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Default notice - 6 years is almost up but need clarity please..

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  • Default notice - 6 years is almost up but need clarity please..

    Hi everyone,

    I have 2 default notices that are both due to come off my credit file on June 6th 2014. I got them in 2008 shortly after finishing University and whilst I was living in shared accommodation where all the bills were in my name. Long story short, I buried my head in the sand and looking back I could've handled the situation better. But, what's done is done and I am almost at the end of the long road. I will always be grateful to websites like this.

    I hope to be in a position to apply for credit so I can move forward in my life. i.e. getting a house with my girlfriend so rest assured LB, I do not intend on using credit for frivolous purchases. It's ironic that you have to have credit in order to get credit! My plan is to apply for a modest credit card with my bank, demonstrate I can manage finances and then ultimately apply for a mortgage with them.

    I have subscribed to Experian and Equifax for 30 days to ensure they come off on time but I have 3 questions.

    1. If both defaults come off on June 6th - how long would I have to wait before I could apply for credit?
    2. How long do lenders keep information regarding failed applications? I naively applied for a credit card with my bank in May 2013 when I would've had 4 defaults on my report at the time. If I applied for a card in say July 2014 could they see that failed application from May 2013 still or would it be treated as a new application.
    3. One of the defaults coming off still has a balance left on it - 930 which is with a collections agency (Lowell). I fully intend on paying the whole amount and have a monthly DD of 60 paying it off. My question is, is there any way Lowell could sell that 'debt' to another agency to try and recoup the full amount in one go?

    Incidentally, I have not made a credit application of any kind since May 2013. In 2008 I had 4 defaults. As of June 2014, 3 have been paid in full and satisfied. As I mentioned, only 1 has a balance on it but that will be coming off my report. I have not had a missed payment, utility bill, phone contract bill for 2 years so hopefully these will all be positive markers.

    Thank you in advance to anyone who can assist.
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