Poor Credit Record

Posted on 21 June 2012 by sam


Hi, So ..... I have poor credit, missed payments, in debt to the tune of around £1000, my girlfriend owns her own property, has a few credit cards and a loan of about £3000. We aim to have the majority cleared in the next 3 months. But i still have ccj on history going back 4 or 5 years, my debt is with two credit cards. We have had property valued and it could fetch a clear profit if about £25000 to £35000 after sale. We are looking to get a mortgage together, I earn £20000 and she earns £12000 to £15000 roughly. I was hoping you could advise if there are any options for us??

Sam

At the moment it is very unlikely that you will qualify for a mortgage with one of the well known High Street names due to your credit record.  Any missed payments within the last 12 months are likely to lead to an mortgage application and these combined with your CCJs mean getting a mortgage will be very difficult.

I recommend that you concentrate on maintaining your existing financial commitments until you have at least12 months clean payment history and use this time to help build up your deposit.  After 6 years your CCJs will fall off the back of your credit file and not show up on any credit search and so it would be worth getting a copy of your credit file to see when this is.  If you conduct your credit well between now and then you will have a far better chance of getting a mortgage.

Peter

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