Defaults at 4 years.

lloydy22

Hi Guys,

With your wealth of knowledge, I am hoping you can help me.

I have 7 defaults, All relatively low amounts. 5 of these will pass 5 years old this year. 2 of them will be 4 years old this year.

Since getting these, I have paid all the amounts in full. my credit report reflects this. I have also managed to take a contract phone, all payments made on time, I have 3 credit cards, barclays, aqua and vanquis. Both the vanquis and aqua i have had for over a year and the limits on these have been increased several times, Im now over 2000 on vanquis and just under 2000 on my aqua, barclays is new and has a limit of 400. These cards have all been managed perfectly. Needless to say ive learnt my lesson.

Now that the background is out of the way, the question,

I have a car, which is due to be exchanged in jan next year (2016). The current finance on the car is not mine, but i pay it. I will need to sort my own car finance out next year when exchanging the car.

So with 3 years of perfect payment history on all my credit lines, and my defaults knocking on abit, Would i qualify for normal car finance rather than the poor credit garages?

Appreciate any help you can offer.

Voltron

My experience of having a single default of £50 that's nearly 6 years old (and settled 5 years ago) on my account has meant I get declined for most things beyond companies who actively look for people with bad credit history. Due to the automated processes, I'm intrigued to know if, while under that 6 year wait for it to drop off, whether they take into account the amounts or anything else. I guess they simply see a DF and react to that.

forgotmyname

I would wait until your file is clean. Your unlikely to get decent rates if you do get accepted for credit.