TOP SIX CREDIT MYTHS BUSTED !!!
1 - Previous occupants of your home affect your credit rating
Don't be conned by a mate in a pub into this one it's totally untrue. Lenders are only interested in your ability to repay and not anybody elses. This is also true for any problem remortgage.
2 - Family and friends living at the same address affect my credit rating
Again, untrue. Your credit report shows only you and any associates you have shared or joint dealings with, not previous residents. Residents are shown on the electoral role.
3 - Credit reference agencies decide your credit rating
Untrue. They only hold data on your financial dealings. It's lenders who make that decision based upon your ability to repay, risk, previous record etc. That's why someone like The Big Loan Company has a more flexible attitude to lending. Try us for your problem remortgage today !
4 - Your credit rating is poor because you are on a "blacklist"
A classic pub myth. There is no such thing as a blacklist. Certain industries may share specific information, but each one decides individually who to do business with. Red-lining, black-listing by streets, post codes etc does not exist.
5 - You only have one credit rating
You can have different ratings depending upon the product you are applying for and who you apply to. Each company takes your credit file and uses it in a different way. They all have their own calculation methods. Your credit rating may also change if your circumstances or credit history change too.
6 - Past debts don't count
Unfortunately they do. Even if you are financially fit today, past poor credit or a previous problem remortgage history is taken into consideration. Missed payments sit on your credit file for 36 months, whilst CCJ's sit there for 6 years and a bankruptcy order can be there for as long as 15 years. An IVA is also held on your credit file.
Selling your home can be a stressful business, but if you are in arrears there still may be lenders who will look at an adverse remortgage. A problem remortgage broker will be the place to start. Sites like Adverse Remortgage UK and Adverse Credit Remortgage will be able to help and provide good advice. You can even get help with a Non Status Remortgage. Remortgage and Adverse Credit can go together. It’s worth exploring if you have currently taken out less than 85% equity in your home already, and you may just able to keep your house.
Having a problem remortgage need not be a barrier to you achieving your financial goals. If you are looking for a remortgage deal and have remortgage ccjs already then you should seek advice from a professional qualified advisor or authorised broker. Apply with us here and we can put you in contact with companies like Bad Credit Loan Remortgage or Bad Credit Remortgage Loan who will offer you free advice.
