Credit score is poor due to others.

danthemoneysavingman

Sorry to say, but as was in your name, no one will change anything most likely.
Take yourself off the mortgage application if that is what's stopping it happen?
If not happy with this, I guess you'll have to delay your plans.

GL

xlnc99

sourcrates said:

xlnc99 said:

sourcrates said:

Time will heal your credit file, the further back in time negative information is, the less effect it will have on you.

Lenders mostly just look at your most recent credit history, although a mortgage provider will look back further.
WTL is confusing late payments with "Arrangement to pay" markers, late payments stay visible for 6 years, arrangement to pay markers stay 6 years after the debt is settled.

So no need to contact virgin.

No i believe WTL is correct. Late payment markers will stay visible on your credit report for 6 years after the account is settled.

It appears Experian disagree with you on that :

https://www.experian.co.uk/consumer/guides/late-payments.html

not sure how they disagree. All they say is that it will stay for 6 years - which is correct. But once an account is closed all data stays on there for six years unless defaulted. This is standard. I can also back this up because ive had missed payments on a few accounts that were closed in 2015 and 2016. These missed payments were in 2012 and 2013 and they are still showing up on my credit file because the account was closed in 2015. It retains all data up to six years. If the account was open for 10 years and it would only retain the data for the last 6 years of the 10 years. Once the account is closed after 10 years it will still show the data for the last 6 years and of that account up until the account is closed. Then it will be a further 6 years until the account is completely gone from your credit file after it was closed.

Willing2Learn

xlnc99 said:

sourcrates said:

xlnc99 said:

sourcrates said:

Time will heal your credit file, the further back in time negative information is, the less effect it will have on you.

Lenders mostly just look at your most recent credit history, although a mortgage provider will look back further.
WTL is confusing late payments with "Arrangement to pay" markers, late payments stay visible for 6 years, arrangement to pay markers stay 6 years after the debt is settled.

So no need to contact virgin.

No i believe WTL is correct. Late payment markers will stay visible on your credit report for 6 years after the account is settled.

It appears Experian disagree with you on that :

https://www.experian.co.uk/consumer/guides/late-payments.html

not sure how they disagree. All they say is that it will stay for 6 years - which is correct. But once an account is closed all data stays on there for six years unless defaulted. This is standard. I can also back this up because ive had missed payments on a few accounts that were closed in 2015 and 2016. These missed payments were in 2012 and 2013 and they are still showing up on my credit file because the account was closed in 2015. It retains all data up to six years. If the account was open for 10 years and it would only retain the data for the last 6 years of the 10 years. Once the account is closed after 10 years it will still show the data for the last 6 years and of that account up until the account is closed. Then it will be a further 6 years until the account is completely gone from your credit file after it was closed.

I must say I am a bit confused about how long late payment markers stay on your file.  I cannot find anything that makes it clear... All I can find, via google, is that a late payment marker stays on your file for six years.  I cannot find anything that states how long a late payment marker stays on your file when an account is closed or settled...  

sourcrates

In the end it makes little difference how long they show for, most lenders only look at your last 6-18 month credit history when making lending decisions, further back for a mortgage i would assume, but for normal borrowing, late payments over two years old will be dis-regarded.

xlnc99

I remember once querying this with experian on the phone. I was under the same impression as most, that after 6 years it would be gone from my file no matter what. He told me its only 6 years for as long as the account is open. Then open account only shows the last 6 years worth of data. A closed account however will show all the data on the closed (6 years worth) but the closed account wont be removed from your files for a further six years when closed. Unless defaulted then 6 years from default date.

So in essence you can have a late payment showing on your account for 11 years (if you get  a late payment 5 years ago,  close the account in year 6 and then it will stay in your file for another 6 years.

ITs Barmy but i agree with sourcrates. After 2 years at the most, not sure what effect a late payment has

Sprigg

UPDATE:

Mortgage broker has said best bet is to reapply again in 6 months. Though if I have a default on my File from 2017 and only just paid it last week, would 6 months even make a difference?

Willing2Learn

To be honest, I would start a new thread on the mortgage board as there are a number of mortgage brokers who are active members.  They would probably be best suited to giving you that sort of advice. 

https://forums.moneysavingexpert.com/categories/mortgages-endowments

georgia_c

been working on building mine up for a while now. removed any linked people as their poor credit was affecting my score.