Credit Rating Past - Still Affected

[Deleted User]

Having a job title of director means nothing - no one sees or cares what your job is.

It!!!8217;s unlikely you!!!8217;ll get a mortgage this year if you can!!!8217;t get a credit card

binaryuniverse

A mortgage is out of the question at present. Think about it, would you straight out lend £200k to someone who had absolutely no history about paying others back? But don't let that put you off. There's things you can do, today, in order to get there.

Find a credit card that WILL lend to you; either a sub prime card (Vanquis, Aqua etc) or try your bank. If you don't have a phone contract, a sim only deal is good way to aid building a credit history.

Over the next year or two, of solid credit history/no missed payments, start applying for better credit cards. 0% ones with higher limits. Also use this time to start putting away for a mortgage deposit. Even if you can't get a mortgage now, you'll be glad you did when you can get one.

If you've reached 3 or 4 years of solid credit history, with a few sensibly used cards on the go, and a manageable debt repayment strategy (note: only take up debt at 0%, with a plan for it to paid in full when the 0% term ends), then you can try testing the waters for a mortgage.

Patience is a virtue. And you'll need buckets of it, if you've just started rebuilding your history with a mortgage goal, in mind.

macman

As above, your rating is meaningless. Not sure how you think that being in Aus for 12m will make you less of a credit risk though? For the last year, you presumably have no credit history in the UK, no evidence of credit being taken and repaid on time (which is what potential lenders want to see), not on the Electoral Roll, no UK address.
Your job title and salary are simply not relevant.

olaufolive

Hi all,

Someone asked about my job and I confirmed my salary and job title and assumed this was relevant. I have no idea what is relevant.

Also aware I won't get a mortgage, but I need to know what to do to be able to get one..

To be clear, I currently:

1. Have a UK Capital One Credit Card - well under limit - recently had an increase, paid monthly
2. Have a UK monthly phone contract - paid monthly
3. Have a UK address
4. Am listed on the electoral role

BEFORE I moved here I had:

1. A Vanquis credit card - managed well and paid off in full
2. A Barclaycard credit card - managed well and paid off in full

Even whilst working in a corporate job in Australia I have made payments on my Capital One card and also paid my monthly phone bill.

Is the best option to build my credit to spend heavily on the Capital One and pay off chunks of it/clear it each month? It's a high interest/credit builder credit card. I've had it for about 18 months to build credit but also had a CCJ that was due to expire.

I am assuming my Barclaycard and Vanquis also count for nothing as the CCJ was still in place from when I was 21?

I have been saving for a deposit for years and have tens of thousands saved already. So I'll just continue to save that's no issue. I just need to resolve the credit issue to move on and do something with it! At this rate I'll be able to buy outright before i can get a mortgage...

Thank you

[Deleted User]

Which of the above are appearing in which of your credit reports? Have you checked them yet?

Always clear your card in full. Clearing in 'chunks' tells lenders you have no disposable income at all.

sparkey1

Your former 999 credit score is Experians score. It is an indicator, but its Experian estimated score based on a number of factors. 999 at Experian, does not mean you will get credit as each individual company has its own scoring technique. They will use the CRA as part of that, but not exclusively that. Exactly what credit card did you apply for?