Bad credit rating

A question about : Bad credit rating

I have a very poor credit rating due to being a fool when i was younger, recently i tried gaining credit but was turned down. I was wondering if, paying back my debts now, albeit late would increase my rating enough to be considered/accepted for a mortgage? any insight into this would help so much. thanks.

Best answers:

• You really need to see the status of your credit file first before anyone can help you.
• What McKneff said.
  The other thing to bear in mind here is that you will need a more/less perfect rating before being able to gain a mortgage. I'm having problems remortgaging our BTL's at the moment, as even though there's nothing adverse in the payment history, I have personal guarantees on a large amount of business finance, which has to be declared also. I've traditionally been a high earner.
  If a lender doesn't like anything on the report, it may lead to problems later on, so assuming things stay the way they are, you may have difficulties gaining anything until it drops off the file, as it's a truthful representation of your past finances.
  Every time I go into the bank to do a few routine transactions, I'm told that I'm entitled to an extra Јxx000 on an OD/CC or Ј50000 on an unsecured loan (I think the total I'm offered in Internet Banking is about Ј90k more than I have access to,) but the same bank won't remortgage risk they already have. Different products have different procedures.
  CK