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Credit Score - After Defaults are Removed


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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

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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

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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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.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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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.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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  • 1 month later...
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 !!

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1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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

 

 

Which bank is spouting that nonsense?

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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