Default

k_l7x

Hi

I’m new to the forum and I've got a question regarding defaults.

I had a default put on my credit report in August 2002, they default was only for approx £500 and has been settled for years.

At the moment for credit score is classed as poor, however with my 6 years nearly up will my credit score improve once the default has cleared off my credit report?

Also, is there any guidelines as to what scores = what you are classed as? What I mean is that on my credit score they have got very poor, poor, fair, good and excellent.

Many Thanks

k_l7x

Appoligise if I posted this in the wrong section... If it is the wrong section please could someone tell me which is the correct section?

Thanks

fermi

Your credit rating should improve if all defaults disappear.

However the "scores" that you hear about are meaningless. Each different/potential creditor will assess you against their own criteria based on the information on your report and not the "score" that a credit reference agency (CRA) can give you.

The scores that a CRA will give you are pretty useless.

Have a look at Martins article here: Credit Ratings

k_l7x

Thanks Fermi!

I've only got the one default so fingers crossed for my credit rating come August!