How long for credit file to improve after a default drops off?

col81

My final default drops off on May 27th. How long after this will my credit score/file take to improve i presume a couple of months?

[Deleted User]

Your history improves each day the negative information gets older.

Once it's gone, lenders will no longer see it. They'll only assess you your available data.

Jamesyb123

Don’t be suprised to see your score go down when it drops off as the average age of your accounts will be less but it means absolutely nothing 😂

col81

what a mine field. I am 40 in June and want a luxury watch on 0% so hopefully i can get it 

Jamesyb123

col81 said:

what a mine field. I am 40 in June and want a luxury watch on 0% so hopefully i can get it 

Don’t worry about the score going down if that default is your only negative mark and it’s gone then even if your score is 1/999 you’ll have a good chance at getting good offers the score is irrelevant 

cymruchris

Jamesyb123 said:

col81 said:

what a mine field. I am 40 in June and want a luxury watch on 0% so hopefully i can get it 

Don’t worry about the score going down if that default is your only negative mark and it’s gone then even if your score is 1/999 you’ll have a good chance at getting good offers the score is irrelevant 

Not quite the case - getting good offers depends on a number of things - one is, as you point out not having any black marks on your file - but you also need a longstanding history of multiple well-managed accounts in order to get these good offers. If you have no black marks, but a relatively thin credit file, you're very unlikely to get the good offers at all. So it always depends on a range of circumstances and history - and not just the fact there's a default or not. 

Jamesyb123

cymruchris said:

Jamesyb123 said:

col81 said:

what a mine field. I am 40 in June and want a luxury watch on 0% so hopefully i can get it 

Don’t worry about the score going down if that default is your only negative mark and it’s gone then even if your score is 1/999 you’ll have a good chance at getting good offers the score is irrelevant 

Not quite the case - getting good offers depends on a number of things - one is, as you point out not having any black marks on your file - but you also need a longstanding history of multiple well-managed accounts in order to get these good offers. If you have no black marks, but a relatively thin credit file, you're very unlikely to get the good offers at all. So it always depends on a range of circumstances and history - and not just the fact there's a default or not. 

That’s why i said good chance, The word chance is key.

cymruchris

Jamesyb123 said:

cymruchris said:

Jamesyb123 said:

col81 said:

what a mine field. I am 40 in June and want a luxury watch on 0% so hopefully i can get it 

Don’t worry about the score going down if that default is your only negative mark and it’s gone then even if your score is 1/999 you’ll have a good chance at getting good offers the score is irrelevant 

Not quite the case - getting good offers depends on a number of things - one is, as you point out not having any black marks on your file - but you also need a longstanding history of multiple well-managed accounts in order to get these good offers. If you have no black marks, but a relatively thin credit file, you're very unlikely to get the good offers at all. So it always depends on a range of circumstances and history - and not just the fact there's a default or not. 

That’s why i said good chance, The word chance is key.

'Good chance' implies a high percentage possibility of success - that's not true - that without a default you're going to get the best offers. Putting the word 'good' with 'chance' as part of your advice is key to your reply. Just saying you need to bear in mind lots of other things when considering if someone will have a 'good chance' of getting something. We wouldn't want to encourage people to go applying left, right and centre for credit because we thought they had a good chance - when in fact they might not have a cat in hell's chance. By finding out a bit more about the OP's situation - we can offer some better advice and point them in the right direction We are all here to support and educate each other, and we're all on a journey of learning.

cymruchris

col81 said:

My final default drops off on May 27th. How long after this will my credit score/file take to improve i presume a couple of months?

How's the rest of your credit file looking? Do you have a range of credit accounts that are otherwise in good order?

Your history won't be boosted majorly when it drops off - as being an old default it's impact will have been less so in recent months. The score is an indicator - but don't treat it like gospel - it'll go up and down seemingly for no reason, and there won't be a big jump up once the default disappears. 

What will help is the slow and steady - pay your existing accounts on time - if you have credit cards, and you have the ability, pay in full every month. Don't use them up to their limits if you can avoid it, Ensure you're on the electoral roll. Things like that. If you give us a bit more of a picture of how you're managing everything else - we can probably give a better response in terms of how much of a difference it'll make, but in short, in itself, it'll not make an absolutely HUGE difference when it's gone. 

col81

I have a tesco cc with £500 balance I only use it for petrol. I have a fully up to date mortgage. However I am not on the votors roll. I currently have my sick mother living in the property and she is the only one on the voter roll. I work in vehicle finance I know as long as driving licence and bank stat can be provided the voters roll isnt a issue. How badly if effects Experian I am not sure my current score is 854. I had a debt drop off yesterday as i say just the default left in may

sleepyjones

Im not sure that's strictly true in regards to the Electoral roll.  You might find you get a flat out declined for any finance 'cause the automatic checks won't find you registered at the address.
I guess it depends on lender.