Defaults gone, still not mainstream?

mr_will_i_am

Hi all,

Was hoping the wise heads here could shed some light, and offer some advice.

After some back and forth I managed to have two bank defaults (2006) removed from my credit file. Checking EQ and EX and seeing they had gone made me very excited! I immediately applied for an Amex....declined. I then checked the Barclaycard pre-application...Inital (29.9%!) only.

I earn £60k, have a Cap One Classic since early 2008, limit 1500, one missed payment 16 months ago, payed in full each month, and no missed payments on my Santander (A&L) again from early 2008. Other than this I have a "settled" Natwest current from early 2006 to early 2008 with three missed payments in early 2008 (I changed to A&L...they kept charging me for a gold account I didn't want...appreciate my fault somewhat).

I'm early 30s, lived at current address for over 2 year, previous address for 11. On electoral role for both periods.

I really want to buy a house in the Autumn, but am now worried I wont be able to get a decent mortgage. Any advice on how I could improve my chances of getting mainstream credit by then? Very confused:(

BugsyBrowne

mr_will_i_am wrote: »

Hi all,

Was hoping the wise heads here could shed some light, and offer some advice.

After some back and forth I managed to have two bank defaults (2006) removed from my credit file. Checking EQ and EX and seeing they had gone made me very excited! I immediately applied for an Amex....declined. I then checked the Barclaycard pre-application...Inital (29.9%!) only.

I earn £60k, have a Cap One Classic since early 2008, limit 1500, one missed payment 16 months ago, payed in full each month, and no missed payments on my Santander (A&L) again from early 2008. Other than this I have a "settled" Natwest current from early 2006 to early 2008 with three missed payments in early 2008 (I changed to A&L...they kept charging me for a gold account I didn't want...appreciate my fault somewhat).

I'm early 30s, lived at current address for over 2 year, previous address for 11. On electoral role for both periods.

I really want to buy a house in the Autumn, but am now worried I wont be able to get a decent mortgage. Any advice on how I could improve my chances of getting mainstream credit by then? Very confused:(

Personally your wage is not a factor in this, applying for a AMEX they can check your credit history going back 3-4 years and they have spotted your missed payments.

And then barclaycard only offer you their worst card, which tells me something is quite not right with your credit file, but saying this barclaycards pre-application was searching call credit CRA last time I heard.

What do you mean settled natwest account did you default or something?

[Deleted User]

Amex is the top of the tree - you won't be getting that anytime soon. Especially with all those missed payments in the last couple of years.

You need to work on not missing payments to keep your history as clean as you can if you're looking to get a mortgage.

mr_will_i_am

star-fire wrote: »

Personally your wage is not a factor in this, applying for a AMEX they can check your credit history going back 3-4 years and they have spotted your missed payments.

And then barclaycard only offer you their worst card, which tells me something is quite not right with your credit file, but saying this barclaycards pre-application was searching call credit CRA last time I heard.

What do you mean settled natwest account did you default or something?

No, I didn't default. I changed to A&L, but NW took a monthly fee for a gold account I didn't want and wasn't using. I closed the account when I noticed, but see they have marked it as 3 missed payments for the second to last month, last month "Green" however, and EX has it as "Settled" in green.

Oh, only one "hard" search in last 12 months on EQ for Sygma, lots of soft ones for car insurance.

mr_will_i_am

Deleted_User wrote: »

Amex is the top of the tree - you won't be getting that anytime soon. Especially with all those missed payments in the last couple of years.

You need to work on not missing payments to keep your history as clean as you can if you're looking to get a mortgage.

I only have one missed payment in the last three years, is that really that bad?

ironlady2022

I would say no point in applyig for top end credit cards, if the Barclays go through, use this to build up credit ready for mortgage application. ENSURE no missed payments or late payments and that you are spending on it frequently (doesn't have to be vast amounts), it will show the banks you are capable of handling credit.

[Deleted User]

mr_will_i_am wrote: »

I only have one missed payment in the last three years, is that really that bad?

In your post, you said you had 1 x Cap 1 and 3 x NatWest since 2008. That makes 4, which is a pretty sizeable number. Especially for Amex, who can pick the very best customers.

izools

Having any missed repayments in the last 12 months is a big sign for a creditor to consider you a risk.

The Barclaycard Gold, for example (Barclaycards second most loosely scored card) demands NO missed payments in the last year.

Once you've gone 18+ months without missing any repayments you should stand a good chance of a mainstream card, as long as you're always keeping the Cap One card well within it's limit.

Good Luck! :beer:

mr_will_i_am

Deleted_User wrote: »

In your post, you said you had 1 x Cap 1 and 3 x NatWest since 2008. That makes 4, which is a pretty sizeable number. Especially for Amex, who can pick the very best customers.

Thanks zx. NW ones are from Jan 2008, so I guess I should have waited a month at least.

mr_will_i_am

izools wrote: »

Having any missed repayments in the last 12 months is a big sign for a creditor to consider you a risk.

The Barclaycard Gold, for example (Barclaycards second most loosely scored card) demands NO missed payments in the last year.

Once you've gone 18+ months without missing any repayments you should stand a good chance of a mainstream card, as long as you're always keeping the Cap One card well within it's limit.

Good Luck! :beer:

Thanks iZ, will be 18 months with no missed payments in March, so guess I'll wait until the summer, then have another go at something mainstream

BugsyBrowne

mr_will_i_am wrote: »

Thanks iZ, will be 18 months with no missed payments in March, so guess I'll wait until the summer, then have another go at something mainstream

Mate have you tried any of the Sygma card range, they are a bit of p*ss to get one of those?