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If you are applying for a mortgage, loan or any credit then likely the provider/lender will look to perform a credit check and/or credit score against you.
It could be at this point you first realise there is an issue on your credit file. Your credit history is there to see with the number of open and closed accounts you have had normally in the last 6 years. Lenders and Providers will use this information to assess your suitability in order to be eligible to lend to you.
Your credit report is available from several independent agencies such as Experian, Equifax and TransUnion to name the main companies which lenders use as to assess your eligibility.
Each one can hold different information and therefore your score can differ depending which one you look at. We recommend using www.checkmyfile.co.uk as gives you the information from all 3 agencies in one report to check.
If you spot any errors on your credit report then it is important to contact that Company to put it right as could be detrimental to your overall score.
Being registered on the Voters Roll does help your credit score. It shows a lender a record of where you have lived to help prove your identity and address history. You can check if on the Electoral Roll using this link www.gov.uk/electoral-register
There is a section regarding financial associations. If you have had any joint accounts with someone in the past but no longer have that account or linked with that person then would recommend closing that account and breaking that association. It could be someone in the past has bad credit and your report shows a link to you which can affect your score too.
If you have accounts you don’t use any more then would recommend closing them. It can be common to move from credit card to credit card with incentives on offer. Lenders will look at debt to income ratio and this can include the potential to borrow so although you have cleared the credit card balance you still have the facility to borrow on that credit card which can be detrimental to your score. So if you have moved from credit card companies and no longer need that credit card then close the account.
If you are paying towards household and utility bills then make sure you are named on the accounts. If not, then it will not be registered on your credit file and counting towards your score and if paying bills on time then this will have a positive effect on your overall score.
Making multiple applications in a short space of time can negatively affect your credit score. Some companies will do a “hard” credit check on you which reduce your credit score each time.
In a busy world it is easy to forget to pay a bill on time so we recommend where possible to set up a direct debit on the account even if set it for the minimum payment each month with a credit card for example so no missed payments or late payments will appear on your file.
Please remember that we have all had issues in the past and credit scores are not fixed and they can change. We also have lenders who don’t just say yes or no based on your credit score and will look at your credit history and take into account of the circumstances behind it. We do not judge and here to offer a helping hand to get you the advice and expertise with any requirements and needs. Please contact us today for a friendly chat about how we could help you.
Helping Hand Mortgages Ltd is an appointed representative of MCB Financial Services who is authorised and regulated by the FCA.
Helping Hand Mortgages is entered on the FCA register under reference 988645 and Companies House reference 14513883.
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Helping Hand Mortgages Ltd is an appointed representative of MCB Financial Services who is authorised and regulated by the FCA.
Helping Hand Mortgages Ltd is entered on the FCA register under reference 988645
Helping Hand Mortgages Ltd is an appointed representative of MCB Financial Services who is authorised and regulated by the FCA.
Helping Hand Mortgages Ltd is entered on the FCA register under reference 988645
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Yes, you can still get a mortgage if you have had Pay Day Loans in the past. It may be more difficult and limit the amount of lenders and products available but there are Specialist Mortgage Lenders that deal with brokers like us to help.
High Street Lenders do not mortgage like to see pay day loans on a credit file or bank statement as indicates to them of financial difficulties in the past or currently as short term finance to manage current repayments.
It will depend on certain criteria based on the Pay Day Loans showing as registered such as:
When the loan taken out
How much was borrowed
How many loans taken out
How quickly they were paid off
The story behind why you needed to take the loans
*Please note when you click through to checkmyfile, we may earn a small commission at no extra cost to you. We only recommend sites we truly trust.
*Please note when you click through to checkmyfile, we may earn a small commission at no extra cost to you. We only recommend sites we truly trust.
Yes, you can still get a mortgage if you have a low credit score or no credit score. It may be more difficult and limit the amount of lenders and products available but there are Specialist Mortgage Lenders that deal with brokers like us to help.
High Street lenders are dealing with a high volume of cases each day so will credit score each application and if you do not meet that credit score then will decline the application on that basis alone. It is a computer says no situation with no appeal.
We will check with lenders who manually check your credit file so not dealing with a computer to find the best solution for you.
Yes, you can still get a mortgage if you have been Repossessed in the past. It may be more difficult and limit the amount of lenders and products available but there are Specialist Mortgage Lenders that deal with brokers like us to help.
It will depend on certain criteria based on the Repossession such as:
The date you were repossessed
The reason why you were repossessed
Any other credit issues
You credit history since being repossessed
Late payments can be common and payments can be missed in certain circumstances and we understand this and can still help find a solution for you.
Late payments are not as bad as a missed payment as you still made that payment. Normally as long as you made the payment before the next monthly payment due then would not show as a missed payment or arrear on your credit file.
We would need to understand the reasons that led to the IVA, how long ago it was and the impact that had on your credit file.
Yes, you can still get a mortgage if you have had late and/or missed payments on credit. It may be more difficult and limit the amount of lenders and products available but there are Specialist Mortgage Lenders that deal with brokers like us to help.
Late payments can be common and payments can be missed in certain circumstances and we understand this and can still help find a solution for you.
Late payments are not as bad as a missed payment as you still made that payment. Normally as long as you made the payment before the next monthly payment due then would not show as a missed payment or arrear on your credit file.
We would need to understand the reasons that led to the IVA, how long ago it was and the impact that had on your credit file.
Yes, you can still get a mortgage if you have been in an IVA in the past. It may be more difficult and limit the amount of lenders and products available but there are Specialist Mortgage Lenders that deal with brokers like us to help.
We would need to understand the reasons that led to the IVA, how long ago it was and the impact that had on your credit file.
Yes you can still get a mortgage if you have a Debt Management Plan or been in one in the past. It may be more difficult and limit the amount of lenders and products available but there are Specialist Mortgage Lenders that deal with brokers like us to help.
With a Debt Management Plan you would be in an arrangement via a company like StepChange and be paying a lower amount to the people you owe over a longer period of time. This can affect your credit file as the people you owe money to will normally report it as an arrangement on your credit file, in some circumstances it may be reported as a Default.
Even if you are withing a Debt Management Plan there are specialist lenders who will still lend to you based on the payment history of the plan.
Yes you can still get a mortgage if you have been bankrupt in the past. It may be more difficult and limit the amount of lenders and products available but there are Specialist Mortgage Lenders that deal with brokers like us to help.
We would need to understand the reasons that led the Bankruptcy, how long ago it was and the impact that had on your credit file.
You can still get a mortgage with a Default. It may be more difficult and limit the amount of lenders and products available but there are Specialist Mortgage Lenders that deal with brokers like us to help.
Some of these lenders will ignore small Default’s if registered by a mobile phone company or other communication companies.
It will depend on certain criteria based on the Default’s showing as registered such as:
When they were registered
If satisfied or unsatisfied
The value of the Defaults
The number of Defaults
The story behind the circumstances
You can still get a mortgage with a CCJ. It may be more difficult and limit the amount of lenders and products available but there are Specialist Mortgage Lenders that deal with brokers like us to help.
It will depend on certain criteria based on the CCJ’s showing as registered such as:
When they were registered
If satisfied or unsatisfied
The value of the CCJ’s
The number of CCJ’s
The story behind the circumstances