Two defaults

WinstonSmith123

Good afternoon,

I have two defaults on my credit score which are mine.  One is a store card with a balance of £774 and the other is car finance for £1,489.  I am up to date with my credit cards (two) with a balance of £7,200 but am very near my credit limit for those.  I plan to move back in with my parents shortly and should be able to pay £1000 every four weeks to my debt and then hope to use a few months to build up a deposit.  I think that in about a years time I will be debt free and have £6k for a deposit (first time buyer Scotland).  Will my credit score still be as awful in a years time as now?  Clearscore have me 'stable' at 497 out of 1000.

Thank you for any advice.

WS 

MorningcoffeeIV

Your credit score is fictional and doesn't matter.

The older the negative history, the better lenders will view you.

fatbelly

Defaults stay on your file for six years so you can work out when they will drop off

PRAISETHESUN

As above, ignore the score and focus on the data on your files - this is what lenders look at to make their lending decisions. 

Default stay on your files for 6 years from the date of default. If you're able to pay off the debt then it will be marked as "satisfied" which will be seen in better light by prospective lenders compared to an unsatisfied default. The effect of the default will also diminish with age.