CCJ Impact

magpies79

So just a quick question really how much of an impact is my CCJ having on my file I’m literally 1 month away from a satisfied CCJ falling off my file.

 have a few credit cards all upto date no missed payments on history for 6 years contract, phone broadband, Argos card always used for 0% so hopefully a decent level of positive history there.

Mortgage all upto date no missed payments in last 6 years owe £29,000 house worth 185k earnings are around 32k work on the railway so hopefully that’s about to go up 

I'm carrying a balance of 6k of debt on 0% all on course to be paid off within the end of it coming to end.

So did a search for a loan more out of being curious then anything put in 3k loan on all 3 credit file seacrhes and results are……I’m getting offers of 60% apr and 45%!!!!!
I know I’ve gone long winded here but is that right is that what I should be expecting always thought the older a ccj got the less of an impact it has.

 I’m guessing well more hopefully praying lol the results would be totally different in jan when my CCJ isn’t on my file as it’s been a long road to not being in the adversed category 
sorry for going on lol

sourcrates

A county court judgement is a big red flag to any potential lender, the older it is, the less effect it will have, but it will still affect you.
Once its gone and assuming the rest of your file is reasonable, things should improve yes.

magpies79

Ok well hope so I honestly thought by now it would start to see things improve offers wise but 60% for a 3k loan probably is the same as the offers I use to get when it was under a year old and not satisfied but yeah everything else is fine no miss payments what so ever no defaults and just a CCJ with a month to go 

MrFrugalFever

The best loan rates tend to be from £7,500 to £15,000.

Your CCJ with have an impact on your chances of acceptance and the rate your offered right up until it has been removed, it is still visible until that point and therefore still very much relevant to lenders.

I would wait a good 30 - 45 days after it officially drops off your report as it can take this amount of time for all systems/databases to update to reflect this. Just because it's showing as removed on your credit files doesn't mean it will feed through to lenders that quickly.

magpies79

Yeah get what your saying just thought like it pretty much states everywhere it has lesser effect as time goes by but if anything it seems worse and at that point when I looked and took a loan out years ago I had a default and 2 CCJs and wasn’t getting them kinda scary APRs.

 I’m not looking to get a loan was more wanting to get a feel of where I’m at so to speak and was shocked but I’ll maybe have another look like you said maybe feb-March time couple of months of it gone 

Hoenir

magpies79 said:

I'm carrying a balance of 6k of debt on 0% all on course to be paid off within the end of it coming to end.

Debt is debt even at 0%.  Was this a balance transfer clearing another credit card?  You'll be viewed differently once this is paid off. 

magpies79

No it wasn’t a balance transfer and yeah I see what your saying but like I said 60% apr for a 3k loan that’s crazy comparing that to when I actually took out a 2k loan when I had the default and 2 CCJs afew missed payments here and there think that was around 20% apr I mean still high but had all that adverse on there  I’ll just wait and see for jan/feb thanks for the replies again just wanted to see where I’m at