Question on Credit Rating...

R

Ratcliffe

Guest
Myself and my boyfriend are currently applying for a mortgage ( due to inheritance we are only looking at a 40% mortgage) my worry is that 5 years ago, I had a CC revoked and the debt has since been passed to Cash flow services. (I applied for a copy of my credit report and it is still listed on it as a revoked CC.)
How does this work, as in, as far as the CC Company is concerned the debt has been paid off (by CFS) so if the bank checks this can they tell that I still owe a few grand to CFS?
Do you think this could casue a problem bearing in mind that the mortgage we are looking for is 40%? - any advice??
 
Hi Ratcliffe,

As you said, the cc is shown as revoked on your credit report so any lender will ask you the circumstances of it and how/if it has been repaid. Don't be tempted to lie........tell them you still owe a few grand to the CFS or better still, pay off the CFS with your inheritence. You have to be honest - and in any case I'm pretty sure that if you are paying off the CFS that the bank will see that from your bank statements?

Having a revoked cc may impact on the number of lenders you can choose from.
 
I had that prob when I went for a mortgage and they blatantly refused me on that alone. I went to the bank, paid off the money I owed it was a tiny amount and they changed my credit history to show just paid. Got my mortgage with EBS after that. Dont apply until it is sorted. Sort out your credit card revoked, pay it off if there is any left, ask the bank to change your credit history to show paid and then check it by getting a copy of it and then apply for a mortgage. Then you have a much better chance of getting one.
 
Sorry to jump into the thread but anyone know where to request a copy of your personal credit rating information? (i.e. I'd be interested to see a breakdown of the data which is accessible by lending institutions, etc.)

Cheers!
B.
 
I did this recently and it was fascinating to see what is recorded and what wasn't....luckily mine was fine, but of four credit cards only one was listed. My mortgage and personal loans were. Thankfully lots of ticks - wish I felt as healthly every month on the last day of the month!!1
 
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