Default on My File - is it game over?

bankhelp

i have a Default on my Equifax file. it was registered in February 2010.

Is my credit rating now shot for 6 years?
I understand i can try rebuilding with sub-prime cards etc but is there much point. for example, will i ever be able to get a decent proper credit card with Limit or will the default pull me down by most lenders by default pardon the pun. If so i'd rather just wait 6 years and start fresh again then spends lots of time trying to repair it.

I would appreciate honest feedback/experiences?

masterlumps

a default is never good, but tbh it depends on what it was and how much it was for, and whether or not you are paying it back

izools

As long as all your other accounts are in good order and are kept in good order the effect of a default will lessen with time and if it's over three years old, amidst an otherwise unblemished credit file, you stand a strong chance of getting reasonable lines of credit elsewhere, especially if it has been settled and paid off.

Some creditors view a settled default less negatively than an outstanding one, others don't care either way and are only worried that you defaulted in the first place.

But it's certainly not 100% game over for six years, depending how you play the game :beer:

bankhelp

..................thanks but i'm not sure about playin the game.

all the little tricks and readin these forums takes time. i'm not lazy and but it feels like i'd be tryin to put a plaster over a gunshot wound. like playing a game knowin i can never roll a dice and get a 5 or a 6.

I haven't settled it yet (its only for £190 but i was in dispute). but if i do settle it then the default stays on 6 years from payment date so I would have to wait a further 7 months compared to if i didn't settle it. from most of what i've read it doesn't make a difference if its settled or not coz most new credit systems will just say no when see the red D.

has anyone on here got recent years defaults and been able to get decent credit with a default???

Silvafox

Personally for such a small amount I'd settle it anyway. What harm can it do - in fact, it will strengthen any chance you may have of getting it looked at sympathetically. Once it's settled - you can forget about it and try and keep a perfect credit file from then onwards.

bankhelp

Silvafox wrote: »

Personally for such a small amount I'd settle it anyway. What harm can it do

.....if i settle it now i'll have a full 6 year wait, instead of 5 years 5 months.

Silvafox wrote: »

in fact, it will strengthen any chance you may have of getting it looked at sympathetically.

..thats wot i'm hoping, i'd be happy to pay the £190 today if it meant say in 3 years time the default wud be overlooked. wud appreciate if anyone has personal experiences to let me know what you did?? :undecided

izools

bankhelp wrote: »

but if i do settle it then the default stays on 6 years from payment date

No it doesn't.

Defaults disappear from your credit file entirely six years after the original default date irrespective of whether or not they're settled, let alone when they were settled.

My mother still had £12,500 to pay on a Barclayloan she defaulted on in 2003 and it still disappeared in 2009. That's how it works :beer:

masterlumps

bankhelp wrote: »

.....if i settle it now i'll have a full 6 year wait, instead of 5 years 5 months.



..thats wot i'm hoping, i'd be happy to pay the £190 today if it meant say in 3 years time the default wud be overlooked. wud appreciate if anyone has personal experiences to let me know what you did?? :undecided

you should be happy to pay the £190 now if you want to look for credit in the future, you sound like a lenders nightmare, saying you are only willing to repay an already spent amount if you are to further gain from it

the default will go 6 years after default regardless of whether you pay it or not, but tbh it doesnt bode well that you would rather not pay, unless you are able to borrow again in 3 years

Gordon_Hose

I settled a default in 2008 that I was given in 2006, it was marked as settled on my credit file and the date of the default remained as 2006.

So if you pay it, the date won't change. And for the small amount you owe, you'd be wise to pay it.