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Is a satisfied default just as bad?


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My one and only default has been marked satified. Is this just as bad as having the default?

 

I have a vanquis card with extremely HIGH interest that I got to help rebuild my credit and was wondering now the default is satified would any low interest credit cards accept me on a balance transfer or do I still have a poor credit rating till its gone completley?

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;) A satisfied default is viewed just as bad as a default unsatisfied-- unless it is over 3/4 years old.

 

Based on credit scoring within a particular Credit Bureau within the U.K., a satisfied default knocks about 65 points off your score. You start with about 800 and the points are either added onto this for good stable information (no late payments, voters roll info.a must for at least a year and less than 3 searches in the last 6 months) You then get deducted points for bad info. such as CCJ`s- satisfied or not, IVA`s- completed or not, Defaults- satisfied or not, lots of searches(applications), lack of being on the Electorall Roll, poor Credit Account information (late payments) and lots of aliases.

 

Hope this helps you with respect to how lenders may or may not view your credit file ;)

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Thanks for al that, it has really helped!

 

My default is 5 1/2 years old but I only found out about it when I purchased my credit file, so only just satified it although they have marked it as being satisfied in 2002!

 

If the default is over 5 1/2 years old, it will drop off your credit record in another 6 months anyway.

i will be off site for the next month or so. if you have any problems, feel free to report the post so a moderator can help you.

 

I am not a qualified or practicing lawyer.

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