Defaults etc

matam2k

Hi i was wondering how long does it take for defaults etc to drop of your file once the 6 years are up from the dafault date? i mean would lenders be able to see them a couple of days after the 6 years are up? It's just i have a few defaults coming off in december 12th and would like to get a zero percent credit card as soon as i can afterwards. At the moment have the usual high rate vanquis etc.
Sorry if this is in the wrong section.

quackers82

I have had 4 defaults come of my credit file from 2003 this year, last one being 26th October.

Experian update very quick, 6 years and 1 day after the satisified date they come off.

Equifax take about a week. I'm now free of defaults after six years :j

Lenders can only see what you can see on your credit file, so once they have gone, they cannot see you had them.

never-in-doubt

After 6 years they auto drop off at the next update and this could be at midnight; weekend or month end so best advice is to always wait one full month after. Also if it is the first card you'll be going for, you may be setting your standards quite high... maybe a starter card would be easier, you'll struggle to get a mainstream card if its the first one you go for.

But in your case, i'd be waiting until at least the 14th Jan before applying anywhere - although the data drops off, some lenders may not subscribe to realtime processing and therefore get the version that was last batch updated meaning they may see Novembers file in December and therefore instantly decline you.

Good Luck whatever you decide....

izools

never-in-doubt wrote: »

After 6 years they auto drop off at the next update and this could be at midnight; weekend or month end so best advice is to always wait one full month after. Also if it is the first card you'll be going for, you may be setting your standards quite high... maybe a starter card would be easier, you'll struggle to get a mainstream card if its the first one you go for.

But in your case, i'd be waiting until at least the 14th Jan before applying anywhere - although the data drops off, some lenders may not subscribe to realtime processing and therefore get the version that was last batch updated meaning they may see Novembers file in December and therefore instantly decline you.

Good Luck whatever you decide....

Although if he's had a Vanquis card for a while and wants to xfer the balance that should be enough credit history, along side a bank account.

Might be better to look at an MBNA Classic card - they offer 1.9% on balance xfers and are less strict on credit scoring than 0% card offers. They gave me one when I was 18 with only nine months experience with a Crapital One card

matam2k

Thanks for your replies! I do have the usual sub prime cards vanquis , cap1 jjb etc, i have 9 defaults wich will come of on the 12 december which should leave my file clean no missed payments etc and is why i want get rid of the vanquis etc high apr.

izools

OK just remember though that when you apply for a prime credit card they'll rate two things very highly, on top of the obvious no defaults & no missed payments:

Newest account atleast a year old
No credit searches in last six months

If you have just recently opened any accounts it's a good idea to wait until it's been open atleast six to nine months or more before applying for a prime credit card.

Good luck matey and do keep us posted!

olettaadams

Hi. I am bran new to this and I don't know how the whole process happens and what I should be aware off. Sounds like you're at the end of your journey, well done. I owe a total of £27k to 3 credit carres - egg, mbna and capital one. Capital one has gone to an external debt collection so the interest is frozen and I can pay them £50 per month. The other two are driving me nuts. I've asked them for months to freeze the interest and say what I can afford this year but they are so pushy. I start a new job next month but can still only afford a nominal sum with rent etc. I don't care about my credit file now. Is it better to let all the other cards go to an external debt agency or what? I don't know whether to ignore them or deal with them? Any advice is greatly received.

taktikback

[QUOTE=i
Might be better to look at an MBNA Classic card - they offer 1.9% on balance xfers and are less strict on credit scoring than 0% card offers. They gave me one when I was 18 with only nine months experience with a Crapital One card [/QUOTE]

Friendly advice - sell your soul to the devil before you touch MBNA. They will rob you at the first opportunity.

Checkout a Tesco card - avoid Virgin (MBNA in disguise). Good Luck:cool: