Confused by what I need to do with my credit rating-please hello!

Neiffer33

I'm new to this whole site so please excuse me if I seem a bit clueless! This could be a long post, sorry.

Approx 10 years ago for a few years I defaulted on a few credit cards and loans for a few years. I ignored them for a while until spprox 2008 when I started making minimum repayments towards them. in 2009 I made settlement agreements with all of my creditors and paid off all of my debts. These have all been agreed as settled (or whatever the official term is) on my credit report. Fast forward a fee years to how, I have a well managed joint account with my husband, but that is it as obviously I can't get further credit etc and neither do I want it! My husband has had a mortgage for both of us in his name since 2010. We are renewing those year for further 3 term period. I hooe, really hope, that after these 3 years that we will be able to get a joint mortgage so that we can get a larger mortgage to move into a bigger property. So here are my questions:
1. Is it true that my credit report will be cleared off after 6 years? So in approx 2015 mine will be emptied of my bad history?
2. Should I be making steps towards improving my credit score now iris there no point whilst I have the defaults on?
3. I have read the guide on here about improving your score, but am still not sure how I could actually go about it as I can only get credit cards with huge aprs and the guide says it doesn't look good to pay off the whole thing each month, but then I'd get whacked with huge interest if I didn't, do you see my confusion?!
4. I realise that whatever I do, if I can get a joint mortgage in a few years time that my rating will mean we have to pay a higher interest rate. Am I being naive to think I'd even be able to get a joint mortgage in 3 years?

I think that's it. Thanks for reeding, please advice if you can as I don't know where to go from here, ,but would really like to make some positive steps so that we can sort things in a fewer years time.

Neiffer33

Help not hello for my thread title, sorry

Cycrow

the defaults and accounts will drop off your account after 6 years since they were issued. It sounds like they may already be gone. Its they date they were issued rather than the date that they were settled.

have y ou checked your credit reports recently to see whats on there ?

It'll be worth it to help with you credit report to get something good on there, so a credit card which you keep up to date with could be of some benefit.

Improving your credit scores is about managing your credit properly, for a mortgage, paying off the credit cards in full each month will look good.

lvm

1. Yes, correct - the records of any credit will be removed 6 yrs after default date.

2. You can make steps now - see point 3.

3. You may be ale to get a "bad credit" credit card. Absolutely not true that paying it off doesn't do anything - it proves you can handle credit responsibly. Just make sure it IS paid off in full every month. A mobile phone contract would serve the same purpose.

4. You should be able to get a competitive rate once all defaults are cleared. If all accounts are settled/satisfied then there's no reason you wouldn't be able to get a small limit credit card now so at least you have some form of credit when it does come to applying for a mortgage.

Neiffer33

Thank you for the replies. That's interesting about the 6 years from start of debt...I haven't checked my report since paying off the loans, I've justhad a quick look art doing it. What's the difference between a 2 pound statutory report and the report I'd get from a 'free trial' from experian?
I'll definitely apply for a cc then, are the some that do a soft search so that the check doesn't show? You are all very helpful thank you

Cycrow

the report you get from the free trial gives you a months free access to the report and includes the useless score.

The months access has the advantage of being updated daily whereas the single report is just a single report.

you might as well get the free access, better than paying £2, just remember to cancel it before the month is up

lvm

And do it through a cashback site - you'll get £8-£8.50 for free (just remember to cancel before the month is up!).

Why not even do both!!

Twinkling_Star

Your Credit Report is completely free from Noddle FOREVER so I would start there if you can. (I am not sure whether you have to have card details to enter - sorry I cannot remember.)Then if there are any errors which need to be sorted out you can get those sorted and save your free trials to check the companies have sorted any errors with the other Credit Rating Agencies. I am new here so I am just telling you what I would do which may be classed by others to not be the best route. Good Luck.
Always be prepared for the worst but always hope for the best!
Keep smiling or in my case keep Twinkling.
Kind Regards
Twinkling Star

Cycrow

Its good to use noodle and save some money. But in this case, its really best to view all 3

Twinkling_Star

Yes certainly do not do what I did years ago when I only checked one and stupidly presumed that as that one was correct that all the other Agency reports would be correct. Having never been late and never missed any payments I just thought everything would be recorded correctly. Years later I discovered that false entries had been made by one company. So yes always check all of the agencies but as you are not in any particular rush you have time to use the free Noddle and then to sort out any issues with Noddle first thus saving your free trials with the other companies to check them after resolving any issues with Noddle first. This way you are less likely to end up having to pay for any further reports. Do not forget to make use of the free trials and for any further months (if needed) use the Statutory Reports which are only £2.
Always be prepared for the worst but always hope for the best!
Keep smiling or in my case keep Twinkling.
Kind Regards
Twinkling Star