Fair credit with a settled default

Fordy36

Hi, I'm trying to find out how badly this effects my power to get credit. My account was settled in 2009, it was a balance of 175.00 and was from my younger days. I have 2 credit cards again with low balance i got these just to try and improve my credit as I would like to apply for a mortgage. My credit score is 801. Will the default be removed 6 years from the date it was settled or from the date the loan was taken...... Thanks

CKhalvashi

Credit 'score' is worthless. The CRA's don't know what I earn, what security/assets I have, or some of the products I hold. I have seen the unemployed have 999 credit score because of this.

The default will be removed 6 years from the date of the default. This should be (from 2009) within next month, if not already.

CK

Tixy

Slight maths error there CK. A default from 2009 won't be removed until 2015

As said it is 6years from the default date shown on your file.

In terms of a mortgage, it is certainly possible to get a mortgage with a small settled default on file. You likely won't be accepted for the very best deals on the market or the highest LTV deals but probably worth speaking to a mortgage broker when you are ready to apply, rather than applying direct to lenders. A broker will give you an indication as to what is likely to be possible and which lenders to approach.

CKhalvashi

Tixy wrote: »

Slight maths error there CK. A default from 2009 won't be removed until 2015

Thanks Tixy. Shows you what a week of 4 hour nights does to you!

Thrugelmir

CKhalvashi wrote: »

Thanks Tixy. Shows you what a week of 4 hour nights does to you!

What do you do with the other 20 hours a day.

CKhalvashi

Thrugelmir wrote: »

What do you do with the other 20 hours a day.

Thanks Thrugel! I'm at the kids version of the worlds most watched non-sporting event, as a Head of Delegation/Commercial Director, so it's been a busy one