Myth 2 – A serious default will stay on my file forever
Defaults, even serious ones, do not stay on your file forever. They tend to be forgotten in time. Bankruptcy doesn't mean that you'll not be able to borrow. Did you know that some credit cards accept clients even if they had a CCJ in the past four years? If a bankruptcy or a CCJ happened three or four years ago, it is very unlikely to see any effect on your profile. No doubt you can get another credit again. If the default happened six and more years ago, all of your past mistakes are removed. Never give up and believe in yourself. Stay active even if those six years haven’t passed yet. Try and borrow elsewhere, then pay back right on time. If your credit profile is clean of big mistakes, your credit file will look much better. This will allow you to hope for more credits from other lenders.