I have a 'number 2'!

pwuk

Hi

I have a number 2 status on a current account that I know longer use from six months ago.

Is this likely to go massively against me if I apply for credit?

PNPSUKNET

short terms it can have an effect, not a big one

wontfallforit

pwuk wrote: »

Hi

I have a number 2 status on a current account that I know longer use from six months ago.

Is this likely to go massively against me if I apply for credit?

Hi,

Can you clarify what you mean by a number 2 status? Do you mean that your bank has publicised information on your credit file, showing that you have made 2 defaults within a certain timescale?

If so, it may affect your ability to get credit...or it may not. This depends on other credit you hold, or have held, and how you have managed those accounts, both now and in the past.

If this current account is your only 'credit' holding, it may well go against you as it would indicate that you've had problems meeting any credit/borrowing obligations.

However, the criteria of the lender you apply to will also come into play. If their criteria is strict, you'll be turned down. If it's more lax, you may (or may not) be accepted for credit. If you are accepted for credit, this history may determine the limits available to you, and the APR on any particular borrowings.

If you're looking to boost your credit score and history, it might be worth applying for a "bad credit" credit card, which will likely come with a relatively low limit, and a high APR. If you manage it responsibily (i.e. pay on time, and overpay the min. payments when you can, in the interest of saving money for yourself).

6-12 months of good credit management will put you in much better stead for future borrowing. I don't mean to sound patronising, but don't attempt to borrow/spend more than you can afford to pay back, and be wary of making only min. payments on any credit card, especially high APR agreements.

pwuk

Thanks - I have several other accounts and all are managed correctly and payments due are made on time.

Its just this one that slipped my mind for two months and unfortunately I had nothing to jolt my memory.

oscar52

If its a one off, and all your other accounts are fully in order, it will have very little effect,if any after a few months.