FTB queries (removed CIFAs)

midnightescape

Hi

This may be long-winded but I wanted to include as much info as possible to give the best overview of my situation.

I was the victim of fraud in 2012 which resulted in a CIFAs marker and my bank account being closed. (I did report the fraud to Action Fraud but the bank were less than helpful I complained several times and got nowhere. (I was 18 at the time with no real understanding of banking etc. which was made worse due to health issues and I also have autism.)

I was unaware of the CIFAs marker until late in 2016 and with help once I knew what the issue was I contacted the bank again and explained my circumstances again and they removed the CIFAs marker in January 2017. I now have a bank account and credit card etc. But I am scared this may affect my ability to get a mortgage.

I'm a FTB with help to buy ISA. Aiming for 10% deposit and will be buying alone. I have a 0% CC which I use for small purchases and pay off every month.

My main question is: do I have to disclose the fact that I had a CIFAs marker on my name even though the lender has removed it? (it was definitely removed and it hasn't just "dropped off") I don't have it in writing that it was removed though. I was supposed to get a letter but never received one and stupidly never chased it up as I was suffering with severe anxiety and depression last year.

My second question: does Cashplus credit builder look bad to potential lenders? I couldn't get a normal bank account (due to the CIFAs) however I thought it was due to a low credit score as the CIFAs never appeared on my credit report so I got an account with Cashplus. I've had the creditbuilder thing about 4/5 times but it has just occurred to me that it may look bad to any potential lenders.

If anyone has any advice or personal experiences with these matters I would be really grateful.

Thanks!

stevenhp1987

I've never seen a credit application that has asked for information on CIFAS markers. If it's removed then there is no problem.

Regarding CashPlus, it depends on the lender. Some may have their systems checking repayments and so it will look "good". However, most will look at the monthly cost and discount it if it's so low. Overall, I'd say you're wasting money on CashPlus. If you got a credit card (Regardless of the card; a credit card builder such as Aqua, Capital One etc. is fine) then using it and paying it off in full will be better for you.

When you say 4/5 times, do you mean 4-5 years?!?!? You've wasted enough money for an all-inclusive holiday in the south of Spain!

midnightescape

stevenhp1987 wrote: »

I've never seen a credit application that has asked for information on CIFAS markers. If it's removed then there is no problem.

Regarding CashPlus, it depends on the lender. Some may have their systems checking repayments and so it will look "good". However, most will look at the monthly cost and discount it if it's so low. Overall, I'd say you're wasting money on CashPlus. If you got a credit card (Regardless of the card; a credit card builder such as Aqua, Capital One etc. is fine) then using it and paying it off in full will be better for you.

When you say 4/5 times, do you mean 4-5 years?!?!? You've wasted enough money for an all-inclusive holiday in the south of Spain!

Hi thanks for your response, I was just scared in case you had to disclose and that would either result in me being rejected or maybe ending up with another CIFAs marker, I've heard some horror stories about people getting them after applying for mortgages

Yes I am fully aware, I only got my credit card last year and couldn't get credit previously due to the CIFAs marker. Hopefully the cashplus won't affect me too much as I had no other option at the time but to get a bank account with them because I don't want to wait 6 years for it to drop off my file before I can get a mortgage. Hoping my current bank may be a good option.

Yes 4 or 5 times, I am aware of the wasted money but I can't get it back so I may as well just let it go