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credit file defaults
euanT
Posts: 103 Forumite
My son is thinking of buying a newer car and is wondering how likely he is to get new credit. he has finance with First Response(horendous APR) for 4K nearly paid off with no late payments. He has one default against him(3 years ago) with a notice of correction on his credit file. two credit cards with 2k on each and a salary of 36K.
Anybody any thoughts!!
Anybody any thoughts!!
0
Comments
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Could you post a SOA for him?
It's difficult to say without knowing exactly what his debts are / credit available is etc (eg his cc's may have £2k on them but what are the limits etc)
Is the default "settled in full", "settled in part" or "unsettled"?
Is he able to settle the current finance without penalty?Grocery Challenge £211/£455 (01/01-31/03)
2016 Sell: £125/£250
£1,000 Emergency Fund Challenge #78 £3.96 / £1,000Vet Fund: £410.93 / £1,000
Debt free & determined to stay that way!0 -
The default will rule him out of mainstream unsecured credit.
He might be able to get finance secured on a car, but will probably find it has a highish APR due to the default.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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