Credit rating shock

Jamsterthehamster

Is it best I stay with my current provider? It was a big jump for me to clear the debts, just hope it improves soon. Thanks.

tinkerbell28

Jamsterthehamster wrote: »

Is it best I stay with my current provider? It was a big jump for me to clear the debts, just hope it improves soon. Thanks.

Yes and give it time. Check what is actually reported under your accounts too.

glentoran99

Jamsterthehamster wrote: »

What an awful site noddle is. Funny that there is no contact telephone number also, nor can you cancel your account.

On the contrary I've found them very helpful with some issues I've had with creditors

matttye

Jamsterthehamster wrote: »

Thrugelmir

Thank you.
I know parole depends on the crime, but how long should I leave it?

6 years until any adverse information drops off your report.

What did they apply, a default or something else?

If they did not default you, then any adverse information will remain on your credit reports six years from the date you close the account - so you either need to close it now or keep or open for six years, otherwise the adverse information will be on there for longer.

If they did default you, then that will drop off 6 years from the default date.

You'll be able to get a current account before the 6 years is up but it's not an exact science.

Jamsterthehamster

No defaults, but I applied for an over draught increase many times. As the charges kept making me more overdrawn! ..they said no each time.
I have no defauts, CCjs, I was just overdrawn on both accounts...now in credit.
Just paid of a bank loan early also.
I hate banks.

Jamsterthehamster

I already have 2 current accounts, just wanted to switch from hsbc to first direct

BlondBoy

James

If it's just the one account that you've gone beyond your overdraft limit with, you'll just need to give it time.

You may be in credit now, but it could take up to a month for that to be reported to the credit reference agencies. e.g. you got the account back in credit on 12/8, but the bank reports to the CRAs each month on 11th. So you'll have to wait a month.

There will still be a record of going over limit, which isn't great. But the more time passes with you keeping within limits, the less important it will be.

I'd say wait until at least 6 months of perfect account conduct is reported until you try to switch.

But for now, you're back in credit - well done! Just keep doing your best to stay within your credit limits. If you do, all will heal in time.