When your credit file is not perfect
A blemish on your credit file narrows your options rather than closing the door. Tell us roughly what happened and we will introduce you to an adviser at The Finance Seer.
Your Local Broker is an introducer and does not give advice. Your enquiry is passed to The Finance Seer Ltd, who are authorised and regulated by the Financial Conduct Authority.
Your home may be repossessed if you do not keep up repayments on your mortgage.
What actually appears on your file
Your credit file records how you have managed borrowing, and most entries stay visible for six years from the date of the event. It does not hold your salary, your savings or a single universal score that every lender agrees on.
Different lenders read the same file quite differently, applying their own criteria to what they see. This is why one refusal tells you comparatively little about whether another lender would say yes.
Not all adverse credit is treated the same
A missed payment on a mobile contract sits at one end of the scale and a repossession sits at the other, with defaults, county court judgments, debt arrangements and bankruptcies spread between them. Lenders weight these very differently.
Missed payments on a mortgage or on rent tend to carry more weight than missed payments on consumer credit, because they speak more directly to the risk a mortgage lender is taking on.
Age and size usually matter more than existence
A default from years ago that has since been settled is a very different proposition to one registered last month and still outstanding. Lenders care a great deal about how recent an issue is and whether it has been resolved.
The amount matters too. A small default is often treated far more leniently than a large one, and some lenders disregard minor entries below a threshold entirely. This is why the detail of what happened is worth getting right before applying.
Check your file before you apply
Get your file from the credit reference agencies and read it properly before anything is submitted. Errors are more common than people assume, and an entry that should not be there can be disputed and corrected.
Knowing exactly what is recorded also means an adviser can approach the right lenders first time. Speculative applications that fail leave searches behind and make the next attempt harder, so accuracy at the start genuinely pays.
What an adviser will want to know
- A copy of your credit file from one of the credit reference agencies
- Dates, amounts and current status of any defaults, CCJs or arrangements
- An explanation of what caused the difficulty, and what has changed since
- Proof of income and three months of bank statements
- Details of your deposit and where it came from
What happens next
- 1
You tell us what you need
One short form. Name, number, postcode and a line about your situation.
- 2
We pass your details on
We send your enquiry to The Finance Seer, who are authorised and regulated by the Financial Conduct Authority.
- 3
An adviser calls you
Usually within one working day. They will ask questions and explain your options.
- 4
You decide what to do next
Any advice comes from The Finance Seer, not from us. There is no obligation to go ahead.
Common questions
- Can I get a mortgage with a default on my file?
- Frequently, yes. How recent it is, how large it was and whether it has been settled all matter. An adviser at The Finance Seer can tell you which lenders are realistic before anything is submitted.
- Will applying and being declined make things worse?
- A declined application leaves a search on your file, and several in a short period can count against you. That is a good reason to take advice before applying rather than trying lenders one by one.
- How long does adverse credit stay on my record?
- Most entries remain visible for six years from the date of the event. Their influence usually fades well before they drop off, particularly once the debt has been settled.