Settled Defaulted accounts yet Credit Score still bad

Arren9

Hi

I foolishly took out some credit cards and a overdraft (8) when i was young (and foolish) around 4 years ago and left them to default. I was paying token payments on them for the past 3 years and then in April i settled them all, so over 6 months ago now. I now owe nothing, my balance is in credit in my current account, i am registered on the Electoral Role yet my i recently my credit score has not improved at all. I am not sure of what more i can do to help improve it? Seems daft that something i did when i was very young and ill advised, - is still affecting me now and will do for a number of years? I thought once settled it would be ok but from reading this forum itll take years! Is there any further advise anyone can give me? I tried to get a small credit card to try build up trust again but was declined.

any advise will help

Thank you :money:

[Deleted User]

Your defaults will still be visible to lenders, although having settled them will look better than before. The dafaults willdrop off after 6 years from when they were applied.

Your credit score is a made up number that bears little resemblance to how a lender reviews your file. so ignore that.

What card did you apply for? You will need to try one of the sub prime bunch.

Thrugelmir

Time heals. Learn from the experience and move on. If you can save before you buy. Then your money will go far further.

Arren9

Deleted_User wrote: »

Your defaults will still be visible to lenders, although having settled them will look better than before. The dafaults willdrop off after 6 years from when they were applied.

Your credit score is a made up number that bears little resemblance to how a lender reviews your file. so ignore that.

What card did you apply for? You will need to try one of the sub prime bunch.

erm capital one and vanquis. The latter invited me to apply, i did and declined! HA. I had one of each previously though. I do not intend on getting into debt again, i just want to build my rating up for a mortgage!

thanks again

Thrugelmir

Arren9 wrote: »

i just want to build my rating up for a mortgage!

Act responsibly with your money in the future. No one starts with a bad rating per se. Ensure that you are on the electoral roll every year and save a reasonable deposit yourself without aid. Then you'll be a good way there.

Take a look at Nationwides Save to Buy mortgage scheme.

jellie

Arren9 wrote: »

erm capital one and vanquis. The latter invited me to apply, i did and declined! HA. I had one of each previously though. I do not intend on getting into debt again, i just want to build my rating up for a mortgage!

thanks again

Are these two on the list of cards you defaulted on? If so, I'm not surprised they declined to trust you with their money again.