Credit Rating advice please
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crazytester
Posts: 2 Newbie
Hi All,
I have 4 or 5 defaults on my credit file which are more than 5 year old and I am making payments to all of them. All except one will get deleted by end of this year. The last default(paid fully now) was registered in 2013 and this will remain on the file till 2019.
I have few other accounts on file which are up to date and with good payment record.
1 x credit card
3 x current accounts
What are the chances of building credit record with one historic default on file?
Thanks
I have 4 or 5 defaults on my credit file which are more than 5 year old and I am making payments to all of them. All except one will get deleted by end of this year. The last default(paid fully now) was registered in 2013 and this will remain on the file till 2019.
I have few other accounts on file which are up to date and with good payment record.
1 x credit card
3 x current accounts
What are the chances of building credit record with one historic default on file?
Thanks
0
Comments
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You're constantly building a credit history, every day. Just ensure you manage your accounts correctly.0
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Thanks for the reply. I know each lenders have their own criteria to make decision. Do you think I have to wait till the credit file is fully clear before making a new application?0
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crazytester wrote: »Thanks for the reply. I know each lenders have their own criteria to make decision. Do you think I have to wait till the credit file is fully clear before making a new application?
No you can apply for what it is and if a lender wants to lend to you they will.0 -
No you can apply for what it is and if a lender wants to lend to you they will.
Just to add a point to this (to the OP). You don't have to wait, but it's best not to apply for something if there's a good chance it won't be accepted, because that will add a hard search to your credit file and reduce your rating even further (not by much, but a little).
If you want to apply for something big (like car finance or a mortgage) see if it's possible to do an initial soft search first (so the lender will tell you your chances of succeeding before formally going ahead with the application). MSE also have eligibility calculators which do a soft search and won't effect your file.
Also, in regards to building credit, just keep going with it as soon as you can. Your score will remain fairly low as the default will suppress your score, but once it drops off, all the credit building you've done up to that point will take priority in the calculations and then you should notice your score shoot up suddenly.0
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