When do u know u have a bad credit rating?

[Alfie29]

My mate is getting a place of his own (lucky guy).

 

But he is in overdraft of £1,500.

 

He got a loan out of £2,000 last oct and feb of this year and is still struggling.

 

But does that mean that he won't be able to get a place of his own when he gets a credit check?

 

I said I will ask this form as I ain't got a clue myself lol.

 

I mean surley if he pays it back fully won't that be enough? :/

 

thank u all

[Consumer dude]

When you say a place of his own, do u mean rent or buy..

[dx100uk]

you'll know when you are refused:lol:

 

get his credit file

 

see noddle below and see what it says.

 

dx

[Alfie29]

Sorry he said he is doing an shared ownership for a 1 bedroom.

[Alfie29]

He is still worrying and no one is helping him. :/

[Alfie29]

I'm wanting to TRY and get myself a 1/2 bedroom flat but is 570 rating gonna get me one?

 

I had a bad month last month and missed 3 payments.

 

But now back on track but is it enough?

 

I'm with Santander and they seem to be ok with me but they haven't done and a credit check on me.

I did the credit check myself with Experian.

 

thank u to all who help

[ims21]

Don't forget, scores from the CRAs are simply a guide for you.

 

All of the lenders will have their own criteria for lending and with the new guidelines regarding mortgage lending it is a lot tougher than it used to be anyway.

 

Individual lenders will credit check you but they will run their own algorithms to determine whether they are prepared to lend.

[Conniff]

A past payday loan will now prevent you getting one.

[Alfie29]

No I got a loan with Santander and now owe them only £335 left. Had a bad month last month but as I said back on track now.

 

I did fone Santander up and said about getting a mortgage with them they said they maybe able to and asked a figure out of the air which I couldn't give them lol. But until they do a credit check I dunno?

[Alfie29]

Don't forget, scores from the CRAs are simply a guide for you.

 

All of the lenders will have their own criteria for lending and with the new guidelines regarding mortgage lending it is a lot tougher than it used to be anyway.

 

Individual lenders will credit check you but they will run their own algorithms to determine whether they are prepared to lend.

 

U R TOTALLY RIGHT THERE!

 

I've just done another FREE trial with another site and im 747 score on there lol! Wtf?

But saying if that IS true then it prob is as I've paid most of the money back. E.g for my sofa, loan, car etc...!

 

I hav a meeting with Santander nxt week so hopefully they will tell me my TRUE credit rating in the end?

[theoldrouge]

I would suggest you visit a very reputable mortgage broker, with access to the whole of the market, and talk through your options with them, before you start going through credit checks, as if you fail with santander each search will lower your credit score

[Alfie29]

Just checked 2day and I'm on 626 SO GOING UP!

Thank u THEOLDROUGE for ur advice, i'm so grateful for any advice.

 

Btw i have 11k credit (amoud of outstanding debt) so wot does this mean for me? I know I can afford the repayments and have a big deposit!

[theoldrouge]

the larger %deposit re loan to value that you have the better your chances. Nowadays your proveable earnings will comfortably have to cover all your potential outgoings including potential rises in interest rates, as I said, in your situation a reputable broker ( not tied to any lender) with access to all the market would be your best way forward

[stevemLS]

But 3 defaults in the last month is some hurdle to cross.

[Alfie29]

Thank u again

 

I will get looking into a mortgage broker

 

Jut annoys me that they want near or above £400 just to search :/

Edited June 21, 2014 by ims21

[theoldrouge]

Who wants £400 just to search??? You would only pay a survey fee on making a formal application. Do not deal with anyone wanting upfront fees

[newhereplease help]

I'm wanting to TRY and get myself a 1/2 bedroom flat but is 570 rating gonna get me one?

 

I had a bad month last month and missed 3 payments.

 

But now back on track but is it enough?

 

I'm with Santander and they seem to be ok with me but they haven't done and a credit check on me.

I did the credit check myself with Experian.

 

thank u to all who help

 

Hi Alfie,

 

I'm just curious, if you had a bad month and missed 3 payments, why do you want an enormous debt of a mortgage around your neck?

I'm not trying to be nasty but if you are having issues now without the repayments from a mortgage, what makes you think that you will cope with the added burden of mortgage payments?

 

Me