Experian Credit report

salduck

Hi guys,
I decided to take a look at my credit reprt on experian!! And was pleasantly surprised it doesnt look too bad!!
But i dont quite understand it all!!
I have one default on there for Capital one which is satisified which looks like this
Company name:CAPITAL ONEAccount type:Credit card / Store cardSpecial Instruction Indicator:ArrangementSpecial Instruction Start Date:2006 July 01Special Instruction End Date:2006 September 01Started:07/04/2005Default Balance:£1,237Current Balance:SatisfiedDefaulted On:27/12/2006File Updated for the Period to:16/03/2008
And has a red 8 in the brackets below.
Is this right and up to date it was cleared about in march.

So is this affecting my credit rating??
Also have a lot of searches on there from like 10 years ago should these drop off?? links to my previous addresses are also on there from over 10 years ago.

Should i be doing anything? how do i know if anyone will accept me for any credit i apply for?
Any advice welcome
TIA
sal
x

milliemonster

Hi there, the default will stay on your file from 6 years from when it was registered, this will affect your credit rating I'm afraid and you will be highly unlikely to get any credit in favourable terms until, I think 2011 looking from the dates you have posted, the red 8 is the time the default will have been registered (the 8th missed payment)

You shouldn't really have any searches from 10years ago though, check with the CRA as anything older than 6 years should normally just drop off.

Runnybabbit

Odly enough I've checked mine for the first time this morning too!

I can't fathom out what means what, there are 3 lots of colour codes, red, yellow and green, so I suppose these mean good, bad and damn ugly!.

I have red defaults every month from HSBC even though I'm paying through a DMP and have not missed any payments - don't know if this is normal.

Perhaps someone could explain to us all what means what ?:D

Thanks
babbit x

salduck

thanks, Also there is no mention of my mortgage or a loan i have on there would they use a different credit report? and is it worth my while getting this report or should i just hang fire til my default above drops off?
Also I am due to remortgage in 2010 is this gonna have a big impact?
TIA again!!

salduck

I just double checked I dont have searches but i have links on there to previous addresses? Does this matter? For like 1996 ??
Also is it worth while getting my credit score?
x

Runnybabbit

Hi

My mortgage is listed there :eek: :eek: :eek: , definately scary stuff.

I was a little confused that I had to put my c/card details in, but not sure how to cancel this - technophobe!! - and is it worth having that £5.99 report that they suggested?

xx

milliemonster

yes I don't know what the CRA's are playing at at the moment as I got hold of mine last week and there are 2 loans, 2 bank accounts and 2 credit cards I have that are missing!, there is only Experian and Equifax I think that most lenders use, but to be honest I wouldn't bother getting hold of the other one as the default you have will be the main stumbling block for you.

As for a mortgage in 2010, there are lots of ifs and buts really, mortgages are damn difficult to get at the moment if you have a perfect credit file, depending on the market then you may get a mortgage but you will probably have to pay a slightly higher interest rate, the best thing you can do is make sure you pay everything on time from now on and try to keep your credit history squeaky clean.

The red defaults from HSBC every month will be because of the DMP as even though they will have agreed to the reduced payments on the DMP, you are still breaking the original terms and conditions of your credit agreement by not making the min monthly payment, thereby defaulting.

salduck

One last one does anyone know if it is worth getting the actual credit score?? Or am i wasting £5.99??
And where is my scarey mortgage!!
Thankfully everything is back on trackl for me and although its a pain not being abloe to get any credit due to the one default, I am lucky in that I dont actually have any debt!
x

milliemonster

Don't bother getting your credit score as this is a waste of money, lenders use their own scoring systems anyway so it won't tell you anything you don't already know, if you have signed up for the free trial, just make sure you cancel at the end of the month or they will take £5.99 a month from your card, this is expensive as you can order your file from the CRA's to come through the post for only £2

Your previous addresses should be on there, don't worry about this, just ensure you are on the electoral roll as lenders rate this highly

Runnybabbit

milliemonster wrote: »

The red defaults from HSBC every month will be because of the DMP as even though they will have agreed to the reduced payments on the DMP, you are still breaking the original terms and conditions of your credit agreement by not making the min monthly payment, thereby defaulting.

Thanks Millie for that. Even though it might take me forever to settle this debt, for every month I'm always going to get a big fat red default?

milliemonster

Hi babbit, probably so, but really don't worry about it, the only thing it would affect would be if you wanted to get new credit which I am sure is the last thing you would want anyway!, the only thing you need to be concerned with is sticking to your DMP and forget what they put on your file