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Hi, iv just been informed when applying for a loan that a default on a previous loan from 2003 has been put in place, is it possible for me to take measures on building a good credit history so i could obtain future credit even though that is in place?


all help appreciated

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You can only really rebuild your credit history by having credit. So you may want to get a credit card with a small credit limit use it for just paying for shopping or petrol and pay it off every month. Do you know what the default is for? You may want to get copies of your credit files to find out. Defaults only stay on your credit record for 6 years so in 2 years time it won't show up on your credit file.






Please note opinions given by rory32 are offered informally as a lay-person in good faith based on personal experience. For legal advice, you must always consult a registered and insured lawyer.

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You can only really rebuild your credit history by having credit.......


Unfortunately this can be a no win situation. You cannot obtain credit because the computer says no because of poor history, however you cannot rectify that without obtaining credit.

All my posts are made without prejudice and may not be reused or reproduced without my express permission (or the permission of the forums owners)!


17/10/2006 Recieve claim against me from lloyds TSB for £312.82

18/10/06 S.A.R - (Subject Access Request) sent

03/02/07 Claim allocated to small claims. Hearing set for 15/05/07. Lloyds ordered to file statement setting out how they calculate their charges

15/05/07 Lloyds do not attend. Judgement ordered for £192 approx, £3 travel costs and removal of default notice

29/05/07 4pm Lloyds deadline for payment of CCJ expires. Warrant of execution ready to go

19/06/07 Letter from court stating Lloyds have made a cheque payment to court

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You most certainly don't get 'good' rates. They are invariably punitive because of the risk. The only thing that makes it worthwhile is that it provides a positive payment trail in your credit record - but it is an expensive way of doing so.

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