Credit Card

Jonkai

Hi all

Quick back story... in 2007 I accumulated £30,000 worth of debt, I'll call it a mid life crisis!

Rather than take the easy option I've finally now paid every pound back, it's been a tough few years but it was definitely worth it, I even managed to pay one loan two years early.

Now I'm looking at getting a credit card to help improve my credit rating, what I don't want to do is start applying and that having an adverse effect on my credit rating.

The final payment made was last month to the Halifax which put an end to an unfortunate era, although life is really good now

Any advice on when I can safely apply for a card?

Thanks in advance.

jonesMUFCforever

Did you default at all?

Jonkai

I did default on one loan, this was the loan that was paid early.

I never missed one payment from December 2007 to March 2012, not sure if that counts for anything.

jonesMUFCforever

Defaults will be on your credit report for 6 years from the date of default.
One missed (did you make it up straight away?) payment should not harm your report that much.
If you did not make up the missed payment then every subsequent payment was late as well ---- well you are in the deep doodo!

Jonkai

All late payments were cleared up straight away, and the loan was finished two years early, so I'm assuming that it'll just be on my credit report for another 6 years, or from the point when the account was bought up to scratch.

Thank you