car loan? wait till default has gone?

samuraiblade

i need to invest in a new car asap , my old ones dying , im probably going to get finance , should i wait until the end of february when the only default on my credit history has been removed (6 years) , i took the experian credit score and got 865 with that on there , ive been at current address for a year , FT employment in current job for 3 months , have a credit card with no missed payments and a settled loan plus a building society account.
once the defaults gone what are my chances of getting a car loan?
thanks for any help or comments.

Consumerist

Waiting until the default has dropped off the credit file will probably help.

Each lender draws up its own credit score; the Experian score is only a very rough estimate at best.

The longer you have been at your present address the better. Make sure you are on the electoral register at that address.

FT employment helps but 3 months is a little short of ideal so, to some extent, it depends on your previous employment record. If you are frequently changing jobs, that won't help.

Settled accounts are a good sign and well-managed credit is better. If you don't pay your card balance in full each month then it helps if you are paying a little more than the minimum repayments each month. Minimum payments are flagged-up on your credit report and lenders can regard this as debt stress.

Experian_company_representative

I agree with Cconsumerist. One thing, whenever you do apply for credit, if you're still signed up to CreditExpert you might consider using the free price comparison service in there that shows you credit deals matched to your actual Experian score. There's no guarantee you'll be accepted but it might save wasted applications which can be harmful if you collect a few of them.

James Jones

KingElvis

Experian_company_representative wrote: »

I agree with Cconsumerist. One thing, whenever you do apply for credit, if you're still signed up to CreditExpert you might consider using the free price comparison service in there that shows you credit deals matched to your actual Experian score. There's no guarantee you'll be accepted but it might save wasted applications which can be harmful if you collect a few of them.

James Jones

But don't use their loan comparison as others have reported that Equifax give your contact details to many subprime lenders who will torment you via telephone etc.

I have always found that behaviour quite strange but it is true.