Credit status code 8!!!

tallen

Hi there

I recently tried to apply for a new credit card but was refused, stating that a credit agency declared me to have a poor credit rating. After purchasing a statutory report I discovered that I was at status code 8 on a credit card that I took out when I was a student 8 years ago.

As a rather reckless student, I maxed out the card within a year and rarely paid back so. Understandably, the card was cancelled and a minimum repayment plan was set up. The issue it seems is I forgot about it (having not actively been using the account for 7 years) and when I was on a 12-month trip to Australia last year the payments stopped or were missed somehow. I was unaware at the time as I wasn't using the account I was paying from - I had an Oz bank account I was using, so rarely looked at it.

Because of this, the status code on this account gradually went up to 8 without me realising. Eventually my old flatmates recieved a letter from a debt collection agency saying the debt had been passed onto them and I must pay in full or else! This is the first I realised anything was amiss. Anyway, I paid in full and cleared the account.

I am now clear of debt and my status code on every other financial agreement I have is at 0.

My question is how do I rectify my credit status. I am actually a very responsible borrower on a good income and am tainted by this one instance where I mistakenly missed payments.

I'd appreciate any advice at all as it clearly is a massive hindrance.

Many thanks in advance!

KingElvis

The only way is to wait six whole years from the date of the last bad code update. There is NO other way to make it good.

You can add notices of correction if it's satisfied but they are more worthless than used toilet roll.

Learn the lesson like hundreds of others have on here. It's there to warn other lenders that you aren't good with money.

tallen

i understand what you're saying but, as previously stated, I am actually very responsible with my money. In this instance the repayments were being made by direct debit and stopped because I opened a new bank account in the UK and asked for all direct debits to be transferred. As it happened, the payments were cancelled in my old account but for some reason did not start in my new account - an admin error by the bank presumably.

If anyone else has been in this situation and discovered a way of rectifying the issue quickly, I'd really appreciate the advice.

talana

tallen wrote: »

i understand what you're saying but, as previously stated, I am actually very responsible with my money. In this instance the repayments were being made by direct debit and stopped because I opened a new bank account in the UK and asked for all direct debits to be transferred. As it happened, the payments were cancelled in my old account but for some reason did not start in my new account - an admin error by the bank presumably.

That's as maybe, but admin errors are always a possibility when transferring accounts. It was up to you to check everything was in order, DDs transferred across correctly.

If your credit report is factually correct, payments were missed (and you don't seem to be disputing that point), then it's a true record and can't be changed.

CH27

tallen wrote: »

i understand what you're saying but, as previously stated, I am actually very responsible with my money. In this instance the repayments were being made by direct debit and stopped because I opened a new bank account in the UK and asked for all direct debits to be transferred. As it happened, the payments were cancelled in my old account but for some reason did not start in my new account - an admin error by the bank presumably.

If anyone else has been in this situation and discovered a way of rectifying the issue quickly, I'd really appreciate the advice.

It was your responsibility to check everything was being paid correctly.
You will just have to wait it out for the info to disappear from your files.

RichGold

tallen wrote: »

I am actually very responsible with my money.

=tallen wrote:

I maxed out the card within a year and rarely paid back

What???

Whether you did it intentionally, by accident or simply forgot about it as you say, that black mark is on your credit file for six years no matter what you do. A credit file is a financial record of what actually happened, not what you would have liked to happen with hindsight.

KingElvis

RichGold wrote: »

What???

Whether you did it intentionally, by accident or simply forgot about it as you say, that black mark is on your credit file for six years no matter what you do. A credit file is a financial record of what actually happened, not what you would have liked to happen with hindsight.

Yep, welcome to the world of Vanquis etc etc

tallen

right fine - i take responsibility, but that doesn't help my situation

i came on here for advice and all i've got is a grilling. if i wanted that, i'd have called my parents

thanks for nothing

CH27

tallen wrote: »

right fine - i take responsibility, but that doesn't help my situation

i came on here for advice and all i've got is a grilling. if i wanted that, i'd have called my parents

thanks for nothing

There is no need to be arsey.
You got answers. They just weren't what you wanted to hear.

RichGold

You wanted advice, but asking for advice implies that there will be advice given that can make things go the way you want them to.
There isn't.
Sometimes there is just nothing you can do about a situation. The only person who could have changed this is your previous self which unless you invent a flux capacitor, you may find it hard to get in touch with.

dreavi

RichGold wrote: »

You wanted advice, but asking for advice implies that there will be advice given that can make things go the way you want them to.
There isn't.
Sometimes there is just nothing you can do about a situation. The only person who could have changed this is your previous self which unless you invent a flux capacitor, you may find it hard to get in touch with.

Where he's going, He wont need roads

On topic sorry mate as far as I know there is no way to quickly remove a black mark that was corrctly added to your credit report