Help with poor credit score

NickS1977

Looking into buying buy to let property, agent needed my credit score, I have a defaulted credit card dating back to 2015. I have the money to pay off the card in full.

I'd like to Know Is it worth paying it all in full? Will my cedit score change enough to get a mortgage?

Thanks for any advice.

jimbo26

Paying it off will always look better to a potential lender.

[Deleted User]

Agents and lenders will never need your credit score as it!!!8217;s made up.

They may ask for a copy of your credit report to check your credit history.

How much is the default for?

A settled default looks better than an unsettled one

DCFC79

NickS1977 wrote: »

Looking into buying buy to let property, agent needed my credit score, I have a defaulted credit card dating back to 2015. I have the money to pay off the card in full.

I'd like to Know Is it worth paying it all in full? Will my cedit score change enough to get a mortgage?

Thanks for any advice.

Did he really ask for your credit score ?


So the agent was the estate agent yes ?

Didn't think the estate agents requested this, least of all a score that no way determines if you can get a mortgage.


Your score no 1 can see, your report is what lenders can view when you make an application for a loan, mortgage.

macman

Paying off the default will show the debt as satisfied, but won't remove it. It will remain on your history for 6 years. But, do you seriously think that a default won't affect your eligibility for further credit, or increase the rate you might have to pay for a mortgage?

NickS1977

Hi thanks for the response. It's the mortgage advisor, she works for Meridian mortgages. She said the company that would possibly give us the buy to let mortgage would need to see the credit report.

The debt is shy of 4k. There's no other defaults on the account. Everything else is clear.

[Deleted User]

Yes they would want to see your report not the made up score.

Paying the default will look better but not 100%

sparkey1

Do you already own a property?

NickS1977

No don't own any property. This would be the first.

DCFC79

NickS1977 wrote: »

Hi thanks for the response. It's the mortgage advisor, she works for Meridian mortgages. She said the company that would possibly give us the buy to let mortgage would need to see the credit report.

The debt is shy of 4k. There's no other defaults on the account. Everything else is clear.

So the mortgage company can't access credit reports themselves then, thouht they had access.

Have you used a broker ?

takman

NickS1977 wrote: »

Hi thanks for the response. It's the mortgage advisor, she works for Meridian mortgages. She said the company that would possibly give us the buy to let mortgage would need to see the credit report.

The debt is shy of 4k. There's no other defaults on the account. Everything else is clear.

No mortgage company would be silly enough to give a mortgage based on a report you supply, you could easily edit it to make it look much better before giving it to them.

Also the report you see contains the names of the lenders where they wouldn't be able to see this so it's not a good idea to supply them with a copy as it may negatively impact you.