Poor Credit Score explained and available solutions from Shire Direct
Having a Poor Credit Score can severely restrict the number of lenders willing to consider an application for finance.
"Starting to feel there's a light at the end of the tunnel, thank you"
Mr G., Oakwood, Derby
This page takes a closer look at what a Poor Credit Score is, how it might be arrived at, and offer potential solutions as to how we might be able to help you if you require a mortgage or loan but have poor credit problems.
Table of Contents:
What is a Poor Credit Score?
So, what is a poor credit score exactly? Well, as we discussed during the introduction, poor credit refers to a borrower who has current or historic credit difficulties. Having poor credit (also referred to as bad credit, adverse credit, non-status credit, sub-prime credit) will limit the number of lenders that are willing to consider an application for a mortgage or a loan.
If you have suffered from poor credit problems, a potential lender may recognise this fact after performing a credit score. A credit score is a process that will allow a potential lender to assess your financial circumstances to gauge how much of a risk you might pose in terms of maintaining your repayments. The higher the score, the better your credit rating is, so having a poor credit score will mean you have a low credit rating, and that many lenders will consider you as a potential borrowing risk.
However, all is not lost! Here at Shire Direct, we realise that in an ideal world, we would all have a steady job, a regular income, and no financial worries. However, the reality is that many of us will encounter some form of financial difficulty, and often through no fault of our own.
I think I might have a Poor Credit Score, what sort of poor credit problems can you assist with?
The fact is that many people are unable to obtain finance through traditional lending sources!
Changes in lifestyle can create major difficulties when it comes to arranging finance, especially if you are self-employed or have experienced credit problems such as County Court Judgements (CCJ's), credit defaults or arrears.
Most people in these circumstances have the ability to pay, but all too often might find that the door to finance is shut! Not so at Shire Direct!
I've been turned down for finance because I have a poor credit score and poor credit problems, could Shire Direct help me?
People are often refused a mortgage because they may be self-employed without accounts, or because they may have poor credit problems and a poor credit score, even bankruptcy.
Over the years Shire Direct has gained an enviable reputation for being leading mortgage advisors. We believe our success has come about because of our professionalism, and because we take a common sense approach to our customers needs and aspirations. Thats why we succeed in arranging funding, which others often reject!.
All circumstances are sympathetically considered
Because a mortgage will probably be the largest financial transaction you'll ever into, the first thing Shire Direct like to do is make sure we understand your financial situation, and offer honest advice, geared to your specific needs. Advice and service always come first at Shire Direct.
Looking for more information and help?
If you have suffered with poor credit problems and think you may have a poor credit score, and are uncertain if you will be able to arrange a mortgage, why not speak to one of our professionally qualified Mortgage Advisors on Freephone 08000 282 281, our lines are open seven days a week from 8am until 10pm, or why not enquire online at any time!
We have a range of special schemes designed to assist in even the trickiest of circumstances, whether it be because of CCJ's, credit defaults, arrears, an IVA or even personal bankruptcy. We'd love to hear from you and we'd love to help, so why not give us a call, you'll be glad you did!
Well that wraps up our look at what a Poor Credit Score is, we hope you found it useful. Don't forget there is a wealth of useful information throughout our site, and we're only ever a free telephone call or couple of mouse clicks away and would love to hear from you and will be delighted to help in any way we can!
Mortgages/Remortgages: The overall cost for comparison is 9.8% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances. For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
Homeowner Loans: Rates from 8.9% APR variable, but typically 13.9% APR variable. Most customers are likely to receive a lower rate or the same rate as our typical variable rate - learn more about APR. Shire Direct also has a range of non-conforming loan plans with rates up to 19.9% APR. These plans are designed to help those who may have a more difficult credit history, including CCJ's and credit arrears, IVA and bankruptcy problems.
A broker fee of between 0% and 10% of the loan advance may be charged for arranging a secured loan.
All loans subject to status and secured on property.
The actual rate available will depend upon your circumstances. Written quotations on request.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.