Hello! Help in removal of defective default from credit record

[Never-In-Doubt]

Re: Hello! Help in removal of defective default from credit record

Sygma search Equifax; have you seen your equifax report lately?

I thought I suggested you go to barclays and try their pre application checking tool?

[kraygerson]

Re: Hello! Help in removal of defective default from credit record

Yes, I checked my Equifax report. It's the same as Experian; the only adverse entry is the default I mentioned before. Same dates.

I tried the Barclaycard eligibility checker - albeit afterwards. The price of doing too many things at once, I'm afraid. It indicated that I would not be eligible.

That default seems to carry a lot of weight, despite its age.

[Never-In-Doubt]

Re: Hello! Help in removal of defective default from credit record

No. The default is not doing that.

There is something else, dunno what but it's something.

From credit file;

How Many searches have you got showing?
How many live accounts show?
How much debt are you in, ie add up all your limits then add up all your current balances - both figures
How long you lived at your address?
How long shows on electoral register, ie length of residency in years

That'll help me advise better

[kraygerson]

Re: Hello! Help in removal of defective default from credit record

No. The default is not doing that.

There is something else, dunno what but it's something.

From credit file;

How Many searches have you got showing?
How many live accounts show?
How much debt are you in, ie add up all your limits then add up all your current balances - both figures
How long you lived at your address?
How long shows on electoral register, ie length of residency in years

That'll help me advise better

Okey croakey, here goes:

Number of searches shown (last 12 months): 7 (2 unrecorded enquiries, 4 insurance quotations, 1 MBNA credit card application)

Number of accounts: 7 (1 credit card, 5 bank accounts, 1 defaulted account)

Total debt: erm, well I only have the one credit card, with a £600 limit. Current balance is probably not far off that. I have no overdrafts. The only other debt is the recorded default amount, which displays as £1281 (default amount) and £1558 (current balance).

Time at current address: 13 years

Can you see anything obvious there?

[Never-In-Doubt]

Re: Hello! Help in removal of defective default from credit record

Yep - lack of credit! Same old catch 22, you don't have any so will struggle to get any!

You say 5 bank accounts, are any of them "full" accounts? If so who with...?

[kraygerson]

Re: Hello! Help in removal of defective default from credit record

I see.

I actually hold 4 Nationwide accounts, 2 of which are largely unused. The 5th is NatWest, also largely unused.

None of them are 'full' accounts.

So, what do you think: how best to break the catch 22?

[Never-In-Doubt]

Re: Hello! Help in removal of defective default from credit record

Get a bank account, run for 6mth then apply for their card.

Lloyds, HSBC or natwest/rbs may be a good idea. If they knock you back wait 6 months before applying for anything else.

[kraygerson]

Re: Hello! Help in removal of defective default from credit record

Thanks for all your advice here. It is greatly appreciated.

I've submitted an online application for a NatWest Current Plus account. I'll update the thread once I know the outcome.

[kraygerson]

Re: Hello! Help in removal of defective default from credit record

Afternoon all.

A quick update - I received the agreement and account information by post today. I am not sure if that means they've credit checked and approved me, or if they will do that once the signed agreement has returned to them.

Whatever the case may be, I have signed and popped it back into the post. I guess I will know for sure by mid/end of next week.

I think I might as well start a 'Getting back on the credit ladder' type thread if this goes through OK and provide further updates there. Might prove useful to others in future.

[Never-In-Doubt]

Re: Hello! Help in removal of defective default from credit record

Just wait and see. It's been known that they open accounts then close them a day later if AVU (application verification unit) studies & finds fault anywhere.

You should be ok. Best of luck

[kraygerson]

Re: Hello! Help in removal of defective default from credit record

Thank you, kind sir.

[The Debt Star]

Re: Hello! Help in removal of defective default from credit record

You could ask the CRAs to enter a Notice of Correction as well, stating that you dispute the Default Notice. Doesn't matter imo if the DN was valid or not for your dispute notice and I don't think the CRAs will care either.

[kraygerson]

Re: Hello! Help in removal of defective default from credit record

You could ask the CRAs to enter a Notice of Correction as well, stating that you dispute the Default Notice. Doesn't matter imo if the DN was valid or not for your dispute notice and I don't think the CRAs will care either.

Thanks for the suggestion. If the application for a 'full' NatWest bank account fails, I may just do that. As I recall, lenders are obligated to pay attention to and consider any Notice of Correction on an applicant's record. May well be worth doing.

[The Debt Star]

Re: Hello! Help in removal of defective default from credit record

yeah but TBH I don't think they make any difference to their decision making processes. Its more for your benefit really. Your DN will be gone in 2013, not too long now.

Sad to think that in Scotland the period is 5 years not 6, and in Europe its 3 years.

6 years is a life sentence imo.

[Never-In-Doubt]

Re: Hello! Help in removal of defective default from credit record

You could ask the CRAs to enter a Notice of Correction as well, stating that you dispute the Default Notice. Doesn't matter imo if the DN was valid or not for your dispute notice and I don't think the CRAs will care either.

No - don't do this as it will force all applications into manual review! No - bad bad bad move!