My credit file - and when it’s safe to apply for credit 26 July 2018 at 2:49PM edited 30 November -1 at 1:00AM in Credit File & Ratings 11 replies 1K views

Mjfender26

Hey guys, so I’m now at the very lowest part of my debt, almost all paid off, have around £180 left, my credit file is starting to increase dramatically , but still have those unwanted defaults dating back to 2015 in some cases.

My question is, when will it be safe after next month (when my whole debt is cleared) to apply for credit , I’m looking to get a mortgage, but want a base guideline of when to even think of applying.

Any feedback is massively appreciated.

[Deleted User]

Please take no notice of the made up score and ratings.

You can apply for credit whenever you wish - but use some eligibility checkers.

If you have defaults on your file then i would suggest going to a broker who specialises in adverse credit files

Mjfender26

Ah, so it’s just a ‘RNG’ (Random number generator).

Will things like my interest, Ammount payable etc etc be heightened due to the bad credit history?

[Deleted User]

Yes the numbers the CRA's use are entirely made up.

Mjfender26

Kinda good to know then, so there’s a chance that even with my Credit score being (low compared to most) I have a chance of being accepted anyway?

[Deleted User]

Accepted for a mortgage?

You'll need to see a broker.

And again, ignore the made up score, regardless of how high or low it may seem

sparkey1

When you apply for a mortgage go to a broker who will be able to check a range of mortgage providers. If you have defaults he will be able to check against the lenders criteria, and remove those lenders that wont lend to you to save wasted applications.

If the defaults are on cards, dont close the cards until the adverse credit information falls off the end.

T-G-C

Mjfender26 wrote: »

Ah, so it!!!8217;s just a !!!8216;RNG!!!8217; (Random number generator).

Will things like my interest, Ammount payable etc etc be heightened due to the bad credit history?

It's not completely random like some people claim, the CRA does use the data held about you to make an approximation of what a lender would score you internally.

The correct advice regarding any credit score provided by a CRA is that it should not be taken literal and that a lender's own scoring could significantly differ from the illustrative equivalent. The score is not completely pulled out of thin air, as CRAs attempt to emulate a real financial institution to some extent, but it doesn't take into account lending criteria etc. which would take place on a real application for credit.

[Deleted User]

The scores are to be 100% ignored.

sparkey1

If your worrined about not making a application until your debt is paid off, do not apply for at least 6 weeks after you make your payments. It can take that long to update your credit reports.

Mjfender26

Okay cool, so even after my very last payment, 6 weeks after my credit file would be considered a lot better ?