Default removal: how long to wait until applying for credit card?

Hi, this may be a silly question or even covered somewhere else but I couldn't find it on my lunch break so quickly asking!

I have a overdraft default but knew 6 years was nearly up and have confirmed with Experian that it's due to be removed the 24th July, yippee!

This is my only bad mark and I have some accounts with 4 - 5 years of good records like my mobile phone bill. I applied and got a Capital One credit card 14 months ago now to improve my credit score, and while I've paid at least the minimum back each month I have build up debt a bit higher than I'd have wanted to due to a spell of unemployment.

With my default being removed soon and my credit report should be looking clean I'm wanting to get another credit card with 0% balance transfer and save the interest.

I just want to know if technically I can do this the day after my default has been removed and they won't see a trace of it (I won't actually do this!) or if there is a recommended time someone should wait after a default removal before applying for credit.

Thanks!

Replies

  • fermifermi Forumite
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    In theory Experian remove the entries at midnight at the end of the day which is the 6 year anniversary, and lenders checking should not see them after that point.

    Other CRAs may be more tardy.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

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  • chanz4chanz4 Forumite
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    Equifax takes about a week
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • ThrugelmirThrugelmir Forumite
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    JunkUtopia wrote: »
    I applied and got a Capital One credit card 14 months ago now to improve my credit score, and while I've paid at least the minimum back each month I have build up debt a bit higher than I'd have wanted to due to a spell of unemployment.

    Hopefully you've now learnt your lesson. Borrowing money per se does not guarantee a good credit rating.
    Real insurance claim quote : -

    "Going to work at 7am this morning I drove out of my drive straight into a bus. The bus was 5 minutes early.".
  • JunkUtopiaJunkUtopia Forumite
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    Thank you to the two who answered my question.
    Thrugelmir wrote: »
    Hopefully you've now learnt your lesson. Borrowing money per se does not guarantee a good credit rating.

    Tbh all the sites show my credit rating has dramatically improved since having this credit card and I wouldn't have got it (or been able too) if I wasn't in a stable situation at the time, if I constantly thought that redundancy from nowhere could happen then I'd never spend a penny on anything.

    It's not like I owe ten grand and have no chance of paying it back, I'm just thinking I may as well take advantage of the balance transfer now thats a option for me.
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