missed payments?

Jambo5

Brief view of my credit report.

4 defaults
1 CCJ

3 defaults have gone(6years up) and last default and CCJ will be gone by July next year.
I have posted in other forums as I want to go for a Mortgage next Summer.
Im aware that as of next july my adverse credit will all be gone however there is 1 account which has been settled in June 2010 but I was up to 5 months in arrears at one point

I heard that some creditors still give credit to people with ccj's and default providing there over 4 years old or so?

So when the really bad stuff (default, ccj) finally go in July, how will these missed payments effect me? Bearing in mind they will be over 5 year old by then?
Or are 'missed payments' just really as bad as defaults and ccj and I have to wait an extra year till they are removed as well?
Also has any one ever adding a credit note to their report explaining why they missed payments etc? Is it worth doing?
Does it make a difference?

Thankyou Jambo

Buzby

No - missed payments are not the same as defaults, but how a lender 'weights' them is anyone's guess. When applying, you will need your file to show normal (good) activity - so I'd start cultivating this right away.

Jambo5

Thanks, how do I cultivate this? All my accounts etc are all up to date and have been since 2010.

Experian_company_representative

Jambo5 wrote: »

Thanks, how do I cultivate this? All my accounts etc are all up to date and have been since 2010.

Hi Jambo5, if you already have active accounts on your report, then by ensuring that they are paid on time every month will help to improve your report.

If you don't have any active accounts, then you may want to open a basic current account, and then look at getting a contract phone or Credit card with a low limit to start building up your credit history again.

As the late payments are 5 years old, they will be having much less of an impact, but a lender may still take them into consideration if you are applying for a mortgage. You can add a "notice of correction" to your report, to explain in 200 words or less why the late payments occured. Lenders can then choose to take this into account as part of their credit making process.

Adding a notice of correction to your report does mean that your report will refer out of automated decision making processes, so you wouldn't be able to get credit instantly online or over the phone.

Kind regards
Neil

Jambo5

Hi Neil from Experian,
I was with Barclays and had a account with them all up to date for 4 years and now I have a current account with Halifax now for 10 months which I had to pass credit check, they have recently offered me to upgrade my account which usually includes overdraft but for some reason they are offering all the benefits on ultimate reward account except overdraft.

As for phone contract again...my account is up to date and has been since I took contract out nearly 5 years ago.

Credit card I have 1 with Barclaycard which was for people with Bad or no credit. The credit limit started at £1200 and has been lifted twice and is now at £1500.

All utility bills, Sky, pet insurance are all up to date to.

I did from 2010 to May 2012 take out some 22 payday loans:mad!!
Which Im not sure how potential high street lenders like Halifax exactly judge Payday loans because a friend of mine has just been approved with 33 payday loans against his name.

All I know is over last 4-5 years all accounts are up to date included them horrid pay day loans. 2 Defaults are completely gone and I'm left with 1 default which goes in January and the CCJ in July 2015. When they both fall off I will then be left with them 'missed payments' which by then will be well over 5 year old.

So as it stands my credit rating on Noddle is 1/5 and score is 522. And it never seems to improve at all.

If you get a chance and if you can look at my profile and other recent post. In there you will find a more detailed look at my credit report and me and my wife's wages and deposit so far.

https://forums.moneysavingexpert.com/discussion/5078613

Thanks for your reply, hope you can help me further

Jambo5

How can I tag Neil from Experian in this?

Jambo5

How do I 'tag' Neil from Experian in this post?
Thanks for all your advice so far....keep feedback coming

fermi

This forum does not have 'tags' enabled.

Jambo5

Shame.....he seemed to know what he was talking about and still questions unanswered...anybody been in similar postion that could help please?

fermi

If you are on twitter you can ask them here: https://twitter.com/ExperianExperts

Jambo5

Cheers...not on twitter. Wouldn't know where to start:(