We have just had our mortgage application denied.
The financial advisor has now put the fear of god into us telling me that this was because of a few missed payments on a credit card. These happened over a year ago and this card has now been settled. He said that I had basically been black listed and I will not be able to obtain credit for 5 years!?
I'm feeling extremely depressed and have no idea how to make this better?
2007-10-16 00:40:11 · 11 answers · asked by amydudders 1 in Business & Finance ➔ Personal Finance
write to credit agencies,experian,equifax etc,with proof you have settled the debt and show the building societies.ask the credit agencies to wipe this off your record.if they won't you may have to get a mortgage with a higher interest rate due to the defaults
2007-10-16 00:42:36 · answer #1 · answered by Anonymous · 0⤊ 1⤋
It's really not as severe as that, You can contact equifax and experian to let them know these arrears have been settled, and this will improve your credit score slightly.
In addition, when applying for credit, lenders look at several factors when deciding to continue - generally, the bigger the loan, the greater the risk, so the less likely they are to accept your application. you will still be able to get things like mobile phones, Car insurance and small unsecured loans, but wait another year and try again for a mortgage application, and you will probably be in with a better chance.
2007-10-16 00:46:38 · answer #2 · answered by Gem Gem 5 · 1⤊ 0⤋
There is no "black list." What there is is a credit record and late payments WILL lower your credit score. Finally paying off the bill does not wipe out the late payment "black mark." There's not much you can do except to make sure it doesn't happen again. It will take up to 7 years for this to leave your credit record.
2007-10-16 03:04:25 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Unfortunately this is big business. if you are late or miss a payment totally they can up your monthly payment and ruin your credit history. I now pay cash for everything. I found after years of dealing with these people that I need to check every credit card, the interest rates verge on the pirate rates and i know that with the cards I live way above my means. Once they have you it is almost impossible to get out of debt.
have card for emergencies only and pay cash for everything else. They target the people who can least afford the debt and ruin any chance they have of a decent credit report.
2007-10-16 00:54:40 · answer #4 · answered by ladyhawk8141 5 · 0⤊ 0⤋
Unless you make the minimum payment you will incur a late payment fee. How about contacting your credit card company and ask if you can move the payment date to the 28th of the month to coincide with your salary payment?
2016-05-22 22:27:19 · answer #5 · answered by ? 3 · 0⤊ 0⤋
Yeah, what he really means is that he'll get back to you with a mortgage with Bast*rd, Gunshot and Dribble at a ludicrous rate (and HUGE commission for him of course) because now he's scared you to death as regards your credit rating.
Go to your own bank and talk to them and failing that contact the relevant credit agencies (see www.moneysavingexpert.com for details) and get your status put to rights.
Don't panic, you're not 'blacklisted', it just means you might have to look around a little more than you thought is all.
After all people with CCJ's, mortgage defaults and really serious previous financial problems get mortgages every day!!
2007-10-16 01:10:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋
While late payments count 35% of your score, you can improve your score over time. As you continue to work on improving your score, get a FREE credit report each year through www.annualcreditreport.com.
2007-10-16 03:20:51 · answer #7 · answered by Shazam365 1 · 0⤊ 0⤋
Get a Credit report............if u were blacklisted then the company should have notified you of this under consumer credit law.
The fact that the debt has now been cleared is good but the 5 year bit does not sound right to me.
2007-10-16 00:44:26 · answer #8 · answered by JJ 2 · 0⤊ 1⤋
my god that wasnt a very good mortgage adviser! sounds like he doesnt know what he is talking about. there are specialist lenders who will lend when you have missed a few credit card payments. everyone has blips in the life. i can assure you that you wouldnt have been blacklisted! i can sort a mortgage out for you if you want?
2007-10-16 00:43:37 · answer #9 · answered by Nic 3 · 0⤊ 1⤋
that's ridiculous!!!!
I'm sorry to say but legally there is no such thing as 'blacklisted'
Its basically a word they use for people with adverse credit
Sounds like you need your credit report repaired
Contact the particular credit company and ask them to amend your report too show that the balance has been settled
2007-10-16 00:43:00 · answer #10 · answered by Anonymous · 1⤊ 0⤋