Getting a mortgage with a bad credit rating

Hello, I was looking for some advice, im a 33 year old male and I wish to apply for a mortgage, not right now but maybe 2-3 years down the line, but I know my credit rating in very poor, I am unable to get an overdraft, or a loan or a credit card or anything of the like so there fore I worry about can I actually get a mortgage?? I do not have any huge debt at the minute, I have a loan of about 6000euro that im paying back to financial organization every two weeks at a reasonable rate, but going back to when I was at college I had student loan that I didn't pay back for bout 10 years and it was at a very reduced amount, I no longer have a car loan(finished it last September) but when I did I was constantly in arrears, I would of had problems paying back my first loan also, missing payments al the time, they have since loaned me money again so that issue is ok, other companies that have followed me for money in recent times are none of them have been for huge money, maybe between 500-1000 euro. Can someone offer me some advice as to how I could improve my credit rating? or how long would I have to wait to get these off my credit rating? im in full time employment earning a decent salary 32k

Get an icb report and see what's on that.
Clear all loans asap.
Save a deposit.
Run your bank account perfectly from now on(no referral fees,no missing DDS,no gambling)
Accept that it will be longer than 3 years.

Thank you vandriver, how much longer than 3 years?

I think CPK that in addition to cleaning up your credit record you need to address why you seem to have had so many different types of loans, why all of them you seem to have defaulted on and address what seems to be an addition to credit.

- Student loan constantly in arrears for 10 years
- Car loan, constantly in arrears
- 'other' companies following you for money
- current 6K loan

What did you borrow money for? Why didn't you save for what you wanted, did you need what you bought etc.

If you are interested in full advice I suggest you do the money makeover thread.

And there is something wrong with the statement ' a six thousand loan at a reasonable rate'. When your thinking ought to be, I want to buy a house, I'm on a good salary, I have no savings yet I'm wasting money on interest when I don't need to.

Well done on the job.

So far based on what you've posted I hope for your sake nobody gives you a loan.

The issue Bronte was a gambling problem that ive since kicked almost 9 months ago an got the help required, my concern was around how long all these defaults stays on your credit rating and is it possible to make your credit rating better, as hopefully in the future I wanna be in a position to apply for a mortgage, but am wary that indeed I may not be able too. I will take your advice an do the money makeover thread, thank you

Well done on that CPK, I see Paddy Power is in trouble in the UK and I also note the proliferation of advertising nowadays for all sorts to get young people hooked especially a drive to children and women.

As you know this is no easy thing to stop so I'm sincere in my congratulations and also in this advice, if you have a partner I would be honest about this and also let her take charge of the finances always. Addictions are incidious.

In relation to your credit rating, you can get back on track, but you have to clear your ICB record. You also need to ensure there are no direct debits or payments to any gambling website or company on your bank account records going forward.

I just went back CPK to your PM to me (CPK in error initially sent me a PM and I directed him on here) and based on the list you gave me you definitely have a money management issue. I would if I were you list those on the money makeover post. Yours is a quite common issue in the new world of easy credit.

Thank you Bronte, haha I hope they all in trouble, I care not much for any of them, yes my partner knows all the above and ive asked her to take control of the finances, its for both are benefits as she would also like to get a mortgage down the line with me and again one of my concerns is been unable to do this with her would only make me feel useless although she has said we would sort something out. I have requested a credit report yesterday so hopefully ill have it in 3 to 4 days, and ill probably seek some advice in trying to understand it and how to improve it, but I can see from a few posts ive read through that will only come with time and paying bill and loans on time and living within my means. how do I list those on the money makeover post?

Please post in the correct forum. Moved from How to Use AAM.

What forum should it be