How bad is my credit rating?

exstudent_3

Since receiving my Equifax file I have settled my one account still in arrears in full. If I pay all bills on time for the next 12 months would I have repaired the damage significantly? What is the best way to improve my credit?

VODAFONE LTD GEMINI(I) Communications Supplier   0  @   £ 0 (Monthly) £ 0 £ 0
Status Credit Limit Date Updated Start Date Date Last Delinquent Date Satisfied Default Date Default Balance
Settled   £ 0 13/01/2002   15/07/2001     14/11/2001      
 Payment History
0 payments 1 month late;0 payments 2 months in arrears; 0 payments 3 or more months in arrears.

Company Name / Insight Account Number Account Type Terms Start Balance Current Balance
ORANGE (I)   Communications Supplier   0  @   £ 0 (Monthly) £ 0 £ 224
Status Credit Limit Date Updated Start Date Date Last Delinquent Date Satisfied Default Date Default Balance
In Arrears   £ 0 05/09/2004   24/04/2003   09/04        
 Payment History
5 payments 1 month late;2 payments 2 months in arrears; 6 payments 3 or more months in arrears.

Company Name / Insight Account Number Account Type Terms Start Balance Current Balance
T-MOBILE (I) Communications Supplier   0  @   £ 0 (Monthly) £ 0 £ 0
Status Credit Limit Date Updated Start Date Date Last Delinquent Date Satisfied Default Date Default Balance
Settled   £ 0 29/06/2003   20/04/2002     19/03/2003      
 Payment History
1 payments 1 month late;2 payments 2 months in arrears; 0 payments 3 or more months in arrears.


Company Name / Insight Account Number Account Type Terms Start Balance Current Balance
ORANGE (I) Communications Supplier   0  @   £ 0 (Monthly) £ 0 £ 0
Status Credit Limit Date Updated Start Date Date Last Delinquent Date Satisfied Default Date Default Balance
Up to Date   £ 0 05/09/2004   08/11/2001          
 Payment History
0 payments 1 month late;0 payments 2 months in arrears; 0 payments 3 or more months in arrears.

Company Name / Insight Account Number Account Type Terms Start Balance Current Balance
HSBC PLC P   Bank Default   0  @   £ 0 (Monthly) £ 0 £ 0
Status Credit Limit Date Updated Start Date Date Last Delinquent Date Satisfied Default Date Default Balance
Settled   £ 0 03/11/2003     07/02   31/07/2002      
 Payment History
0 payments 1 month late;0 payments 2 months in arrears; 0 payments 3 or more months in arrears. Default has been registered on this account.


Company Name / Insight Account Number Account Type Terms Start Balance Current Balance
SINGLEPOINT (4U) LTD   Communications Supplier   0  @   £ 0 (Monthly) £ 0 £ 0
Status Credit Limit Date Updated Start Date Date Last Delinquent Date Satisfied Default Date Default Balance
Settled   £ 0 17/02/2004   05/05/2002   01/04   03/02/2004      
 Payment History
2 payments 1 month late;2 payments 2 months in arrears; 6 payments 3 or more months in arrears.

Sub_2

It looks like you have a default registered against you for that HSBC account. That means you'll probably find it very difficult to get any kind of credit for about 6 years from the date of that being registered.

Paying bills on time for the next 12 months won't remove that default, it will stay on your credit record for 6 years.

There are no hard and fast rules about predicting who will or wont give you credit. All of the credit providers guard their lending criteria very closely, and they change all the time for different promotions and products etc. A default though I think is regarded about as badly as a CCJ on your record, and will make most major lenders turn you down flat.

You might possibly find some of the sub-prime credit providers would offer you something, but it's likely to be very expensive and pretty restrictive.