Arrangement to pay

ellie26uk

I have been on an arrangement to pay for an Abbey credit card and a Barclay card for a few years, after running them up in my late teens then losing my job.

I have been paying the agreed amounts each month and have not defaulted once since I have been on the plans. My credit rating is VERY poor and I have no hope of gaining any sort of credit for a couple of years at least (which isn't such a bad thing). I am working on bringing my score up though and have a Capital Once classic card which I use to spend small amounts each month then clear the balance, I am doing the same with the catalogue accounts I have also.

My question is, once I clear the balance on the cards (I am hoping to pay in lump sums of over the next year) will it then take 6 years for the AP's to come off my report? I've been paying them for 6 years, will it take another 6 years to get rid of them completely?

I am currently a student and mother to two young children and my partner (also a student, who has zero credit history) and I want to buy a house when we finish our degrees and get teaching jobs. I will finish 2011 and he will finish 2010. We are also both working.

Will these AP's stop me getting credit for the next 6 years?

Thanks for your advice

debtdestroyer007

yes...... but however its shouldnt take you 6 years to rebuild ur credit rating, what other facilities have u got

for eg,

a bank account with OD
mobile contract etc etc


let us know

debtdestroyer007

get urself a cash plus prepaid mastercard with credit builder and you'll have 12 lovely zeros on your experian every year mate...... at a cost of £4.95 a month

def worth it

www.cashplus.co.uk

ellie26uk

Hi, thanks for your reply.

I have a current account with Abbey with a £500 overdraft that I haven't dipped in to for about 2 months. But no mobile phone contract. I have had a few loans with Wonga.com that have been paid off in full but haven't appeared on my report as yet. I will defo get that cash plus card thanks for the tip.

My current score is 196 (ouch!) and I have 3 searches on my report for the last six months so I'm not going to apply for anything else until I can get my score up. Does anyone know how and when your score gets updated? I have some old accounts which had late payments but have been settled for nearly 6 years, when these come off will my score go up? one is due to come off next month and two more in September.
I have others that are between 4 and 5 years settled, when the 6 years is also up on these will my rating improve?

Sorry for all the questions lol!