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  • FIRST POST
    • Chris91
    • By Chris91 1st Oct 17, 7:56 PM
    • 10Posts
    • 1Thanks
    Chris91
    Bad Credit Rating
    • #1
    • 1st Oct 17, 7:56 PM
    Bad Credit Rating 1st Oct 17 at 7:56 PM
    My girlfriend and I are looking to buy our first place. We're currently renting.

    She took out 3 credit cards and defaulted on them all so she has a bad credit rating (score of 1/5).

    What's the best way to improve this? Is there anyone who offers free advice on the high street?
Page 1
    • ACG
    • By ACG 1st Oct 17, 8:06 PM
    • 17,049 Posts
    • 8,933 Thanks
    ACG
    • #2
    • 1st Oct 17, 8:06 PM
    • #2
    • 1st Oct 17, 8:06 PM
    When were the defaults registered?
    Who were they with?
    How much as a percentage is your deposit?
    Have they been satisfied?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Chris91
    • By Chris91 2nd Oct 17, 9:56 AM
    • 10 Posts
    • 1 Thanks
    Chris91
    • #3
    • 2nd Oct 17, 9:56 AM
    • #3
    • 2nd Oct 17, 9:56 AM
    Defaults: Aug 2013, Jan 2014 and July 2013
    Ccj: Aug 2016
    None satisfied - with Lowell, Barclaycard, Halifax.

    Deposit will be about 25%
    • obay
    • By obay 2nd Oct 17, 10:00 AM
    • 459 Posts
    • 383 Thanks
    obay
    • #4
    • 2nd Oct 17, 10:00 AM
    • #4
    • 2nd Oct 17, 10:00 AM
    Defaults: Aug 2013, Jan 2014 and July 2013
    Ccj: Aug 2016
    None satisfied - with Lowell, Barclaycard, Halifax.

    Deposit will be about 25%
    Originally posted by Chris91
    clear the defaults so there satisfied before buying the house.. AFAIK lenders will look more favorably

    However, I think the CCJ will also put you at a loss... but not 100% sure
    1/12/16 - 152,599.00
    11/11/17 - 145,990.00
    Two Credit agreements to pay off - 13653! (inc interest).
    Sofa (DFS) (0%)923/923 - Paid off 7th November!
    Barclays Boiler (18.9%!)1400/3021.36
    Barclays Car (5.99%)0/8,832.37
    • ACG
    • By ACG 2nd Oct 17, 10:09 AM
    • 17,049 Posts
    • 8,933 Thanks
    ACG
    • #5
    • 2nd Oct 17, 10:09 AM
    • #5
    • 2nd Oct 17, 10:09 AM
    If you were borderline high street I would say get them satisfied. Realistically though you will not be looking at high street lenders.

    You should have options, but rates are probably going to be around 3-4% a a ballpark, maybe a little over.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Chris91
    • By Chris91 3rd Oct 17, 10:46 AM
    • 10 Posts
    • 1 Thanks
    Chris91
    • #6
    • 3rd Oct 17, 10:46 AM
    • #6
    • 3rd Oct 17, 10:46 AM
    Thank you to everyone for your responses.

    Who is the best person to sit down and talk this through with - Mortgage Advisers, High Street Financial Advisers?

    Thanks
    Chris
    • Thrugelmir
    • By Thrugelmir 3rd Oct 17, 12:37 PM
    • 58,979 Posts
    • 52,311 Thanks
    Thrugelmir
    • #7
    • 3rd Oct 17, 12:37 PM
    • #7
    • 3rd Oct 17, 12:37 PM
    Why not attempt to settle them? Would at least improve her profile.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • NineDeuce
    • By NineDeuce 3rd Oct 17, 1:13 PM
    • 827 Posts
    • 766 Thanks
    NineDeuce
    • #8
    • 3rd Oct 17, 1:13 PM
    • #8
    • 3rd Oct 17, 1:13 PM
    Take out credit for the sake of it and pay it back in full before interest kicks in. Cant you do this with Tesco?
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