Settled accounts, Vanquis and cash withdrawals

tdp1981

I have three questions I would appreciate anyone's help/advice with.

Background, I defaulted on a credit card in 08, and had repayment arrangements on 2 others (no default). Was really just a bit of an idiot and didn't think about repercussions of my actions at the time as I am sure most can relate to. Paid off everything I owed in full.

Have used Vanquis, Capital One and Barclaycard to rehab credit file and have had two prime credit cards for the last 4 years (still repay in full every month, former cards all closed). Default is no longer on credit file :j

Hoping to formally apply for a mortgage (10% deposit), and thinking from lenders perspective my big weaknesses:

1. I withdrew cash on credit cards frequently until about 18 months ago when I found out it was a terrible practice for your credit rating. How far back will lenders look in that regard? I genuinely didn't realise how bad it was so you can imagine how sick I felt when I read the 1st time buyers guide on MSE. Still surely not the last time I will do something stupid and learn from it.

2. One of the cards I had a repayment arrangement on was not settled until May 2009 so that card and the pretty horrible payment history going back about 10 years is still on my experian file. Should I wait until after May?

3. Does having a settled Vanquis card on your file make you less likely to receive credit as even with a strong file it demonstrates that there were problems?

Any experience or perspective would help.

Much appreciated

Tim

Tixy

2. I would wait until after may
3. Potential lenders searching your file see an anonymised list so dont know you had an account with vanquis.

1. Will probably have some affect but less than if you had been doing it mire recently I would guess.

tdp1981

Tixy wrote: »

2. I would wait until after may
3. Potential lenders searching your file see an anonymised list so dont know you had an account with vanquis.

1. Will probably have some affect but less than if you had been doing it mire recently I would guess.

Thanks Tixy.

Not a long time in the scheme of things.