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Default removal: how long to wait until applying for credit card?
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JunkUtopia
Posts: 32 Forumite
Hi, this may be a silly question or even covered somewhere else but I couldn't find it on my lunch break so quickly asking!
I have a overdraft default but knew 6 years was nearly up and have confirmed with Experian that it's due to be removed the 24th July, yippee!
This is my only bad mark and I have some accounts with 4 - 5 years of good records like my mobile phone bill. I applied and got a Capital One credit card 14 months ago now to improve my credit score, and while I've paid at least the minimum back each month I have build up debt a bit higher than I'd have wanted to due to a spell of unemployment.
With my default being removed soon and my credit report should be looking clean I'm wanting to get another credit card with 0% balance transfer and save the interest.
I just want to know if technically I can do this the day after my default has been removed and they won't see a trace of it (I won't actually do this!) or if there is a recommended time someone should wait after a default removal before applying for credit.
Thanks!
I have a overdraft default but knew 6 years was nearly up and have confirmed with Experian that it's due to be removed the 24th July, yippee!
This is my only bad mark and I have some accounts with 4 - 5 years of good records like my mobile phone bill. I applied and got a Capital One credit card 14 months ago now to improve my credit score, and while I've paid at least the minimum back each month I have build up debt a bit higher than I'd have wanted to due to a spell of unemployment.
With my default being removed soon and my credit report should be looking clean I'm wanting to get another credit card with 0% balance transfer and save the interest.
I just want to know if technically I can do this the day after my default has been removed and they won't see a trace of it (I won't actually do this!) or if there is a recommended time someone should wait after a default removal before applying for credit.
Thanks!
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Comments
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In theory Experian remove the entries at midnight at the end of the day which is the 6 year anniversary, and lenders checking should not see them after that point.
Other CRAs may be more tardy.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
Equifax takes about a weekDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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JunkUtopia wrote: »I applied and got a Capital One credit card 14 months ago now to improve my credit score, and while I've paid at least the minimum back each month I have build up debt a bit higher than I'd have wanted to due to a spell of unemployment.
Hopefully you've now learnt your lesson. Borrowing money per se does not guarantee a good credit rating.0 -
Thank you to the two who answered my question.Thrugelmir wrote: »Hopefully you've now learnt your lesson. Borrowing money per se does not guarantee a good credit rating.
Tbh all the sites show my credit rating has dramatically improved since having this credit card and I wouldn't have got it (or been able too) if I wasn't in a stable situation at the time, if I constantly thought that redundancy from nowhere could happen then I'd never spend a penny on anything.
It's not like I owe ten grand and have no chance of paying it back, I'm just thinking I may as well take advantage of the balance transfer now thats a option for me.0
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