anyone looking at such a bleak future could find anything “positive” to take from it.....

Buy a used car.

Do a budget and stick to it.

250k for entry house price, you tried looking further afield for a house.

bazzyb

DigitalDevil wrote: »

I’m now almost 40, I‘ve had to move back to my parents as I can’t get a mortgage of my own, I have to get a taxi to work each day as I’m unable to get a car on finance, so knowing I have another 6+ years of this puts my mindset to suicidal.... really what’s the point.... it’s a pretty bad future tbh.....

If you live with your parents and have no car etc then you presumably have quite a bit of disposable income? If so then save for a few months to get a decent second hand car. Getting taxis because you feel you have to have a £10k+ car is nonsense. It will likely be a few years before you can get a half-decent mortgage and it would help to have a good deposit with your credit history so again make the most of having the disposable income you have now and save save save.

If you plan carefully it will take less than 6 years before you're back on your feet and you could easily buy a house within that timescale but in the meantime save what you have and don't get a car on finance.

cjmillsnun

DigitalDevil wrote: »

Save up to buy a house or car? The entry house price in my area is £250k..... a reasonable car is £10k..... if I save my entire income for 10 years I still wouldn’t have enough to buy both.....

I don’t know how anyone looking at such a bleak future could find anything “positive” to take from it.....

A reasonable car can be had for £1.5k or less. It may not be nearly new but should give years of service.

cjmillsnun

DigitalDevil wrote: »

Well my Credit History is bad, I have defaults on three accounts starting from the beginning of 2014 when I entered a DMP (biggest mistake of my life) and running until the end of 2016 when all the accounts were settled. So the last default registered on my file is from December 2016, so does that mean I’ll have this visible for creditors to see until 2022 (6 years from default), and it will then take me another what? 3-4 years to rebuild my credit score to a point where I’ll be eligible for credit again?

If that’s true I’d have rather just slit my wrists and been done with it back in 2014 when everything else was going to pot.........

Do all the defaults stem from the DMP?

sourcrates

Have never paid more than 3k for any car i have owned, such a waste of money when you take into account depreciation, there are thousands of sound motors available, a lot with low mileage, and in great condition, for less than £1000.

See here :

https://www.autotrader.co.uk/cars/cheap/under-1000

You need to lower your sights a tad, and be more realistic, accept the situation you are in, and them move forward, once you have saved for a car, save for a rental deposit, then once that's achieved, save a house deposit, by the time you have done that, lenders will look at you more favorably for a mortgage.

The further back negative info is on your credit file, the less effect it has on you, nothing lasts forever, and not everything improves with time, but your credit file will.

forgotmyname

Why did nobody tell me i NEEDED to spend £10k to get a decent car? My last one cost just over £2000 and lasted 6 years before i sold it to someone that did another 60k miles inside of 2 years.

Current one cost less than 2k and that was 3 years or so ago.

If you were paying for 2 cars what happened to them?