Trying to see light at end of tunnell

JustJonny25

Hello

Question....

Firstly got 4 long years to go and on current path if carry on bring frugal ill be all paid off, currently on payment plans

Just wonder once in the black again how long will it take to get good credit rating would hope to buy a house with gf (whose credit score is very good), in 7 years from now


Will my old debt hold me back and for how long

sourcrates

Hi,

Forget credit score, its basically a made up number.

Credit history is what counts, defaults from accounts stay on your file 6 years, then drop off automatically.

So every 6 years your file will be expunged.

Stick to been frugal Jonny.

JustJonny25

Ok thank you

So my last default was a year ago so by 2025 will be gone

If payment plan finishes in 2022, how much impact will that have?

sourcrates

JustJonny25 wrote: »

If payment plan finishes in 2022, how much impact will that have?

Well that would require an act of clairvoyance on my part, because its impossible to answer.

As a rule of thumb, if you still have defaults showing on your file, mainstream lenders will not touch you, it may still be possible to obtain a mortgage through a broker, but at sub prime levels of interest.

Your best bet would be to wait until your file is clear of all negative information, them apply.