We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Default removal: how long to wait until applying for credit card?

Options
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!

Comments

  • fermi
    fermi Posts: 40,542 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Rampant Recycler
    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 greed
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    Equifax takes about a week
    Don'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.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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.
  • JunkUtopia
    JunkUtopia Posts: 32 Forumite
    Tenth Anniversary Combo Breaker
    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.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.6K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.6K Work, Benefits & Business
  • 598.4K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.