What is a good credit history?

Credit History

The better your credit history, the better position you will be in when it comes to buying your Shared Ownership home. To help you understand some of the key factors determining your credit history, the following statements must be true:

  • I have not been declared bankrupt within the last 6 years.
  • I do not have an unsatisfied County Court Judgement (CCJ) registered against my name.
  • I am not in arrears with any tenancy payments or mortgage repayments.
  • I do not have any active Individual Voluntary Credit Agreements in place.
  • I have not had a home repossessed in the last 5 years.

If the above statements are true and your credit history is not as good as it could be then consider the following factors that might be affecting your credit history:

  • History of late or missed payments. 
  • Going over your credit limit.
  • Defaulting on credit agreements.
  • Making too many credit applications in a short space of time.
  • Joint accounts with someone with a bad credit record.
  • Frequent cash withdrawals on your credit card.
  • Errors or fraudulent activity on your credit report that’s not been detected.
  • Not being on the electoral roll.

For impartial advice relating to debt or money concerns, contact your local Citizen Advice Bureau or visit; www.citizensadvice.org.uk/debt-and-money/help-with-debt/