Cleaning my credit rating.

Gordon_Hose

Just keep paying what you have on time. Having a default means that lenders will rate you high risk whether you pay your bills or not.

If you keep everything in order now then when the time comes for the default to drop off your file, then your risk should lower considerably as all that will be left on your file are well run accounts.

I have satisfied defaults and 4 accounts that report to CRA's; mobile phone, loan, current account & next account. They are ALL impeccably run. My last default drops off in March 2013, so once that goes I'll be left with a handful of very well run accounts, all green and all 0's....which should make my rating shoot up ready for me to get a joint mortgage with my OH.

Culex

JW1982 wrote: »

Is there anything i can do in the meantime to help my cause any?

Emigrate and come back as someone else.

Culex

Gordon_Hose wrote: »

I have satisfied defaults and 4 accounts that report to CRA's; mobile phone, loan, current account & next account. They are ALL impeccably run. My last default drops off in March 2013, so once that goes I'll be left with a handful of very well run accounts, all green and all 0's....which should make my rating shoot up ready for me to get a joint mortgage with my OH.

So you're eagerly looking forward into being in debt again?

JW1982

Gordon_Hose wrote: »

Just keep paying what you have on time. Having a default means that lenders will rate you high risk whether you pay your bills or not.

If you keep everything in order now then when the time comes for the default to drop off your file, then your risk should lower considerably as all that will be left on your file are well run accounts.

I have satisfied defaults and 4 accounts that report to CRA's; mobile phone, loan, current account & next account. They are ALL impeccably run. My last default drops off in March 2013, so once that goes I'll be left with a handful of very well run accounts, all green and all 0's....which should make my rating shoot up ready for me to get a joint mortgage with my OH.

So are you telling me here then that theres no point really paying off these defaults from 2009 as even when they are satisfied i wont really be credit worthy until they drop off the file, which they'll do after 6 years whether i pay them off or not anyway?

Gordon_Hose

Culex wrote: »

So you're eagerly looking forward into being in debt again?

Yeah. No DCA's this time round though

Gordon_Hose

JW1982 wrote: »

So are you telling me here then that theres no point really paying off these defaults from 2009 as even when they are satisfied i wont really be credit worthy until they drop off the file, which they'll do after 6 years whether i pay them off or not anyway?

Well, it is down to you whether you pay them or not, that is a question of morals.

But, yes...you will be classed "high risk" by lenders until the defaults drop off your file.

I've had defaults since around 2005, and I can't even get a £100 overdraft with my bank.

People say the effect eases after the 5 year mark, but I'm not sure how true that is.