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Anyone know anything about CREDIT STATUS?

(4 Posts)
jinxed Tue 26-Jun-07 17:25:56

DH and I are in quite a bit of debt at the moment, all of which will be cleared in August when his payout from the Army comes through.

Obviously, at the moment our credit reports are shocking, but was wondering if anyone knew how long it would take to "repair" itself once all the debts were cleared.

We are currently in a debt management programme and have been for almost 3yrs as we were unable to meet the required payments in full.

Any help would be appreciated. And btw, we will NEVER be going back there again, but thinking logically in terms of getting a mortgage in the future etc

NatalieJane Tue 26-Jun-07 17:39:36

I think once you have payed it all off, it will look better, not perfect, but your score will be better. It takes 6 years for it to dissapear off the list, however a mortgage company can and do look further back than 6 years, it doesn't mean you won't get a mortgage full stop, just that you may find a couple of lenders reject you, but TBH if it carries on getting easier and easier to get out of debt (and people don't get sucked back in) I would imagine that the critera for being accepted for a mortgage will slacken a little, as it already has done.

jinxed Tue 26-Jun-07 18:37:07

Ok thanks.

I was thinking it was something like 6yrs but DH seemed to think we would be ok in a year or so

BigGitDad Tue 26-Jun-07 22:20:53

Some lenders specialise for clients with poor credit records, generally it should not be a problem getting a mortgage but it will cost you more. You can check the experian web site and order a copy of your credit record which would be handy if you ever try to apply for a mortgage since it would give the broker an idea of what they can do.

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