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  • FIRST POST
    • backontrack83
    • By backontrack83 9th May 18, 2:25 PM
    • 17Posts
    • 2Thanks
    backontrack83
    Preparing to buy a house
    • #1
    • 9th May 18, 2:25 PM
    Preparing to buy a house 9th May 18 at 2:25 PM
    Good Afternoon

    After finally clearing our debts and working on improving our credit file and accepting we are likely going to be need a subprime lender I am looking at what we should or shouldn't do to help our application when the time comes in about a year or so.

    We have approx 1200 on credit card each - a 0% credit card which we are paying off and no other debts. We were in a DMP which is now fully cleared. My credit file is worse than my husbands and I have 4 defaults showing on my file.
    Capital One - 42 months from date of first default
    Natwest - 10 months from date of first default
    HSBC - 36 months from date of first default
    HSBC - 7 months from date of first default.

    These are all fully paid off now and show as settled.

    So we know we need to pay off the credit cards and will be clear by the time we intend to apply for a mortgage, we will not be taking anymore credit out, apart from saving for a deposit (were putting away 1050 a month) is there anything else we can do within the next year or so to help our chances of being approved?

    This is already a bit of a minefield and we are only in the preparation stages

    Any advise will be gratefully received
Page 1
    • kylej64
    • By kylej64 9th May 18, 4:18 PM
    • 14 Posts
    • 19 Thanks
    kylej64
    • #2
    • 9th May 18, 4:18 PM
    • #2
    • 9th May 18, 4:18 PM
    Three things spring to mind:

    Make sure you are on the electoral register.

    Keep saving, you can never have enough savings (though you should initially use that money to clear the credit card asap in my opinion).

    Chech and double check everything is paid in time to avoid any further defaults.
    • backontrack83
    • By backontrack83 9th May 18, 4:47 PM
    • 17 Posts
    • 2 Thanks
    backontrack83
    • #3
    • 9th May 18, 4:47 PM
    • #3
    • 9th May 18, 4:47 PM
    Three things spring to mind:

    Make sure you are on the electoral register.

    Keep saving, you can never have enough savings (though you should initially use that money to clear the credit card asap in my opinion).

    Chech and double check everything is paid in time to avoid any further defaults.
    Originally posted by kylej64
    Thanks for the reply.

    Electoral register - already on that and have been since we moved in 6 years ago.

    Credit Cards - Will pay them off as quickly as we can.

    Def no missed payments for at least a year if not longer. And now everything is paid by DD too.
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