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Mortgage arrears.

YorkshireHardware
Posts: 15 Forumite

Several years ago I got into very bad money problems. I managed to keep my house, just, but had large arrears. I have been paying those off for several years. And was offered the opportunity to capitalise them onto the mortgage so have done so.
Because they are considered satisfied, how quickly will no longer showing as in arrears have an impact on my credit score? Will it only be after six years or does it happen gradually?
Many Thanks.
Because they are considered satisfied, how quickly will no longer showing as in arrears have an impact on my credit score? Will it only be after six years or does it happen gradually?
Many Thanks.
0
Comments
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The late payments will show on your credit file for six years. The effect of those will gradually diminish as the years go by.
Your credit score is only a made up number. It has no meaning. Lenders will look at your credit history and your payment history.0 -
RelievedSheff said:The late payments will show on your credit file for six years. The effect of those will gradually diminish as the years go by.
Your credit score is only a made up number. It has no meaning. Lenders will look at your credit history and your payment history.0 -
Yes. Your credit file will still show that there were late payments with late payment markers. But will now be showing that the latest payments are up to date.
As the late payment markers get older their affect gets less on your credit worthiness to lenders.1 -
YorkshireHardware said:RelievedSheff said:The late payments will show on your credit file for six years. The effect of those will gradually diminish as the years go by.
Your credit score is only a made up number. It has no meaning. Lenders will look at your credit history and your payment history.0
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