Default dropping off timelines

2babyboys

Hiya,

I have a default that is due to drop off my file 28 Feb 2025 - yayyy!!!  When will this impact my credit file please?  I'm looking for a loan to buy a car, and getting rates around 10% but am being rejected for the 6% loans although I earn well and have a healthy disposable income, could that default be the cause please.  Don't have any other credit apart from a few klarnas that are always paid on time.  Many thanks

fatbelly

Yes it could be the reason.

Give it a couple of weeks, then check your files. It should have gone

Nasqueron

They drop from the live reports on the day, the free accounts won't reflect it immediately. If you have the healthy disposable income, have you been saving up to buy the car anyway and avoid paying interest?

maxximus75

It also sounds like you have a thin credit file.  On of those trade lines being a default - no wonder you’re not getting the best rates.

I always use the 6 years + 1 month rule.

Nasqueron

maxximus75 said:

It also sounds like you have a thin credit file.  On of those trade lines being a default - no wonder you’re not getting the best rates.

I always use the 6 years + 1 month rule.

In a legal sense, they drop off the day after 6 years, this is a requirement - it will show on the live check that firms see immediately