Bad credit

[Hallmark]

Hi all

 

Does anyone know if the banks look as far back on your credit file more than 3 years when applying for a mortgage as I have arrears showing which are all clear now over 3 years ago?

 

I have recently received a loan from Natwest but I'm not sure if I will have my mortgage application accepted and don't want to damage my credit report with a decline.

 

Thanks

[dx100uk]

yes the full 6yrs and more if they can get it.

 

dx

[Hallmark]

I wonder how I got my loan with Natwest then. Abit strange.

 

Thanks

[jackomolight]

Has any of you guys heard of agency which can "repair" your credit rating? ( A guy mentioned this to me while ago )

[dx100uk]

rip off

 

dx

[tommytanker]

As dx says these credit repair companies are a rip off. I think there is something on the OFT website about them

[jackomolight]

Yeah I'll check that

[nstofberg]

No such things as a repair company.

You might want to put a notice of correction on your credit report to explain why you had difficulties.

 

I did this and it helped with my applications.

Might be worth checking your credit score to get a feel for how the credit agencies rate you

[Hallmark]

I get a really good score on credit expert, it says excellent 980 but i dont know if the banks use the same process to score and as soon as they see missed payments still within the 6 years im scared that a request for a mortgage will be declined.

[dx100uk]

nothing can be done about missed payments unless you owed nothing.

 

if you didn't pay

you didn't pay

 

dx

[assisted blonde]

Go into the bank/lender and discuss as the branch can still overrule people on the phone/internet, eg bank refuses a small 2 day overdraft but accepts loan application on phone and then on going into the bank branch they up the loan by 5.5k because they are happy with the account and dont have to accept the credit score! (this happened last week it is genuine) the person it happened to was made bankrupt about 8 years ago and used to have a really bad credit rating but has run their bank account ok for a few years so its always worth speaking to a person face to face and it makes things easier to explain.

[patters1978]

Can unpaid loans on bad credit rating eventually get better?

 

I have had some bad luck over the last 5 years and im in debt from unpaid loans but now things are on the up have a good job that pays well

but feel no matter what i do im always gonna be a risk

[renegadeimp]

AB is right. The internet apps are done automatically with nobody checking it. Go into the bank itself and they can personally check your app and push things through.