hi

I am still in the low 500's also I am hoping after 13/04/16 my credit rating will change as I expect the trust deed to disappear as this will be 6 years in total.

taking out credit cards with high interest don't seem to work as I have done the same ![:(!]

Hi Rickie and Nells

I hate to say, but your credit rating will not really improve until all defaults are removed.

The rating is not the only consideration. Each lender has their own criteria.

My view is that the work you are doing now will more than likely reap benefits when the defaults are removed, because no defaults will be showing and you will be showing positive management of the credit cards over many/several months.

Also, please be aware that different credit reference companies score differently. My last default disappeared in Feb this year and my score on Checkmyfile for Equifax and CallCredit is in the 900s.
The Score in Noddle is around 600 (I think their overall score is lower)

I have just been approved for a 0% interest card with high limit.
My credit score has gone up and down by up to 40 points at a time.

The companies take account of total credit and loans and mortgages available to you and consider how much of it you have used and how you are paying it off.

As I said they are all different and we do not know exactly what they are taking into account.

For now, the Trust Deed and Defaults trump any good work, however, if you keep up the good practice, you should see a difference when all the defaults an Trust Deed disappear.

Good luck

Hi there.

I'd really suggest ignoring the credit scores. They mean very little if you're looking for precise meaning in every fluctuation.

They're the credit reference agencies guess about what a typical lender might think of you.

In reality, every lender will assess (score) you differently using their own methods.

The things to focus on are:

1 - Make sure the information presented is accurate.

2 - Build up some positive credit history.

3 - Work hard to avoid any new poor credit history.

In time this should help to restore access to mainstream credit.

Hi Rickie,

I am over two years discharged and still have a fairly low score with Call Credit and Equifax. No defaults or late payments are present.

As others have said, it is almost meaningless anyway. I have in the last few months moved to a normal (i.e. non basic) bank account and obtained a credit card with a good rate of 6.45%.

It's just a case of hanging in there. Before you apply for anything be it loan or credit card, check out one of the "pre check" sites that rates your chances of success before applying. That has certainly worked for me.

I'm in the same boat. Discharged in July 2014 but my Noddle score is only 563 and rating 2/5. I was hoping when the TD falls off in October this year that I'd see a difference but I have defaults that didn't stop until I was discharged so they will be there until 2020!

It's hard not to get hung up on these scores but, as has been mentioned, every lender looks at you differently. I managed to secure credit for a brand new car 8 months after I had been discharged, and it was a normal Black Horse loan at a normal APR.

Hi Upstream

Am I understanding correctly that some of your creditors noted your default date later than the date you signed your Trust Deed?

Or are you referring to payment record 'circles' which may show Default right up until it shows S or PS in the circle?

If the first scenario is the case, you can request the dates are corrected to match signing of the Trust Deed date.

I wouldn't worry about the payment record 'circles'. If the default date is accurate, the whole credit account disappears six years after the default date (including all the payment circles).

Really? I was referring to the red circles. October it is then! Thanks, Firewalker!

Hi Upstream

This subject/question was raised last year in the Forum. I contacted the Credit Reference Agencies to clarify. They advised me it would all disappear with the account, and true enough, when my own came to the end of six years from default date, everything disappeared.

As you say, roll on October for you !