Credit impact of ccj coming off

Kimcabincrew

Hi, my credit rating/suitability however you want to phrase it isn’t great. I am able to get car finance, credit cards etc but at a high interest rate.

I have 3 ccjs. One drops off in jan, one in feb, and one in may as they all turn 6 years

the 2 in January and February are approx £500 each and were repaid 2 years ago.

The one in may is £8300 and isn’t paid, nor will it be.

when these drop off am I likely to see a significant improvement in the credit offers I receive, or will they already only be having minimal impact and there removal from my credit file just be a small improvement?

thanks 

magpies79

Well I’m sure more people with a lot more knowledge then me will comment but I’m in a similar position with a CCJ coming off this year and yes a CCJ  will put your credit history in a lot better position and in a more positive light it won’t surly come down to just a CCJ coming off

have you got/started to build a more positive Credit history since your CCJ? do you still have recent missed payments?
Or recent defaults? 

A friend at work had a CCJ his came off few months ago and because his file was in a good state so to speak no missed payments since CCJ had like 3 years of 2 credit cards being used and mobile phone contract all paid on time he went from high interest cards to long 22 month offers of 0% which he took out 

Kimcabincrew

Mine isn’t truly perfect but it’s much better than it was.

there’s a couple of recent missed payments, but 99% on time over last 2 years.

I also have some defaults but again these will drop off over the next 2 years

sourcrates

Goodness, 3 CCJ`s and you still got credit ?

I know clients with a single default that cannot access credit at all.

There is no "perfect scenario" here, as creditors are all looking for different things when looking to approve a customer for credit, the best advice is that time is a great healer, and the less negative information contained in your credit files the better your chances will be.

Kimcabincrew

I have 3 defaults, hubby has 4. Vary in value between £90 and £900. All over 2 yearslow  old.

we’ve both got cars on finance which were in excess of £20000, both have 3 credit cards infact he has 4, poor aprs and low limits, both only used for fuel then paid in full. Lots of credit catalogues which are in use but paid routinely. 

we both have contract phones

i doubt we’d get a personal loan etc, and the Apr on  the car finance is high 

magpies79

Have you settled the accounts that have defaulted? As these could potentially turn into another issue of CCJs not saying they will but you don’t want another 6 years of waiting like it’s been mentioned there’s no one time fix but time plays a big roll a long with managing your credit better 

Kimcabincrew

*most of the defaults have been paid. The ones that haven’t, should legal action be threatened, will be 

magpies79

Then only time will tell can’t undo the past and it’s a true reflection of your financial situation at the time but as time goes by provided you don’t miss payments and keep everything in order main thing is small steps that’s the way I see it

 you’ve got a CCJ coming off so it’s a positive thing but remember just because it has and you may start to see better offers the apr shouldn’t matter as you should be paying the balance all off In full anyway I’ve got 10 months of a settled CCJ left so I’m in the same boat….waiting game lol

goldieandblackie

Next time pay your debts and learn from this, but I think you will be back down the same road a few years from now.

Kimcabincrew

goldieandblackie said:

Next time pay your debts and learn from this, but I think you will be back down the same road a few years from now.

Ok dear xx

mjm3346

As they age they make less of a difference so at the dropping off stage they make a much smaller difference than more recent ones (except of course to the company who issued them)