Credit Default

taximan1234

I have a perfectly clear credit record no missed payments, 3 credit cards with good limits all paid in full every month but there is a default from capital one from 2013 this has been paid in full, however my score is in the very poor category, Seems a little unjust to me, all this about rebuilding your credit when really it is impossible as no matter how much good stuff you have just one small default prevents the score from going out of the poor category, and thats even when it has been paid in full. Sorry to rant just wandering if there is a way to remove this default which would be quicker than waiting the 18 months before it drops off.
Taximan

cjmillsnun

Ignore the score. Lenders do not see it. It is an algorithmically generated number that only you see.

Lenders have their own criteria. Each has their own scoring system. All are different.

The fact you have 3 cards with good limits and you pay in full says more to lenders than the "score" and catagory that experian, equifax or noddle (callcredit) gives you.

Sadly so does your default (and you're going to have to wait those 18 months - there is no way round it), however the fact that is is old, and is satisfied also is taken into account by lenders.

A case in point. I have 6 satisfied defaults 2 are about to drop off my file (one in about 10 days the other in about 20 days), 1 drops off in January, another the following November and the last 2 drop off May '19

Since then, not one missed payment I have 3 good credit cards and a credit rebuilder card (that I don't use any more). The cards I use are paid in full each month.

My credit is good enough for a high street lender to offer me a mortgage with a less than 2% fix. Yet my score on Experian is 643/999 (poor), on Equifax is 284/600 (poor) and on Noddle is 554/710 (2 out of 5)

That should tell you all you need to know about what the "score" means to lenders. It doesn't.

taximan1234

Thanks for the advice, another thing is what prompted me to check my score was because I was moving and needed a mortgage, I got the mortgage and oddly enough it was when my old mortgage was settled that my score dropped dramatically as it appeared that I didnt have a mortgage, the following month my new mortgage was showing on the report, so I was expecting the score to rise but low and behold it dropped even further. Luckily I don't think I need any further credit for the forseeable future, but it would be good advice for anyone to try an avoid defaults at all costs.
Taximan

Thrugelmir

When was the default settled.