credit rating advice please

heggie_2

I have previously had credit problems, which I've worked to improve.

I currently have no defaults, no CCJ's, no missed mortgage payments. Any previous defaulted payments have been satisfied since 2002 but I am still showing a poor credit rating. I am not presently shown on the electoral roll at my current address - but they have received my forms this morning & tell me this will be amended in a few weeks.

Will this make a difference to my credit rating? i.e. will it move from poor to fair? I want to remortgage and want to go back to a high street lender if possible - any advice for me please?

herbiesjp

The fact they have been satisfied 5 years, and maybe registered even longer, wil mean that they should not weigh as heavily on your mortgage applications.

Showing on the lectoral can indeed improve your banding from poor to fair.

However to be honest, these are for indictaion purposes only. So whilst you are right to want to improve it, whether or not you will get a high street rate will depend on what score you get with the internal scoring system of the lender you are looking at. This could give you a totally different result

What figures are you looking at? Property value? Mortgage amount? Any other loans/debts in the background? What is your gross yearly income?

Conrad

Going on the voters roll will improve your rating after a time.

There are dozens of factors that affect your score but you will not be told what they are as this is very much kept a secret by those that design these scoring systems.

STABILITY IS KEY. Scoring systems will mark you higher the more stable you are. The longer in your job, the longer you remain on voters roll, the longer you remain at one address.
This reflects the unavoidable fact that the less stable you are the more liekly you are to default on debt.

Missed payments on anything will have a negative impact. The cold hard truth is that some people never ever miss a payment on anything so this is the ideal standard credit scoring systems are premised upon.

LENDERS:
Those that offer prime deals for people with lower scores include:

Chelsea
BM Solutions (I know they no longer do sub prime, but you may well not be classed as sub prime)

Platform - but beware higher rates on some products
IF

Coventry
Scarborough (like BM they have withdrawn from sub prime but again they might now not class you as sub prime)

N & P - well worth a go and a very competetive lender but VERY old fashioned - you must have lots of bits of paper and not be borrowing too much

Abbey - Sometimes low scorers get accepted
Nittingham BS - one of my fave lenders, but again they are a BS, so caution is thier core

heggie_2

Thanks for your quick responses.

I am looking for an 80% LTV and looking at what you have both said may come up against problems as I have only been with my current employer for 6 months. Also, my husband has recently started up his own business so will have difficulty not producing accounts, so may have to self cert.

As for credit - have missed maybe 1 or 2 payments on credit card in last 2 yrs, but these have been brought up to date within 1-2 months. Did have money problems a couple of years ago, but have worked to try and make sure this doesn't happen anymore

Prior to this I was at my prev address 7 years and my prev employment 12 years, always reg on electoral roll for last 15 years or so. My husband with prev employers 14 years - would they look at our stability differently because of this or look mainly at current circs?

What would you advise?

Conrad

They will place wieght on the current circumstances.

TMB may be well worth a try but check how long one has to have been self employed.
Slef cert does not mean no checks. Im finding lenders are wanting proof someone is actually trading in the form of invoices etc.

An Accountants reference is often sought regardless of a case being self cert.

Now you've given a fuller picture I think a high street lender is fairly unlikely.

The 6 months self employed is probably the most awkward factor.