How long would you wait after 6 years?

summerb64

Got a question that I’m hoping to get a feel for? As you will probably know defaults expire six years from the default date. Once that drops off on all 3 credit reports, would you apply for a mortgage the day after, or would you wait a week a month etc?

I ask as my only default fell off 3 weeks ago; and nothing shows on my credit file anymore. But I’m just waiting for safety really that no lenders could pick up the old default; don’t wana rush the gun if you will

😄😅

thanks, Debb

MorningcoffeeIV

If you've been building good history since your defaults and they're settled, then any time from a couple of years ago would have seen you have a reasonable chance.

summerb64

MorningcoffeeIV said:

If you've been building good history since your defaults and they're settled, then any time from a couple of years ago would have seen you have a reasonable chance.

Thank you for your advice! I’ve had no missed payments at all since the default. So all looks good! The default was for over £10k so was waiting for that to fall off credit file just as I worried what the mortgage lenders may have thought; but now they won’t see it! As I won’t be applying to Barclays 😅

SusieT

I would check all 3 credit reports, and if it has gone from them all apply knowing that all a lender will see is payments on time. 
Just make sure that (if it was fronm a bank or credit card) you do not apply with a bank that is related to the default, as there is a small chance they may possibly hold records going back longer.

summerb64

SusieT said:

I would check all 3 credit reports, and if it has gone from them all apply knowing that all a lender will see is payments on time. 
Just make sure that (if it was fronm a bank or credit card) you do not apply with a bank that is related to the default, as there is a small chance they may possibly hold records going back longer.

Thank you Susie! I will make sure not to -appreciate your input 😄