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Expired default

jamie1985
jamie1985 Posts: 22 Forumite
in Credit file & ratings
Hi everyone :)

Quick question, A default from a loan which i got a long time ago is due to drop off my credit file at the end of this month....finally! I have been debt free for about 4 years now and I am no longer a young naive fool!

Anyway i was wondering what you people think my chances are of getting a loan of £15,000?

I earn around £45,000 a year and would like to build a credit rating ready for getting a mortgage.

Cheers!
Jamie

Comments

  • Tixy
    Tixy Posts: 31,455 Forumite
    What other existing credit accounts do you have on your credit files?

    Are these in good standing?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • jamie1985
    jamie1985 Posts: 22 Forumite
    I've never missed a payment on anything since i defaulted on the loan, i have a capital one credit card with £1200 limit, a store card which i haven't used for god knows how long and I've had mobile phone contracts which I've had every year.
  • CherlokHomes
    CherlokHomes Posts: 614 Forumite
    jamie1985 wrote: »
    I've never missed a payment on anything since i defaulted on the loan, i have a capital one credit card with £1200 limit, a store card which i haven't used for god knows how long and I've had mobile phone contracts which I've had every year.

    Have a £1200 limit credit card and a unused store card suggests a lender offering a 15k loan would want a hell of a lot more credit history then this IMHO.
    "You know when it's cold outside when you go outside and it's cold"
  • Tixy
    Tixy Posts: 31,455 Forumite
    From that info it sounds like you should have a reasonable chance of being accepted for a loan once the default has gone (although obviously it depends on much more detail than that).

    Generally most banks offer a better representative APR if you borrow just under £15k, so maybe think about making an application for a little bit less.

    Presumably the sole purpose of the loan isn't just to build up a good credit history to help you get a mortgage in the future?
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • jamie1985
    jamie1985 Posts: 22 Forumite
    Yeah i was thinking of getting a nice car and didn't want to break into my savings as I'm aiming on using them for a house deposit.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The loan will impact the affordability calculations for the mortgage.
  • jamie1985
    jamie1985 Posts: 22 Forumite
    Thrugelmir wrote: »
    The loan will impact the affordability calculations for the mortgage.

    I guessed this, probably wiser to try for a smaller loan then?
This discussion has been closed.
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