Credit File

madisond

Can someone please advise - I have a very poor credit rating - 522 - I had lots of credit cards and late payments a year or 2 ago but since then I paid everything off in full, and have a small credit card/store card which I pay regularly on time and more than the min payment. I had a default notice on my account for about 8 months due to no fault of my own - a company error which I have just had confirmation today will be removed within the next 28 days (I only found out about it last month!) does anyone know whether this will help my credit score and if so how quickly?


thanks

[Deleted User]

No. Just about any change will make your credit score drop. Fortunately, it's a made up number that no one sees or cares about.

Try to clear your card in full each month, but other than that, you seem to be doing the right things, so just ignore the score.

sourcrates

Hi,


Please do some research on credit scores, they are mostly just made up numbers.


What is it you are wanting to achieve here ?


If its to borrow again, then its your credit history that counts, if you have defaults, late payments, anything of that nature, most lenders won`t touch you.


The good news is the further back in time negative information is, the less effect it has on you, if, as you say, this company remove the default, then once updated, you will be a much better potential debtor again.


Most CRA `s update on a monthly basis, but this can vary.

madisond

I’m not sure if you’ve read my post? And also, of course my credit score matters - granted it’s just numbers but I need one in order to get approved for mortgages etc..

I’m just asking - will a default notice that was out on my account in ERROR once removed improve my credit score and how quickly?

As it seems silly to be penalised for having a default against me which was nothing of my own doing?

To put it in context I’m looking to buy a house in the next couple of years.

[Deleted User]

madisond wrote: »

I’m not sure if you’ve read my post? And also, of course my credit score matters - granted it’s just numbers but I need one in order to get approved for mortgages etc..

It doesn't matter one bit. Lenders don't see or use it. So you can safely ignore it just as they do

I’m just asking - will a default notice that was out on my account in ERROR once removed improve my credit score and how quickly?

See above answer

As it seems silly to be penalised for having a default against me which was nothing of my own doing?

To put it in context I’m looking to buy a house in the next couple of years.

Then you don't need to worry about the made up score.

madisond

So when I go to apply for a mortgage they won’t look at my credit score?

[Deleted User]

madisond wrote: »

I’m not sure if you’ve read my post? And also, of course my credit score matters - granted it’s just numbers but I need one in order to get approved for mortgages etc..

Of course your credit score doesn't matter. Did you not read my post?

It's a fictional number that no one sees. Your credit history is all that matter.

The removal of a default may put your score up or down, or it may stay the same. But down is the most likely outcome as it doesn't reflect credit worthiness.

[Deleted User]

madisond wrote: »

So when I go to apply for a mortgage they won’t look at my credit score?

No.

Nobody does

They only look at the history and data on your credit files

madisond

Okay - so will this get removed from my credit HISTORY and data? Thanks

NelliePie

The score is basically a number used by one of the reference agencies to give you something to look at. They'll have their own way of working it out from your history, how much you owe, any defaults etc. The banks etc do not see this number - they do however see all of the other info on your file and will judge you based on that. The default currently looks like a default so will have some negative impact - when it's removed the negative impact will also be removed. Don't get too bogged down with the number, just focus on improving your position - pay your cards off in full each month etc.

[Deleted User]

madisond wrote: »

Okay - so will this get removed from my credit HISTORY and data? Thanks

Yes. But you'll need to check all 3 of your credit files