Aqua or Vanquis card to rebuild credit rating?

leemuddywaters

Hi All. Hope you can help. Firstly I applied for both a vanquis and aqua card over the weekend my credit rating is fair with 2 defaults showing. Does anyone know what my likliehood of being accepted is?

My main question i this... I have 2 defaults on my credit report dating back to 28/03/2006 (Defaulted Date) which is an egg loan sitting at £2500 I am currently paying £80 a month

Also a capital one account defaulted on 30/03/2007 which was £350 which I paid off in total last week.

Should I pay the egg loan off or wait for it for it to drop off? I want to apply for a mortgage in the next year and was wondering the best way to go about this.

Thanks.

never-in-doubt

your mortgage will be affected. Possibly refused due to defaults - forget it mate!

Your default will drop off after 6yrs, whether paid or not. Have a read here for an idea: very good thread which should it explain it all for you. http://forums.moneysavingexpert.com/showthread.html?t=1674391

leemuddywaters

Thanks never in doubt, so it will completely dissapear whether I pay it or not?

never-in-doubt

leemuddywaters wrote: »

Thanks never in doubt, so it will completely dissapear whether I pay it or not?

only after 6yrs mate. If you'd not paid anything, then it would go 6yrs after last payment - not the default date so in a way you may have made an error if you last paid a few years ago!

Have a read here mate: http://forums.moneysavingexpert.com/showpost.html?p=21845619&postcount=284

leemuddywaters

Hi Never in doubt, sorry just seen this reply.

Original debt was with Egg, Balance is currently £3600 it is now with NCO Europe (DCA) they have offered a settlement figure of £2200

Im not sure when my last payment to egg was I guess in 2005 when the loan started. I went to New Zealand to live and left money with a family member to pay it off who stole the money so I only found out this has had happened when it had already defaulted.

never-in-doubt

leemuddywaters wrote: »

Hi Never in doubt, sorry just seen this reply.

Original debt was with Egg, Balance is currently £3600 it is now with NCO Europe (DCA) they have offered a settlement figure of £2200

Im not sure when my last payment to egg was I guess in 2005 when the loan started. I went to New Zealand to live and left money with a family member to pay it off who stole the money so I only found out this has had happened when it had already defaulted.

http://forums.moneysavingexpert.com/showpost.html?p=21845619&postcount=284

leemuddywaters

So basically im screwed for a mortgage until 2011? Payed or not??

never-in-doubt

http://forums.moneysavingexpert.com/showpost.html?p=21846115&postcount=286

leemuddywaters

Thanks for the info... We earn joint 45k a year, Im just not sure whether to continue paying or not. Trying to persuade my other half to clear it on one of her credit cards then I can maybe push egg to remove it.

never-in-doubt

Please use this thread!

http://forums.moneysavingexpert.com/showpost.html?p=21846319&postcount=287