How soon after default removal can I apply for credit.

manda84b

So my credit file is due to be squeaky clean come 7 days time, this is the date in which a 6 year old default is due to be removed. I have seen a house I like and have postponed applying for mortgages etc until this date. How soon after can I start applying for credit? I am eager to do it ASAP as this house has offers already on the table. Will this default be removed immediately for the credit checks?

Thanks

Candyapple

Some of the CRA's will remove it to the exact day, others will wait until the file has had it's monthly update. I would probably wait until the end of the month and then order copies from all 3 agencies to see what data is on there.

National_Debtline

Credit files are normally updated several times a month. It is difficult to say by how much your score will improve when the default is removed. Your overall score is constantly influenced by many factors such as your age, whether or not you are a homeowner and/or on the electoral role, anyone you have financial associations with and, of course, your financial history. So one single act (i.e. a default being removed) may not give instantly improve your score (but it will help over time).

Please bear in mind that if you do apply for credit then the lender will mark a ‘search’ on your file – this will normally be on there for 12months. Too many searches can also lower your score.

Laura
@natdebtline

fermi

manda84b wrote: »

So my credit file is due to be squeaky clean come 7 days time, this is the date in which a 6 year old default is due to be removed. I have seen a house I like and have postponed applying for mortgages etc until this date. How soon after can I start applying for credit? I am eager to do it ASAP as this house has offers already on the table. Will this default be removed immediately for the credit checks?

Thanks

Depends on what CRA is being checked.

Experian/creditexopert = removed midnight on the end of the 6 year anniversary.

Callcredit/Noddle etc = As Experian, but occasionally slightly in advance.

Equifax = a few days to a few week before it clears after the 6 year date.

To be reasonably certain it has clear from all the CRAs waiting at least a month would be advisable, although if you know for certain only Experian or Callcredit will be checked then sooner may be OK.

manda84b

Thank you! I'm just a bit eager, having spent the past 6 years becoming debt-free and keeping my file clean.