Credit Score - After Defaults are Removed

[bramshall_man]

Good Morning Group

 

I have an Experian credit score of 536 - I also have 4 defaults.

 

1 of those defaults will drop off in October and

the other 3 will drop off in January 2015 after having been on my credit file for 6 years.

 

Myself and my fiance are hoping to get a mortgage but will obviously wait until Feb/March time 2015

in the hope that my credit would have improved enough for me to qualify.

 

I hear the minimum score required would be around the 660 mark.

 

Can anyone tell me if my credit score is likely to improve enough

once these 4 defaults have been removed from my credit file?

or how much my score may improve?

 

I have no other defaults, ccj's, dmp's or things to that effect.

 

Thank you in advance. bramshall_man

[renegadeimp]

Forget that number. It doesnt mean anything. It is purely a mo ey makibg scheme by the cra.

 

Each and every lender has their own lending criteria

[BRIGADIER2JCS]

Good Morning GroupI have an Experian credit score of 536 - I also have 4 defaults. 1 of those defaults will drop off in October and the other 3 will drop off in January 2015 after having been on my credit file for 6 years. Myself and my fiance are hoping to get a mortgage but will obviously wait until Feb/March time 2015 in the hope that my credit would have improved enough for me to qualify. I hear the minimum score required would be around the 660 mark. Can anyone tell me if my credit score is likely to improve enough once these 4 defaults have been removed from my credit file? or how much my score may improve? I have no other defaults, ccj's, dmp's or things to that effect.Thank you in advance. bramshall_man

 

 

Hi welcome to CAG,

 

 

Have you checked the 2 other CRA Equifax and Experian?

 

 

The new credit checking processes that potential mortgage lender are using now are extremely harsh.

Most lenders are looking to more than 3 years of good-excellent credit management, any

even minor problems on a credit file will lead to rejection.

 

 

Under the new questionnaire you will be asked if you have had defaults on any accounts and CCJs etc.,

 

 

Affordability is also questioned e.g. if the interest rate rises in the near future will you be able afford the repayments when they go up.

 

 

The credit score I now a very small component in the mortgage app process.

Have look at the new questionnaire examples are on the internet.

[dx100uk]

yes I would suspect your score to vastly improve

but as pointed

 

sadly its running credit and whole new heap of stuff

that might well provide issues for you.

[MoyesMW]

Thought that defaults last for life now? That's what I was told by a bank?

[citizenB]

Thought that defaults last for life now? That's what I was told by a bank?

 

If it was someone with any authority, that made that statement, you should make a complaint to the Information Commissioner for not understanding the regulations correctly and the FOS for making a misleading statement. One that is designed to confuse and scare !!

[citizenB]

If it was someone who had no authority, then a complaint to the Bank Head office under the same points..

[BRIGADIER2JCS]

Thought that defaults last for life now? That's what I was told by a bank?

 

 

Which bank is spouting that nonsense?