What is a default, is this bad?

ripper1001

Is a default a late payment on your credit card? Is this really bad for your credit rating?

Beast

Yep its bad.

ripper1001

How long do they take to go off your record?

Beast

I believe it's 6 years.

paulq

A Default occurs when you break the contract of your credit agreement ie: miss payments etc. It stays on your file for 6 years and will rule you out of any further credit(Mainstream) till it drops off.

CLAPTON

what do you mean by a default .. in what context is this?

no_more_cards_for_me

Are you talking a full blown default or just a missed payment ?

A single missed payment will have minimal effect, whereas a proper default will wreck your credit as already described.

It would help to know a little more about your "default"

ripper1001

What about a late payment? Maybe i've got that mixed up with default?

no_more_cards_for_me

CLAPTON wrote: »

what do you mean by a default .. in what context is this?

Must learn to type faster :beer:

no_more_cards_for_me

ripper1001 wrote: »

What about a late payment? Maybe i've got that mixed up with default?

Rather important to understand what your referring to so advice can be offered - perhaps you could explain a little more ?

withabix

Credit card companies are being 'clever' at the moment, referring to a late payment as 'Default', purely to frighten their customers.

Have you actually received a Default Notice letter, or were you just late with one payment?

Was it Barclaycard?