Credit Ratings Question

[QCKate]

Does anyone know if your credit rating improves each year even if defaults havent yet dropped off your file.

So for example if my last default was in August 2010 should my credit rating be better now (after two years) than in September 2011??

Thank you all.


QCK

[leclerc]

Re: Credit Ratings Question

credit rating will not improve with a default on the record. The default will blight you for 6 years......even if you win the lottery

[patrol30]

Re: Credit Ratings Question

It depends, if you are going for normal credit then leclerc is right your credit history is set. But with a mortgage as everything in the world money talks a big deposit can offset defaults over 2- 3 years ago. A few people i know came out of a trust deed (scottish IVA) and got a mortgage the week they were discharged as they had decent deposits.