Default account

rk2007

I had 3 default account (Mobile contract) from last 4 years and total outstanding was £1100. I was out of the country from last 4 years and recently came back to UK. Now I paid all my outstanding and it will show in my credit file that account settled. I am employed and renting a house and also have registred with Electrol and all my previous credit card account has been closed. I would like to know how long it will take to build the credit score after settled the default so I can re apply for the credit card. Some advised that I should wait 2-3 months but not sure.
what are the other option I can do to improve my credit score.
Appreciate your suggestion.

chanz4

subprime give it a month or two, you wont get main stream

MorrisonsEmployee

Try a Vanquis credit card, Catalogue account [Very, Littlewoods etc,] and a SIM only mobile 'contract'

MichaelCR

rk2007 wrote: »

I had 3 default account (Mobile contract) from last 4 years and total outstanding was £1100. I was out of the country from last 4 years and recently came back to UK. Now I paid all my outstanding and it will show in my credit file that account settled. I am employed and renting a house and also have registred with Electrol and all my previous credit card account has been closed. I would like to know how long it will take to build the credit score after settled the default so I can re apply for the credit card. Some advised that I should wait 2-3 months but not sure.
what are the other option I can do to improve my credit score.
Appreciate your suggestion.

I have 3 outstanding unpaid Defaults, I've been able to get small amounts of credit lately (Most recent default is from Nov 2010).

- T-Mobile gave me a full £35.75 a month contract with a £500 phone for free, Currently paying this off in full each an every month, Will not miss a payment. T-Mobile are more lenient towards applicants with bad credit, As long as you are on the electoral roll, Have a current account with Debit Card etc etc, Are employed then you should be fine.
- PaydayUK gave me a payday loan last week, Which was to cover a short term emergency, I've already put what i owe to them into the account they will take it out of meaning it gets paid in full on time, They also report to CRA's which is great
- Empire catalogue gave me a small credit limit on a new account with them !

So i guess small, High interest amounts of credit aren't out of reach for some people with adverse credit (I have the worst past, Which i'm putting right).

try Vanquis for a credit card, Use sensibly, Pay in full on time, Which those green markers fill your credit reports.

rk2007

chanz4 wrote: »

subprime give it a month or two, you wont get main stream

can you please explain it more clearly...

MichaelCR

rk2007 wrote: »

can you please explain it more clearly...

Subprime borrowing.

Basically you won't be eligible for the mainstream credit cards with high limits and low APR + introductory rates like 0% on purchases for so long or 0% on balance transfers. You won't be eligble for such mainstream products like Tesco Clubcard, MBNA Cards, High street bank credit cards etc etc).

Instead you'll have to consider Credit cards like the Barclaycard initial, Capital one Progress or classic, Vanquis, Aqua etc etc (Higher APR, Lower Credit limits aimed at people with adverse credit problems) to build up a decent credit record, These are Subprime products.

rk2007

MichaelCR wrote: »

Subprime borrowing.

Basically you won't be eligible for the mainstream credit cards with high limits and low APR + introductory rates like 0% on purchases for so long or 0% on balance transfers. You won't be eligble for such mainstream products like Tesco Clubcard, MBNA Cards, High street bank credit cards etc etc).

Instead you'll have to consider Credit cards like the Barclaycard initial, Capital one Progress or classic, Vanquis, Aqua etc etc (Higher APR, Lower Credit limits aimed at people with adverse credit problems) to build up a decent credit record, These are Subprime products.

Many thanks for your explanation and suggestion. I will apply Barclay initial as I already had Barclay card and maintained perfectly (3000 Credit Limit) but that account has been closed in 2008. I don't know whether I will get any benefit for previous account with them. Once again thanks very much for the response.