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Thinking about the future...

Yeah I know i'm 21 so this is probably something most 21's don't think about but I think, cus of the six year credit record thing, am I going to be 27 before a bank will give me a mortgage and or decent %'s for things?

It's so far away :(

Matt

Comments

  • chevalier
    chevalier Posts: 7,937 Forumite
    Part of the Furniture Combo Breaker
    Providing you have plans in place to repay your debt over the course of the 6 years, your credit score will slowly improve -
    a) because you will be showing consistent payments, ie no late or missed payments
    b) as you pay off loans/credit cards you will have less available credit which also improves your score

    Ref the mortgage etc. It really depends on the bank/building society. Some will look at your more recent payment history and take that into account, some won't. The only sort of rule is don't get too many searches done by different institutions, as this can negatively affect your credit score
    chev
    I want a job that is less than an hour driving away from my house! Are you listening universe?
  • jak
    jak Posts: 2,027 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Try not to worry. It idsn't ideal but at least you'll be money savvy when you get you mortgage! And that puts you ahead of the game financially believe me!
    Check your credit 'rating' and things might not be as bad as you think anyway!
    X
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