How damaging is a default really?

steveos

All,

My 2nd post and what a great place to get good advice.

I have a default on my credit file (a measly £73!) from an old vodafone contract. Start date of default is April 2006..so in theory should drop off in 14months time?

From reading these pages it is amazing how even one default can seem to severely affect your credit worthiness in times such as these.

Q.just how damaging/impacting is a default in terms of remortage, further credit if wanted (hmmmm maye not!)

I have large equity a good job etc, and no other real major debts.

Will this be a show stopper if I seek to remortage say this year?

I am sure this affects other people, first time buyers etc and does seem unfair in many ways.

View and thoughts appreciated
:j:beer:

Tixy

Different lenders place more or less importance on something like a default. The older they get the less impact they usually have.
I would have thought once its over 5years old it probably won't have a huge impact on remortgaging. It might mean you won't get a specific provider but shouldn't think it will make remortgaging impossible.

steveos

Thanks Tixy!

rogerblack

Isn't it possible to simply pay them off, and get them to remove it?

steveos

Apparently not!....I will pay it...but it will just show a SETTLED Roger...the !!!!!!s are like glue.and still show on file until the 6yrs are up.

This may look better to any new creditor...BUT are still on credit file...it's a total pain and affects loads of people I fear.

Steve:beer:

neenmarie

steveos wrote: »

All,

My 2nd post and what a great place to get good advice.

I have a default on my credit file (a measly £73!) from an old vodafone contract. Start date of default is April 2006..so in theory should drop off in 14months time?

From reading these pages it is amazing how even one default can seem to severely affect your credit worthiness in times such as these.

Q.just how damaging/impacting is a default in terms of remortage, further credit if wanted (hmmmm maye not!)

I have large equity a good job etc, and no other real major debts.

Will this be a show stopper if I seek to remortage say this year?

I am sure this affects other people, first time buyers etc and does seem unfair in many ways.

View and thoughts appreciated
:j:beer:

I'm the same as I have 1 default dated back in 2007 for £72.00 and although I didn't think I owed the money due to item being returned (long story) it still stays on my report for 6 years. How unfair is that!!! Oh it makes me mad

BackOnTrack

I have a default on my equifax report from October 2006 and basically can't get credit from anyone that uses equifax to check credit, my credit file is spotless apart from that default. If it shows up on all your credit reports then the chances are that you're going to find it tough to get credit/mortgage. If it only shows on one of your reports do your research and find out which people check which agencies and apply accordingly.

krycek985

BackOnTrack wrote: »

I have a default on my equifax report from October 2006 and basically can't get credit from anyone that uses equifax to check credit, my credit file is spotless apart from that default. If it shows up on all your credit reports then the chances are that you're going to find it tough to get credit/mortgage. If it only shows on one of your reports do your research and find out which people check which agencies and apply accordingly.

How do you find out what lender use what credit report ?

Tixy

krycek985 wrote: »

How do you find out what lender use what credit report ?

You could try here Credit Reference Agencies - Who Really Uses Who?! UPDATE (not sure how accurate/up to date it is though)