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Status of Credit history after full loan repayment !!


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Hi,

 

I recently cleared nearly 1500 GBP of default with HSBC. When I called MCS, they have asked me to transfer or credit the entire remaining loan to one of HSBC's accounts. I initiated an online transfer for the full amount. They said that they would send me a "Satisfcation Letter" indicating that my default has been cleared.

 

For my entire story, you can read this post: http://www.consumeractiongroup.co.uk/forum/hsbc-bank/209833-case-referred-mcs-how.html#post2295564

 

Meanwhile I have the following questions to fellow forum members:

 

1. How will my default and its subsequent clearance would impact my credit history in UK?

 

2. Will I be denied a credit card by other banks?

 

3. In case I need a personal loan, will I be entitled for it through other banks?

 

4. In case my credit history affects me, let me know the possible scenarios where it will affect me and how to get over.

 

I'm asking all these queries as I'm new to this "credit history" concept.

 

Thanks.

 

Cheers,

S

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Hiya sathyanveshi :)

 

 

I have the following questions to fellow forum members:

 

1. How will my default and its subsequent clearance would impact my credit history in UK?

 

A default is an incident, it happened so it will be recorded on your credit record for 5 years :cool: the fact that you have subsequently paid back all of the money is irelavant as far as the bank is concerned.

 

2. Will I be denied a credit card by other banks?

 

It depends on who you want credit off but most banks will take a default into account and either "load" the interest rate to reflect what they se as a greater risk or refuse you credit.

 

3. In case I need a personal loan, will I be entitled for it through other banks?

 

You can ask whoever you want for a loan, just because you have an account with a bank doesnt mean you have to use them for everything :).

 

Be careful though, when you apply for a loan the bank will do a search of your credit file which is logged and shows on your file. If a bank sees a lot of recent serches they will think you have been turned down by a lot of other people and this in itself may influence their decision.

 

4. In case my credit history affects me, let me know the possible scenarios where it will affect me and how to get over.

 

Your credit history can affect many things, obviously personal loans and bank accounts but it can also affect hire purchase loans, mobile telephone agreements, in fact anything that involves credit.

 

I'm asking all these queries as I'm new to this "credit history" concept.

 

Thanks.

 

Cheers,

S

 

Hope that helps :)

 

pete

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