First time buyer (hopefully) query about FULL application

summerb64

Hello all, 

I had a question that i was hoping someone with more knowledge than me would be able to answer, ha !

In the past i had a default on my credit report for a credit card, the six years have now finally passed hooray! It was my only ever default or any bad credit marker.  It was a foolish mistake from an ex relationship and i have learned my lesson.

The default ran out on the 1st October (as it was from 01/10/2016). I got a statutory credit report from Transunion and Experian, the day after (2nd October 22) and the default is no longer showing, Equifax took 5 days later, but it has dropped off from there too.  My credit scores shot up (not that the actual score matters) And i was able to get an AIP from Halifax for a mortgage (Aware that only searches the last 3 years at my address). 

My only question is, i now have an appointment with a broker on Thursday and i made him aware of the default i had which is now gone and paid off years ago, and i am just thinking whether i should delay it to later in the month... although the default is now gone and the rest of my credit absolutely fine, when my mortgage broker searches with the lenders, will the lenders be able to see the most up to date, IE live version of my credit report, going back 6 years from that moment?  I may be worrying over nothing as i wouldn't take out any credit with the provider i defaulted with ever again, i just don't want to shoot myself in the foot for searching too soon after the default going, or whether that even matters?  

Any help or insight anyone could give i would really appreciate it  

Thanks, 

Debb

ACG

Some lenders will use an up to date credit report, others (I think Nationwide are one of the worst) can use a credit report up to I think 90 days out of date. 

Tell your broker about the default, if it was not satisfied in full you might want to avoid the company it was with. Sometimes lenders keep internal records going back more than 6 years. When I worked for RBS/Natwest for example, we had records going back much further. If there was a default that was partially satisfied, they would never give you a mortgage - even if the default was a fiver and you paid £4.99. The fact they had to write off the penny would prevent you getting a mortgage with them. 

summerb64

Thank you that’s very helpful, the card was with Barclay card so I will make sure to not apply to anything within their group. My broker is aware of the default and the fact I wouldn’t be going with Barclays Bank; but he didn’t seem too bothered about me applying now to anyone who would offer, so I will ask him if he knows of brokers that do just use a live score, as ideally I don’t want to wait too long, as the last 6 years have not flown by 😩. I wonder why nationwide do that! Many thanks!  

Rosco32

As far as I'm aware, when a credit check is carried out, the bank or whoever is carrying out the search gets your credit report as is. They'll get the "live" data if you like, that's on your file at point of search. I can't see how and why they'd be shown old data that no longer exists, in your case a default that has recently dropped off. I wouldn't worry.

summerb64

Rosco32 said:

As far as I'm aware, when a credit check is carried out, the bank or whoever is carrying out the search gets your credit report as is. They'll get the "live" data if you like, that's on your file at point of search. I can't see how and why they'd be shown old data that no longer exists, in your case a default that has recently dropped off. I wouldn't worry.

Hi Rosco, thanks for your help! I just done the eligiblity checker for credit cards and quite a lot of high street lenders seem to be offering me good cards with good interest free periods on them, which i am pre approved for which makes me think a lot of them do have a live feed to my credit record, so i will try to not worry about it too much, and hopefully all will be fine!

kingstreet

Rosco32 said:

As far as I'm aware, when a credit check is carried out, the bank or whoever is carrying out the search gets your credit report as is. They'll get the "live" data if you like, that's on your file at point of search. I can't see how and why they'd be shown old data that no longer exists, in your case a default that has recently dropped off. I wouldn't worry.

A lender will get the data from its last feed from the CRAs. As an example, Halifax takes data once a month, normally around 11-14th IIRC.

summerb64

kingstreet said:

Rosco32 said:

As far as I'm aware, when a credit check is carried out, the bank or whoever is carrying out the search gets your credit report as is. They'll get the "live" data if you like, that's on your file at point of search. I can't see how and why they'd be shown old data that no longer exists, in your case a default that has recently dropped off. I wouldn't worry.

A lender will get the data from its last feed from the CRAs. As an example, Halifax takes data once a month, normally around 11-14th IIRC.

Thank you kingstreet; that sounds right as my Halifax credit card always seems to show an update monthly on the 15th of each month 😊