Have I defaulted?

bobbydrake50

They are just late payment markers not defaults. (probably show as a 1 and a 2). Just make sure you don't make any more late payments and they will eventually drop off your credit report. And yes your available credit stays the same even though the account is closed. My Egg card stayed at £4500 for the whole time it was closed so it looks on your credit report as if you have access to all of that (unless you ask them to lower it).

izools

YorkshireBoy wrote: »

That depends on how the accounts are shown on the credit report though.

If they're not 'settled' (and they can't be with balances still owing), then they'll just add to the OP's total available credit. Unless there's a marker ID for "can't spend any more"? Is there?

In this instance you're right YB, if a customer opts out of a APR hike or closes their credit card account for any other reason whilst still repaying a balance as per the original terms, whatever limit they have will be perceived by 3rd party creditors as "Available".

There is no special instruction indicator to show "Can't spend any more".

Case in point was my mother's Barclaycar showing an #8,400 limit #2,100 balance but was closed in 2003 - as soon as she requested they lower this to #2,450 she found herself able to get a car loan due to the reduced (apparent) exposure to unsecured debt.

WonkeyDonkey

Thanks for all the feedback.

I'll keep an eye on my credit report in the next few months and ask for my credit limit to be reduced when i've paid off enough of my balance.