From your experience

bigyellowsunflowers

My credit file is in a pretty bad way but in:
1 years time 4 defaults will drop off.
1 1/2 years time my last and final default will drop off.
2 1/2 years time 9 missed payments will drop off my report.
The last default and the 9 missed payments are only showing on my equifax report and the 4 four defaults are showing with all 3 credit agencies.
i am debt free now with everything paid off in full between 2020 - 2023. I have savings and an emergency fund in case anything unexpected happens. I’ve had a credit card for 1 1/2 years with a £2750 limit which I use for general spending and pay off in full each month. I feel pretty good about my finances and my relationship with money but I would like to have an idea when financial institutions will see me as someone they can give a mortgage to, rent to, give a mainstream bank account to based on other people’s experiences. I know everyone is different but I guess I want to know if the majority had to wait for everything to drop off their file first.

MEM62

If you want a mortgage, my advice would be to keep saving and wait.  Use the financial discipline that you used to pay off your debts to build a deposit and see where you are in a year or two.  The older the negative information is, the less impact it will have on you.  Keep going :-)

Isthisforreal99

Worth remembering that even though they will no longer be in your credit file the lenders may well keep internal records of your defaults. So say one of the defaults was a bank loan, that bank (or banking group) should probably be avoided for any future credit.

bigyellowsunflowers

Thank you
I would like to get a mortgage in 2 years time and I probably have enough saved for a 20% deposit if I bought now (but that doesn’t include other buying costs) I like the idea of saving for a couple of years and having an even bigger deposit but in the meantime I would like to rent somewhere new. I’ve been in the same place for a long time and haven’t experienced the recent rental market but I’ve read about it here and on Reddit and it looks like the criteria for renting is just as tough as getting a mortgage (credit checks, guarantors, landlord checks) so a part of me thinks why not just get a mortgage now if I can.
i also have a basic bank account with Santander which I find really annoying due to not having contactless and the way they split the account. I applied and was accepted for a basic bank account with the co-op but there was an issue with my card being lost and going to the wrong address on 2 separate occasions so I gave up on that.
I get pre-approved for mainstream credit cards with Barclays and NatWest and I wonder if that is an indication that they would give me a mainstream bank account as I don’t have any debt with them.
I know this time next year things will be so much better with more savings and 4 defaults dropping off.