I've been really stupid, advice appreciated

ShelfStacker_3

5pound wrote: »

But don't these drop off after a certain amount of time? Thats what I mean, I didn't really need an overdraft and won't do so for 3 years as I will just use your student loans etc. Surely these 'late payments' don't stay there for good do they?

They stay there for 6 years, if I recall correctly.

5pound

I'm stunned why these are classified as 'late payments' though. But I've learnt a lesson here and as someone who has been trying to be careful I will be really careful in the future!

I think this needs to be explained to people when they open accounts. I know of friends and relatives who do this quite a bit, and they never look too worried and I doubt that they know these are held against you for as long as 6 years.

WhySoHard_2

So how many of these "1s" are we talking about and how long ago and how far spread apart. Eg is it every month. Or are there a fair few zeros among the 1s. Also, what else is on your credit report. If the 1s are not too many and not too recent, perhaps all is not lost.

5pound

There are 2 '1's this year and 2 last year and most have fair few 0s in between them. But what I don't understand simply is why in the world are these classed as late payments when this is not a credit account. It is a current account so why is it termed the more serious 'late payment'!

Also I have read on other threads and they deem that for errors such as these they usually drop away after 3 years whilst it is 6 years for more serious missed/late payments such as there being '3's or CCJs recorded.

WhySoHard_2

Obviously an overdraft facility is credit.

I thought the files only showed 2 or 3 years of account history?

5pound

Yeah me too, I thought it only had extended files for those with more serious offences such as bankruptcy, defaults, ccjs etc.

Ah well I'll not bother applying for any credit facility for a good few years and be careful with my account from now. I'd really like to open an account in another bank and run it well, which may mean that I could start afresh and go into the new bank in a few months and try and apply with them. Would they be likely to reject me for a current account however, with my credit file in this state? (even without overdraft?)

WhySoHard_2

Do you have any positive credit history with other companies recorded on your report?

Are you on Voter's roll?

5pound

Yes on voters roll, I've had several mobile phone contracts and they all are up to date with no missed payments over 2 years.

Also no searches within last 6 months I believe.

Apart from those and my current account I have no other details! This was the first step into planned credit that I was taking!

WhySoHard_2

If I were you then I'd just approach a high-street bank and try for a full current account. Someone on here in fact posted that they got an Alliance and Leicester account despite having, to quote them, "shocking credit history."

You might wanna try Lloyds TSB.

5pound

Thanks for that whysohard, I was going to give up on trying elsewhere but will have a go as I won't be asking for any overdraft.

Suppose its for the best as HSBC are poor for student accounts and as long as I run a new account quite well then they could just upgrade me at Lloyds or elsewhere. thanks again!