How long before I'm less toxic?

skintbex

After years of paying of some horrendous debts (including two CCJs), I am finally debt free. After a house sale, I have enough left over to put in a savings account, but no one wants me. To get an account, I must pass a credit check....no way will I pass one for one of the decent savings accounts (Santander has already said no, I expect the rest will be much the same)

Any accounts I already hold have pitiful rates, but looks like I'm stuck with them for the forseeable.

How long before one of the banks with a decent interest rate decides I'm going to be a good customer? Or is that the piece of string question

Candyapple

You need to obtain copies of your credit files from all 3 credit reference agencies to see what's on there.

Usually once any defaults/CCJs have dropped off your files is when you should be able to be accepted for mainstream lenders again.

skintbex

I know what's on there - the CCJs have dropped off anyway, as they're over 6 years old, but two recent defaults have only just been paid off, and I'm sure they stay on your file for years after that...they do show debt satisfied (and that they were paid in full)

Candyapple

How recent is recent on those defaults?

Yes, they will remain on your file for 6 years and after about 3 or 4 years the impact of the default lessens slightly and some mainstream banks may offer you a current account, but the ones offering the high interest rates eg First Direct or Santander will usually require an impeccable credit history.

skintbex

They are in the last couple of months - because the original company sold them onto the likes of Cabot etc, the accounts show a default even though I've been paying off a regular sum for years...
On the plus side I managed to hold onto a 'normal' credit card which I've managed impeccably for years, and there are no issues with my current account