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By *iddylad87 OP Man
over a year ago
kidderminster |
To get a mortgage with a poor credit rating? I’ve had terrible credit for years owing to a gambling addiction, that led me to run up credit and store cards.
Would the fact that I’ve been livin in rented accommodation for the last 4 years and never been late with my rent stand me in good stead? Or would I still be up schitt creek?
Any advice will be appreciated |
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There are limits set by government on how much you can borrow. If you have a bad credit rating, that will decrease the number of lenders open to you and probably push your interest rate up, but that doesn't mean you won't be able to borrow up to your allowed limit. It all depends on how bad your credit rating is.
Go to a good mortgage broker who has a good range of lenders and you should find out your options easily enough. |
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I can't remember what he did but my partner did something online where he registered his rent payments to count towards his credit score as they don't normally effect it. He had poor credit due to not having a bank account for a few years. You can also improve it by buying things on credit cards and paying it off the same month. There's also ways of getting around poor credit such as guarantor mortgages. |
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By (user no longer on site)
over a year ago
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Do the credit score checks, several places do them for free. Check your score and any reasons if it’s poor. Address those reasons (just being on the electoral role (particularly if you are renting where people often forget to update!) can increase your score |
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By (user no longer on site)
over a year ago
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It’s been said above but sign up to one of the credit score improvement sites.
I had a similar situation to you in my youth and soon turned it around.
Total money is a good site to use.
Good luck  |
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By (user no longer on site)
over a year ago
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If you've ever defaulted etc on repayments it can stay on you credit file for 6 years. I think CCJ's may be different. But if you haven't got any of those then you might be quite good on your credit score. Best to check your score like others said and go from there.
PW |
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