The Sub Prime Credit Thread - Part IV

adampeek

I little advice if you please...

I have two defaults on my credit record according to Equifax;
A settled item satisfied in March 2007
an Unsettled item with a default date of Nov 2005 (In process of sorting out details to settle this)

My query is two fold; at what point will I qualify for "prime" credit? When final default is setlled or when both drop off the report

Secondly, I got my file from Call Credit also and there is no mention of any negative items on there, just all my credit agreements with 100% perfect payment history. Is there anyway I can apply for credit and make sure that the lender use Call Credit as their agency? Does any bank or CC company use them solely?

Thanks in advance

never-in-doubt

adampeek wrote: »

I little advice if you please...

I have two defaults on my credit record according to Equifax;
A settled item satisfied in March 2007
an Unsettled item with a default date of Nov 2005 (In process of sorting out details to settle this)

My query is two fold; at what point will I qualify for "prime" credit? When final default is setlled or when both drop off the report

Secondly, I got my file from Call Credit also and there is no mention of any negative items on there, just all my credit agreements with 100% perfect payment history. Is there anyway I can apply for credit and make sure that the lender use Call Credit as their agency? Does any bank or CC company use them solely?

Thanks in advance

Do not pay the one from 2005! It will drop off in 2011 regardless.

Nobody much uses call credit, you need to check equifax and experian and then go to page 1 and apply for the likes or vanquis. No prime will touch you until the defaults have gone (6 years from date of default)...

Have a mooch here: Credit Reference Agencies

adampeek

never-in-doubt wrote: »

Do not pay the one from 2005! It will drop off in 2011 regardless.

Nobody much uses call credit, you need to check equifax and experian and then go to page 1 and apply for the likes or vanquis. No prime will touch you until the defaults have gone (6 years from date of default)...

Have a mooch here: Credit Reference Agencies

Thanks for your reply

Why shouldn't I pay the 2005 one? Will it not look better to lenders that it is settled and not left outstanding?

I have a CC with Vanquis (for 18 months every payment on time). I also have a CC with Capital One (again for about 18 months and every payment on time. My credit file for the last 3 years is faultless (the 2007 was an older deafult that I settled late 2007)

Are you saying I will not get a CC from a high street lender until 2013? Would that apply for a mortgage also?

never-in-doubt

No, it will not make it look better - it will though mean you accept liability which affects Statute Barred (this occurs 6 years after last payment)! Read the link I posted above - the first post ok - will explain more to you....

A settled default is the same as an outstanding one, a default is bad - period. Whether you pay or don't makes no difference - as explained in the link: Credit Reference Agencies

You may get a card from your own bank, but yea, if you have defaults then the object is to affect you so they last 6 years. Vanquis are the first post of call, you have one so next you should try the likes of JJB (Sygma Bank) and the easier lenders such as Tesco....

Even Barclaycard and Capital One may accept you.....

But basically, as long as you have a default you will struggle to get mainstream credit - part of the punishment if you like.

Zack1

ElkyElky wrote: »

Tesco searched me again yesterday, I guess they've looked at my appeal. I'll have to wait patiently for their decision.

Good luck with Tesco, I might appeal my decline from the other week from them, the points would be nice!

adampeek

N-I-D

I've read the CRA post and it's a useful read thanks. A question I have would be at what point does a default drop off? 6 years from last point of contact? 6 years from account closure? 6 years from default being registered on file?

Would it not be in the consumers interest for the CRA's to have on each item the date in which it will "drop off" your file.

The default I have on my file has a number of different dates on it so I don't know which the 6 year rule applies

Zack1

adampeek wrote: »

N-I-D
I've read the CRA post and it's a useful read thanks. A question I have would be at what point does a default drop off? 6 years from last point of contact? 6 years from account closure? 6 years from default being registered on file?

Would it not be in the consumers interest for the CRA's to have on each item the date in which it will "drop off" your file.

The default I have on my file has a number of different dates on it so I don't know which the 6 year rule applies

I'm pretty sure (but will let NID confirm!) that it's 6 years from the last acknowledgement of the debt. So that's the last payment, letter you sent them etc. That's why when you send the statute barred letter after 6 years you refer to "the account" rather than "my account"

plumber2009

Defaults drop off your credit file 6 yrs from date of default, wether the balance is paid off or not. This information is stated on experian website in help section.

never-in-doubt

adampeek wrote: »

N-I-D

I've read the CRA post and it's a useful read thanks. A question I have would be at what point does a default drop off? 6 years from last point of contact? 6 years from account closure? 6 years from default being registered on file?

Would it not be in the consumers interest for the CRA's to have on each item the date in which it will "drop off" your file.

The default I have on my file has a number of different dates on it so I don't know which the 6 year rule applies

Ok, with regards to defaults they drop off (whatever occurs first) between;

1. Statute Barred (6 years from date of last payment or contact made to the account)

or

2. 6 years from the actual default date.

On your credit file, it will clearly show the account status as 'default' and a date next to it called 'default date'. So, if your default date is 01.01.2004, on 2nd January 2010 it will drop off. However, if you last paid the account in say 2006, the default will still drop off but they could then add a CCJ if they wanted so long as there was an outstanding balance.

Make sense?

seeya23

good evening to all and nid