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Credit balances after default expires
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2babyboys
Posts: 117 Forumite
Hi - I have some defaults due to drop off this year, since getting these defaults I've had no missed payments or further negative markers. What happens to the credit balance on my credit file relating to these defaults when they have dropped off please? I'm hoping my score goes up lots as the defaults drop off and will never use credit cards again but would like to look at mortgages over the next year or so. Thanks
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Credit score means nothing to lenders. It's all about credit history, which you have built up nicely.Life in the slow lane1
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At the six-year point, the whole entry drops off. Your credit history will look better as (because) the number of defaulted accounts decreases1
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The entry drops off your credit file but the debt remains live and payable.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1
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thanks for the replies. yes, I've kept my file clean since the difficult period I went through in 2017/2018. have payment plans in for enforceable debts too. looking forward to reviewing my file again towards the end of the year.0
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