chloe16v
Member
Registered: 29th Nov 07
Location: Rotherham
User status: Offline
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will paying off existing loans higher your credit score? if so how long will it take for the score to rise, say we have 20k in loans and we pay them off, will the credit score rise as we have nothing paying out each month
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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yes, pay them off, increase your credit score
also other things you can do
close bank accounts you dont use
register with electoral role
dont get joint credit with somebody with bad credit
and if it's to get a loan, apparently a landline phone number helps, stangley
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chloe16v
Member
Registered: 29th Nov 07
Location: Rotherham
User status: Offline
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its to get a mortgage, im the 1 with bad credit but my fella has every loan in his name and the mortgage will be in his name, but the bank said his soft credit search showed his score was too low but logging into his experian account shows his score is rather high  hopefully with everything paid off it will higher his score and show he can afford a mortgage
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chloe16v
Member
Registered: 29th Nov 07
Location: Rotherham
User status: Offline
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his account shows he has never missed a payment but he has only ever had 1 bank account and never had a credit card
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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Mortgage affordability is different to a credit score - just because you can afford a mortgage doesn't mean you will get accepted, conversely just because you have a good credit score doesn't mean you can afford a mortgage.
Affordability calcs vary from lender to lender, but single person mortgages will be the least affordable as only 1 wage is responsible for servicing the debt
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tom130691
Premium Member
Registered: 13th Sep 08
Location: Daventry
User status: Offline
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As above
I was rejected finance on a car 6months ago and Halifax are happy to give me a mortgage as a single applicant
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John
Member
Registered: 30th Jun 03
User status: Offline
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Rejected finance on a car is a bit weird. Its secured and they normally have a big list to go down.
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Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
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that ^
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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Have you just had a mortgage offer in principal Tom or a formal offer?
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tom130691
Premium Member
Registered: 13th Sep 08
Location: Daventry
User status: Offline
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quote:
Originally posted by LiVe LeE
Have you just had a mortgage offer in principal Tom or a formal offer?
technically neither 
because im a contractor i have to be in work a year, so as of july 22 or in her words "if you go permanent call me and i can give you one over the phone now ive met you already"
The car situation was due to finishing uni, had full time job 3 weeks, massive overdraft still but all gone now
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chloe16v
Member
Registered: 29th Nov 07
Location: Rotherham
User status: Offline
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loan and store cards have been paid off today so that will take 10 days to record on the credit score and as soon as the car insurers settle up that'll be us debt free  just hope it makes a difference 
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John
Member
Registered: 30th Jun 03
User status: Offline
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quote:
Originally posted by tom130691
quote:
Originally posted by LiVe LeE
Have you just had a mortgage offer in principal Tom or a formal offer?
technically neither
because im a contractor i have to be in work a year, so as of july 22 or in her words "if you go permanent call me and i can give you one over the phone now ive met you already"
The car situation was due to finishing uni, had full time job 3 weeks, massive overdraft still but all gone now
All that means is if you tell her how much you earn permanent, they'll say how much they would potentially give you, if the stars align.
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tom130691
Premium Member
Registered: 13th Sep 08
Location: Daventry
User status: Offline
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quote:
Originally posted by John
quote:
Originally posted by tom130691
quote:
Originally posted by LiVe LeE
Have you just had a mortgage offer in principal Tom or a formal offer?
technically neither
because im a contractor i have to be in work a year, so as of july 22 or in her words "if you go permanent call me and i can give you one over the phone now ive met you already"
The car situation was due to finishing uni, had full time job 3 weeks, massive overdraft still but all gone now
All that means is if you tell her how much you earn permanent, they'll say how much they would potentially give you, if the stars align.
Ran through all that with her, I know how much I can borrow, what repayments are like with what deposit ect,
the only reason I cant have one now is ive only been here 8months or so. Just a waiting game now.
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Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
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this worries me a tad... if i get redundancy like im pushign for, and go for a hosue ill have 20-25% deposit and a salary (assuming i got a new job  ) makign it more than affordable but i havent had any debts for years (no loans, credit cards, buy now pay laters etc) and have moved around a fair bit, wonder if that will screw my credit score
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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Robbo, just get a credit card now and spend everything you normally buy on it and set the DD up to clear it every month, no hassle credit card score. Hell if you go with Santander or Halifax they will pay you to have one 
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