Buying/Renting with my history 13 April 2022 at 7:46PM in Credit file & ratings 5 replies 327 views

joseffoliver97

Hi All,

Long story short, I had money troubles growing up (18-22) and got myself in debt and CIFAS Cat 6 marker.

Thankfully I have changed my life and finances.  Myself and my partner are looking at moving out in the next few months and I wanted to look at our options.

In an ideal world we will buy a house but I feel that my credit history (currently 450 credit score) and CIFAS marker will hold us back.

Will we be able to do anything about getting a mortgage - perhaps having my partner (good credit history) as the main person with me on the side? If it helps, my salary is £25k annually plus monthly bonus £1000-3000.  My partners is £22k.  We have around £20-25k saved.

Is there any chance of us being able to buy? And if not are we likely to have similar issues renting?  I wish I could get rid of this CIFAS marker as it has ruined my life the last two years but I am stuck with it for another four.

any help much appreciated.

[Deleted User]

CIFAS marker will stay there for 6 years

Your credit score is never seen by any lenders, it's completely pointless, simply ignore it.

You can't have a joint mortgage with you "on the side", you would both be jointly liable for it

If you early somewhere between 37k and potentially 61k then save more - the bigger deposit, the better and see a broker specialising in adverse credit.

SusieT

You may be better off posting this in the mortgage section as there are brokers there who may have some suggestions, or who would be able to advise if there are lenders who might consider you.
Renting is more of a possibility and if you were able to continue saving you may find it easier to buy when the cifas is a bit closer to being removed

Jamesyb123

I also have a cifas cat 6 marker with 10 months left on it until the 6 years is up. After years of research and trying different things you won't obtain any sort of credit especially a mortgage with that on there even if you had a perfect credit file. I was lucky to get a bank account with one of the online banks. I would also advise not to apply for too many products during the next 4 years as there is a possibility that after the 6 years the banks you get rejected from may have a longer history so try to limit how many banks you try to apply with but my advice is to get your head down and don't draw attention to yourself as you might find existing products you have are closed down. Its a hard road but the time does pass. Good luck for the future.

Rt0168

Jamesyb123 said:

I also have a cifas cat 6 marker with 10 months left on it until the 6 years is up. After years of research and trying different things you won't obtain any sort of credit especially a mortgage with that on there even if you had a perfect credit file. I was lucky to get a bank account with one of the online banks. I would also advise not to apply for too many products during the next 4 years as there is a possibility that after the 6 years the banks you get rejected from may have a longer history so try to limit how many banks you try to apply with but my advice is to get your head down and don't draw attention to yourself as you might find existing products you have are closed down. Its a hard road but the time does pass. Good luck for the future.

Bro I’m so lucky I got mine remived after having the cifas on me for 8 months 

Jamesyb123

Rt0168 said:

Jamesyb123 said:

I also have a cifas cat 6 marker with 10 months left on it until the 6 years is up. After years of research and trying different things you won't obtain any sort of credit especially a mortgage with that on there even if you had a perfect credit file. I was lucky to get a bank account with one of the online banks. I would also advise not to apply for too many products during the next 4 years as there is a possibility that after the 6 years the banks you get rejected from may have a longer history so try to limit how many banks you try to apply with but my advice is to get your head down and don't draw attention to yourself as you might find existing products you have are closed down. Its a hard road but the time does pass. Good luck for the future.

Bro I’m so lucky I got mine remived after having the cifas on me for 8 months 

Very lucky they rarely do it, hope you've been able to move on, I was responsible for what I did so I didn't fight it I accepted it and used it as a lesson to be better