Default on a Credit Card

willLeeds

If you have a default on a Credit Card for a number of months. Then you pay it back. How long after that card has been satisfied would you expect to wait to be accepted by a prime card provider?

Ive had a Capital One card for 8 months, paid in full, and my limit is still only £200. I only have it to build my rating, its pretty useless for anything else.

My default was satisfied in June of last year. I know that a clear credit rating will need to be 6 years. But was hoping you might be able to get something a little bit sooner.

jonesMUFCforever

That default will be there as you say for 6 years. A satisfied default is better than just a default.
Have you asked your bank to see if they will give you a card or whether Capital One will now upgrade you to a proper card?
Failing that applying with another subprime lender might give you a card that is unsecured and help you along.
You don't need me to tell you that if successful pay it off every month or you will pay a lot of interest.

willLeeds

I was thinking about waiting until June to apply again, will have been 12 months then. But i wasn't sure if that mattered.

chanz4

if satisfied and a few years old your bank may, others wont

rb10

chanz4 wrote: »

if satisfied and a few years old your bank may, others wont

It's not as clear cut as that.

Without knowing the size of the default, and all the other factors that make up the OP's credit history, it's going to be impossible for anyone to give a decent answer.

If your credit history is otherwise perfect, and the default was for a low amount, then you'd have a chance. Otherwise, you'll probably need to leave it a few years.

BugsyBrowne

rb10 wrote: »

It's not as clear cut as that.

Without knowing the size of the default, and all the other factors that make up the OP's credit history, it's going to be impossible for anyone to give a decent answer.

If your credit history is otherwise perfect, and the default was for a low amount, then you'd have a chance. Otherwise, you'll probably need to leave it a few years.

I've always thought lower defaulted amounts would look even worse as it showed you couldn't even pay back a small amount.

Willing2Learn

BugsyBrowne wrote: »

I've always thought lower defaulted amounts would look even worse as it showed you couldn't even pay back a small amount.

I think it would probably depend on the individual lender criteria for the specific product.

Bravehearted_2

Face it, every application for prime cards will certainly be referred and MOST if not all will be declined. You're stuck with subprime for now.

willLeeds

Sorry in my life ive had a total of 3 defaults.

1. £1700 overdraft - Paid back in full over 18 months ago.
2. £200 phone bill, which was a dispute about overseas calls which i refused to pay. But they still wont remove. Now been settled in full so it didn't dammage my credit any more.
3. £595 Credit card, now paid in full.

I also have a small loan with 4 months to go, paid in full from start to finish and a 5 year old mortgage that has never missed a payment.

Ive been doing everything i can to sort my credit rating out, got a score of 963 on Credit expert, been feel like im getting know where. Its very frustrating.

zerog

willLeeds wrote: »

Sorry in my life ive had a total of 3 defaults.

1. £1700 overdraft - Paid back in full over 18 months ago.
2. £200 phone bill, which was a dispute about overseas calls which i refused to pay. But they still wont remove. Now been settled in full so it didn't dammage my credit any more.
3. £595 Credit card, now paid in full.

I also have a small loan with 4 months to go, paid in full from start to finish and a 5 year old mortgage that has never missed a payment.

Ive been doing everything i can to sort my credit rating out, got a score of 963 on Credit expert, been feel like im getting know where. Its very frustrating.

The score is meaningless. If you have 3 defaults I don't think you're going to get anywhere for a while unfortunately.

This is why I only make overseas calls with a prepaid calling card.

willLeeds

zerog wrote: »

The score is meaningless. If you have 3 defaults I don't think you're going to get anywhere for a while unfortunately.

This is why I only make overseas calls with a prepaid calling card.

These have all been satisfied for minimum of 8 months. One for over two years.