My friend had his default removed today...

john2054

He has waited six years, and they didn't remove the default at the right time. So i told him to put a notice of correction on his credit report, which he did, and now they have both come off. The score still hasn't gone up, but i assured him, that in the next coming months, it was bound to rise. Hopefully anyhow...:beer:

DCFC79

john2054 wrote: »

He has waited six years, and they didn't remove the default at the right time. So i told him to put a notice of correction on his credit report, which he did, and now they have both come off. The score still hasn't gone up, but i assured him, that in the next coming months, it was bound to rise. Hopefully anyhow...:beer:

Well the score not going up isn't be-all and end-all since lenders look at the history.

Dandytf

I found taking on a small buy now pay later electrical item helped raise my rating after a default was removed a few years ago.

Times have since changed though, maybe a credit builder card with small purchases repay in full, allow 6months to 1 year will help?

DUTR

Dandytf wrote: »

I found taking on a small buy now pay later electrical item helped raise my rating after a default was removed a few years ago.

Times have since changed though, maybe a credit builder card with small purchases repay in full, allow 6months to 1 year will help?

But as the poster above states, the score doesn't change anything, my score has always been over 980 I certainly don't feel superior for it, it often makes things awkward as I want a new phone and the stores don't really seem positioned to just sell the handset without some lengthy contract.

john2054

He already has two basic credit cards with capital one, with a 500 and 750 limit on them respectively. Now he just needs to wait for the dust to settle, and then i am recommending he check with vanqus or marbles/aqua, all of which who offer preliminary availabilty checks...

Dandytf

Dust to settle?

Making small regular payments to existing credit and or any new credit will help rating improve over next few months.

john2054

Yes he is already staying on top of his cards. What i mean by that phrase, is that it takes a month or two for some of these actions, to actually have an affect on your credit score, even though the action, can be seen immediately by lenders. I'm sorry if some of the customers on here, think that the reports are updated immediately, but it is my experience, from having a correction notice put on, and then taken off when the issue was resolved, that it takes a minimum of about two months, for these things to have an impact. I think his score was zero with experian, with the default. But now this has been removed, the only way is up, give it some time as i said okay...

Candyapple

john2054 wrote: »

He has waited six years, and they didn't remove the default at the right time. So i told him to put a notice of correction on his credit report, which he did, and now they have both come off. The score still hasn't gone up, but i assured him, that in the next coming months, it was bound to rise. Hopefully anyhow...:beer:

Why would you be so impatient to advise him to put a notice of correction on his file?

Your friend would need to check with all 3 credit reference agencies and what info they hold to get the true picture.

Experian http://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com/
Call Credit: https://www.noddle.co.uk/

Dandytf

In my 'old school' previous experience.

The mentioned change is upto 1 year to see major improvement.

From memory as an example my often criticised score stayed around 500-600 after default was removed, then shot upto 900 range when I re checked a year later.
Not criticism at all, just my past experience.

Please let your friend know in advance 'not to get too excited' when their raining improves.

I found being offered 0% cards from various providers after 6-7 years was almost unreal in a way.

john2054

thanks Dandy, this said friend only has a score of 0 atm with experian, but he has been able to get two basic capital one credit cards, with this. So it takes a year right? Well i will tell him.

Also the default wasn't removed after six years, that was why i told him to put the notice of correction on his account. With this, and because of it, the default has now been removed.

john2054

He just told me today, that he was lying about the whole thing. And he didn't post a notice of correction at all. i hate it when people do that....