Credit ratings / CCJs

LL198585

Hi all,

Quick overview... I entered a Scottish trustdeed few years back and it finished June 2017. On Experian is says it’s 56 months old, I understand this stays on your credit file for 60 months? Is this correct? I defaulted on 3 accounts when I when into the trust deed, will these defaulted accounts leave my credit file after 60 months?

Reason I’m asking is that I’d like to get a mortgage and everything is looking good for me except these things being on my file and it’s really effecting my credit score.

Any advice would be greatly appreciated

Thanks in advance

LL

LL198585

Sorry June 2018 it finished, not 2017

[Deleted User]

Defaults and CCJs drop off after 6 years.

When they do, your score will probably drop further but that's ok. It's not used in lending.

The important thing is that your credit files will look a lot better.

LL198585

Thanks. Roll on June /July then and there all off my credit report

LL198585

In real terms once these drop off how easy / quickly will I be able to get a mortgage at a decent interest rate? I will have a good deposit etc

Thanks in advance

[Deleted User]

You may get a slightly better rate.

But you will also still need to get some credit history behind you

LL198585

Thanks. I’m doing this as much as I can, credit cards paying them off etc. Hopefully all will turn good it was a dark time in my life few years back but I can see end of the tunnel now

SpockT

Hello.

Going to resurrect this post.

I also had a Scottish trustdeed a few years back.  Everything relating to it is gone from my credit file and my score is now excellent.  I thought I would try for a mortgage in principle the other day through my own bank, just to see if and how much I may be able to borrow. The salesman got through the questions as far as "Have you had any bankruptcies ect?", and that was as far as the conversation got. I said I had been in trustdeed and that it had finished a long time ago and no longer showed on my credit file. Unfortunately the banks policy said apparently, that I could not get a mortgage because of the trustdeed.

It's starting to look like your tarred for life regardless of your credit score.

[Deleted User]

It was pointed out upstream that your credit score isn't a factor in lending. 

It's all about the data and your history.

MovingForwards

Some lenders will never touch someone who was bankrupt, had a Trust Deed or IVA.
That's why you need to carefully read all the lending criteria before applying for a mortgage / DIP or have a broker.

LL198585

The time has come and everything has dropped off my credit file. Got zero debt and nothing negative to show, well maybe a negative is my credit card only has a £500 limit. Will I be able to get a decent credit card in the near future? Like a Barclays card etc?