How long to repair?

don78

Hi all,

Having used some of the pre eligibility credit card checkers it appears that I am not eligible for any at present. We msised quite a few payments a few months ago during a very difficult time in our lives so I understand that this will have an impact.

I know that this adverse data will remain on our files for 6 years and that there is nothing that we can do about this, however does anyone know how long it will take before our files are at least marginally better?

We could do with applying for a new 0% card at the end of the year. If we have 8 months of on time payments, could our credit files recover enough for us to be eligible?

Thanks guys

DCFC79

don78 wrote: »

Hi all,

Having used some of the pre eligibility credit card checkers it appears that I am not eligible for any at present. We msised quite a few payments a few months ago during a very difficult time in our lives so I understand that this will have an impact.

I know that this adverse data will remain on our files for 6 years and that there is nothing that we can do about this, however does anyone know how long it will take before our files are at least marginally better?

We could do with applying for a new 0% card at the end of the year. If we have 8 months of on time payments, could our credit files recover enough for us to be eligible?

Thanks guys

Maybe maybe not, I suspect the latter is the answer.

You say you could do with applying for a 0% card, what would you do if you aren't eligible for the card ?
Is the 0% to transfer someof the debt as posted in the other thread, it might be a while for you to be eligible flr a card.

You might have to plan for the eventuality of not getting the card.
Maybe you should post on the dfw board, look at your spending and cut back if need be.

I see you have already posted an soa on the dfw board and had some advice re your outgoings.

Dfw thread here
https://forums.moneysavingexpert.com/discussion/5868549/how-would-you-approach-this-dmp-or-not

don78

DCFC79 wrote: »

Maybe maybe not, I suspect the latter is the answer.

You say you could do with applying for a 0% card, what would you do if you aren't eligible for the card ?
Is the 0% to transfer someof the debt as posted in the other thread, it might be a while for you to be eligible flr a card.

You might have to plan for the eventuality of not getting the card.
Maybe you should post on the dfw board, look at your spending and cut back if need be.

I see you have already posted an soa on the dfw board and had some advice re your outgoings.

/QUOTE]

If we can;t get a 0% deal then we will have to just pay the interest - it's gutting as we could potentially end up paying more than £550 per month interest as we owe a lot, however we can afford it, so any debt management is not really appropriate for us. We are lucky that we will have a good joint income from September so we can service the debts, even at the higher rates. I guess that it will just be a case of paying and waiting until an offer vecomes available to us.

madvicker

It can take about 12 months from the date of the last late payment for serial late payments to wear off and impact less on lender decisions.

don78

madvicker wrote: »

It can take about 12 months from the date of the last late payment for the impact of serial late payments to wear off and impact less on lender decisions.

Thanks - Looks like I am in it for the long haul!

madvicker

Not necessarily, I also had a look at your other post and your income is high. Worst comes to worst, you can apply for something like Aqua which gives you 0% - albeit for a shorter period than mainstream lenders. It would tide you over until you are able to apply for longer deals.

don78

madvicker wrote: »

Not necessarily, I also had a look at your other post and your income is high. Worst comes to worst, you can apply for something like Aqua which gives you 0% - albeit for a shorter period than mainstream lenders. It would tide you over until you are able to apply for longer deals.

I have already got an aqua one. I think that my best bet is getting existing customer balance transfers. I have set up Direct debits for everything so that I don;t miss any payments.

I am really annoyed with myself. Never did I imagine that I would be pushing 40 with almost 60K of debt. I see loads of people on here with 5K , 10K etc,,,, but not 58k!!! Not all on CC;s , I should add!

madvicker

don78 wrote: »

I have already got an aqua one. I think that my best bet is getting existing customer balance transfers. I have set up Direct debits for everything so that I don;t miss any payments.

I am really annoyed with myself. Never did I imagine that I would be pushing 40 with almost 60K of debt. I see loads of people on here with 5K , 10K etc,,,, but not 58k!!! Not all on CC;s , I should add!

I feel for you. My situation pales in comparison and I have the income to comfortably meet my obligations, but I still worry about it....

don78

madvicker wrote: »

I feel for you. My situation pales in comparison and I have the income to comfortably meet my obligations, but I still worry about it....

I am thankful that I do have the income to sort it out. It's just a scary situation

Dobbibill

Try the eligibility checker later in the year - it's never guaranteed but gives a guideline.

Your other thread shows what you owe on the CCs but not what the limits are - you may find as you reduce the debt owed with some of them that it generates existing customer offers. (Credit limit allowing) Barclaycard are known for it, I think MBNA may too. If you have enough room, you can move some of the debt that way albeit bit at a time. The late payments may put a halt on this but it's worth keeping an eye out when you log in.