Major Problem - Crap Credit Score and Buying new house?!?!

unluckymike

I have a dilema.

I have a rubbish credit score where I can't even get the simplist of things on credit and I am buying a new house in 5 months. I have plenty of money coming in now and not a lot out but I am having problems.

My bank manager suggested a couple of long-term things but I'm not sure.

Anyone got any ideas/tips for helping repair poor credit history from 8 years ago?

PM's please

Ta Muchly

Sea78

Hi

I'm not completely sure about this - might be worth posting on the mortgages board as well.

You could try a broker such as London and County for advice on what mortgages are available - also, have you got a decent deposit sorted as this will really help too. What were the solutions offered by your bank manager?

Sea xx

unluckymike

Sea78 wrote: »

Hi

I'm not completely sure about this - might be worth posting on the mortgages board as well.

You could try a broker such as London and County for advice on what mortgages are available - also, have you got a decent deposit sorted as this will really help too. What were the solutions offered by your bank manager?

Sea xx

Suggested selling then renting for a little while which I don't want. That isolates me out of the picture and may not get back with a mortgage again, which is my main worry.

Sea78

Hve you currently got a house then? How about the deposit?

It might help if you rang a broker to see what options are available to you - it might surprise you? (in a good way!)

Sea xx

chevalier

Hi there
I would suggest you get a copy of your credit file. When you have a look check to see that any debt you have paid off, is marked as satisfied on there. Sometimes companies forget to update the credit reference agencies. Getting defaults etc marked as satisfied should improve your score.
chev

paddypuma

I'd also suggest getting your credit file from both Experian and Equifax and checking them both as I've found, to my annoyance, that they can hold completely different information about your credit history! :mad:

jimbo26

Problems 8 years ago shouldn't still be affecting you. Get copies of your credit reference files and see what is recorded.

MKDebt

Speak to a decent mortgage broker (we used http://www.kingswoodlaw.co.uk) - you will be amazed what they can do. They have direct contact with the underwriters and access to deals that are never seen by the public.

We had £25k of defaults and £30k other CC debt in the last 2 years (experian put my credit score at less than 100!) and they still managed to get us a 3 year fixed rate at less than 6.5% - and the fees weren't hugely out of line with high street mortgages.

rayday2

I don't know too much about credit histories but if you have a mortgage and are making good payments every month this is something positive recorded, if you sell up and rent they will have nothing positive going on your file.

But maybe I am over simplifying things.

I know my two problems from 1999 don't show at all on my credit history and there are still balances I am paying.