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How long does it take to repair credit score?

(2 Posts)
FruitCider Sun 01-Jan-17 17:36:06

I'm currently repairing my credit with the aim of getting a mortgage - buying a property is my New Years resolution!

I need to do shared ownership, and unfortunately that means I need an Experian credit score of at least 960. All old missed payments drop of my credit file at the end of January, one old settled debt (that was previously defaulted) drops off in may. I'm currently scoring 740.

After all of the bad stuff drops off my credit file, how quickly will my score increase? Is getting a shared ownership mortgage a possibility this year?

19lottie82 Sun 01-Jan-17 21:29:56

Firstly your "score" is irrelevant. No one sees it apart from you, so forget about it.
Whoever told you you "need" a score of 960 to get a shared ownership property is talking complete nonsense.

If your defaults are that old and are dropping off within the next 4 months and that's the only negatives in your credit history then it should be fine, based on affordability of course, but no one on an Internet forum will be able to give you a yes or no answer - make an appointment with a mortgage advisor and see what they say.

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