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Preparing to buy a house
backontrack83
Posts: 26 Forumite
Good Afternoon
After finally clearing our debts and working on improving our credit file and accepting we are likely going to be need a subprime lender I am looking at what we should or shouldn't do to help our application when the time comes in about a year or so.
We have approx £1200 on credit card each - a 0% credit card which we are paying off and no other debts. We were in a DMP which is now fully cleared. My credit file is worse than my husbands and I have 4 defaults showing on my file.
Capital One - 42 months from date of first default
Natwest - 10 months from date of first default
HSBC - 36 months from date of first default
HSBC - 7 months from date of first default.
These are all fully paid off now and show as settled.
So we know we need to pay off the credit cards and will be clear by the time we intend to apply for a mortgage, we will not be taking anymore credit out, apart from saving for a deposit (were putting away £1050 a month) is there anything else we can do within the next year or so to help our chances of being approved?
This is already a bit of a minefield and we are only in the preparation stages :rotfl::eek:
Any advise will be gratefully received :beer:
After finally clearing our debts and working on improving our credit file and accepting we are likely going to be need a subprime lender I am looking at what we should or shouldn't do to help our application when the time comes in about a year or so.
We have approx £1200 on credit card each - a 0% credit card which we are paying off and no other debts. We were in a DMP which is now fully cleared. My credit file is worse than my husbands and I have 4 defaults showing on my file.
Capital One - 42 months from date of first default
Natwest - 10 months from date of first default
HSBC - 36 months from date of first default
HSBC - 7 months from date of first default.
These are all fully paid off now and show as settled.
So we know we need to pay off the credit cards and will be clear by the time we intend to apply for a mortgage, we will not be taking anymore credit out, apart from saving for a deposit (were putting away £1050 a month) is there anything else we can do within the next year or so to help our chances of being approved?
This is already a bit of a minefield and we are only in the preparation stages :rotfl::eek:
Any advise will be gratefully received :beer:
0
Comments
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Three things spring to mind:
Make sure you are on the electoral register.
Keep saving, you can never have enough savings (though you should initially use that money to clear the credit card asap in my opinion).
Chech and double check everything is paid in time to avoid any further defaults.0 -
Three things spring to mind:
Make sure you are on the electoral register.
Keep saving, you can never have enough savings (though you should initially use that money to clear the credit card asap in my opinion).
Chech and double check everything is paid in time to avoid any further defaults.
Thanks for the reply.
Electoral register - already on that and have been since we moved in 6 years ago.
Credit Cards - Will pay them off as quickly as we can.
Def no missed payments for at least a year if not longer. And now everything is paid by DD too.0
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