Horrendous Credit History

kiwi97

My credit history over the past 4 years is absolutely shocking due to a gambling addiction. I've applied for hundreds of loans, some accepted, some declined. I've also missed payments and had collection notices issued but never a CCJ. Basically I've still got £3000 of loans outstanding which I will have paid off by february but is there any real chance I can ever rebuild my credit rating or am I doomed forever? I have resolved my gambling problem and am now earning a substantial wage but I've defaulted on so many occasions that I dont know how to ever obtain credit again

dotdash79

Give it time, your credit file is a snapshot of the last 6 years.

Have a look at your Noddle file for free.

Most of the searches have fallen off after 12 months, and just see where you are.

I had a CCJ and 3 defaulted accounts, I now have a mortgage and a decent credit card and have offers of finance being thrown at me constantly. You are doing the right thing by paying it off and in a few years you can carry on rebuilding.

Thrugelmir

When you debts are repaid. Get saving. Other than a mortgage there's no need to borrow money if you manage your finances properly.

Time will heal.

happy_bunny_2

As suggested, check Noddle to see what the damage is and report back if you have any questions on what you find.

HB

sirwiggum

Noddle is a good call, see what dates your defaults are - consider yourself blacklisted until 6 years after these dates.

Don't fall into the 'Arrangement to Pay' trap instead of defaulting - these stay on your account for 6 years AFTER the last payment marker, meaning that they'll be visible for longer than a default would. Some lenders consider these a red flag.

Don't apply for too much credit - loans, cards etc. - these searches get recorded, too many searches is another red flag.