Default but no debt - HELP!

Ricardo8

Hi,

Wondering if someone can help me. I studied at University in the United States and whilst I was there, without my knowledge my Bank account was slowly accruing overdraft fees. I am well aware that this was very stupid of me not to monitor this.
Upon my graduation and return I found my account had defaulted. I payed off the default and it shows on my credit file as satisified as of 31/12/2013.
My problem is this, I have never had a credit card or loan and am a recent graduate who had a full scholarship for sports in the USA, therefore have never had any student loans.
I have this default on my account and even though I earn a good wage in my current position with plenty expendable income, I cannot get a credit card.
The only reason I want a credit card is to build up my credit in order to get a mortgage, I am looking to buy my own house mid-2016.
Can anyone give me some advice on what I can do?? As I seem to be stuck between a rock and a hard place in that I had the default and have no credit history and lenders wont look at me even though I have NO DEBT and only a phone bill and car insurance to pay for.

Thanks.
Ricardo

Fruit_and_Nut_Case

Start here:
Credit Cards for Bad Credit

Ricardo8

Fruit and Nut Case, cheers for the reply, have already looked through these and the best chance I have according to MSE is a 50% chance of getting the Vanquis Card, anything I purchase on this will be payed off immediately so the Intrest rate does not worry me.

Is it better to apply online or over the phone??

Cheers

Tixy

What is the date of the default? it is that date, not the date it was satisfied that is most important, as it is 6years from the default date that the entry will drop off your file.

In terms of applying for a vanquis credit card, should make no difference whether you apply online or by phone.

When you say paid off immediately - to build up a positive use of credit then repay in full after the statement is generated each month.

Ricardo8

The date of the default is 06/03/2012!

This is proving to be a real issue for me! what is the easiest card to be approved for? and what are my chances of getting a mortgage mid-2016?

Cheers guys.

Tixy

Vanquis is usually the easiest card to get accepted for.

[STRIKE]

If you can start to build up a positive credit history now (and don't miss
any payments on anything) then because the defaulted account will have dropped
off by the time you apply for a mortgage - you should have as good as chance as
anyone else in the same financial situation as you.
[/STRIKE]

edited as I apparently can't add up. Thanks Candyapple for the correction.

Candyapple

Ricardo8 wrote: »

The date of the default is 06/03/2012!

This is proving to be a real issue for me! what is the easiest card to be approved for? and what are my chances of getting a mortgage mid-2016?

Cheers guys.

If your default is dated 2012, it will come off 6/3/18 so your chances of getting a mortgage with a 4 year old default (if you're aiming for next year) is not good, although your mortgage broker may be able to find you a specialist lender.