Bad credit?
Jess T asked:
Hi,
Im just after a straightforward answer to my question, if there is one:
What looks worse on your credit record, a default on a couple of credit cards, that have been paid off over 2years since the default, or several late payments and arrears on credit cards (im talking upwards of 10) but since that blip, all payments made on time for the next 2 years
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Hi,
Im just after a straightforward answer to my question, if there is one:
What looks worse on your credit record, a default on a couple of credit cards, that have been paid off over 2years since the default, or several late payments and arrears on credit cards (im talking upwards of 10) but since that blip, all payments made on time for the next 2 years
Thanks for all your help
March 7th, 2010 at 3:15 pm
A formal default notice will be on your credit record for six years.
A missed payment shows for six months.
so if the payments have been on time for 2 yrs then the defaults are worse. jeanimus
March 7th, 2010 at 9:04 pm
your credit rating should be good if youv been making payments for the last 2 years! paying off credit cards are the best way to build your rating, i doubt the defaults from 2+ years ago will do any harm.
The defaults are worse than simple late payment but as i said shouldnt make any difference for you if you’ve been paying on time for 2 years Belfastm29
March 9th, 2010 at 10:04 am
Someone asked Suzie Orman this last night. Her answer was they look about the same. Neither is desirable to a potential lender.
It’s good that you’ve kept trying to make it right. This will help your credit. it’s like getting a bad GPA up with several “A”s. stoneygator61
March 11th, 2010 at 8:11 pm
Defaults are normally worse but to be honest it varies from lender to lender and their credit acceptance criteria DAVID M