Defaults on Credit Report?!!? how harmful??

LolStevo

Hey, im 19 and have just got my credit report, i have 3 defaults soon to be 4.
Just wanted to know how harmful they are? Im on my way to pay my debts due to finding a job.

How long do they stay on for and how would a creditor see these as bad? Any advice to improve???

Thanks x

LittleL_4

They stay for 6 years hun. And most creditors would see you as a liability I think. The good thing is your only 19 and have all the time in the world to repair it. Good Luck!
L
xx

LolStevo

So do you think i will be ok? Im going to phone CCCS on monday to sort my finances out but i will be a student for the next 5/6 years so wondering if its too damaging? xx

LittleL_4

I'm not sure what you mean? If you already have defaults on your file then by going on a DMP with CCCs won't make any difference coz it's already poor (credit file that is). CCCs don't take your credit score/file into consideration they are only concerned about you and how they can help you and plan a monthly budget around that.
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x

LolStevo

ye i am going with them so i cant start paying them as i am very disorganised! i know they wont change my credit file but could help me! xx

rog2

LolStevo wrote:

So do you think i will be ok? Im going to phone CCCS on monday to sort my finances out but i will be a student for the next 5/6 years so wondering if its too damaging? xx

If you are going to be a student for the next 5 - 6 years, then that will also be seen as a deterrent to potential creditors - so I wouldn't worry too much about the defaults - they should be gone by the time you finish your studies.

Dolly_Smith

You need to look at why you have so many defaults on yr credit history at such a young age though - you don't want to be carrying on a poor credit rating throughout your adult life

Have you thought of getting advice on managing your debts?

ps, not from a company that charges you, obviously!

Dr.Shoe_2

I expect that by the time you finish your studies you'll have paid most of your debts back and the defaults will be either gone or deemed to be old enough not to have had too much effect. Some lenders will disregard defaults (but not CCJs) that are more than 4 years old or even 3 years as long as you have nothing more recent.