DMP and improving credit score

stucowley

Hello

Just wondered if it was possible to improve my credit score while on a debt management plan?

many thanks

donatello_2

Get a pre paid credit card. Thay don't do a credit check. They'll charge you a monthly fee of 4.95. After 9 months they will start informing the credir reference agencies that you have repaid a loan. I've just got one. Type mycashplus into google.

GeorgeUK

If you have defaults on your file, there's not much that will improve it until these have fallen off after 6 years.

stucowley

Oh right,

ive got 2 ccjs aswell one which is paid off, do you think its worthwhile doing it then?

Thanks donatello it seems a good idea, i think im going to do that creditbuilder, do you know how much the monthly payments are? just i cant find them on the site.

Thanks for replys

Tixy

How long is your DMP forecast to last Stu?

If its 6years or so, then a lot of the problems will have dropped off by the time you finish it. Its probably not worth starting to try and rebuild it until you are in the last year of your DMP or so.

But remember one of the terms of your DMP is not to take out anymore credit until its finished. For that reason a prepaid card can be an option but does cost each month, so no point starting it too early when you file is still littered with defaults (and CCJs).
http://www.moneysavingexpert.com/cards/bad-credit-credit-cards#prepaid

stucowley

Not long, the orginal balance was something like 9 thousand and I've got it down to 2 then I lost my job in July last year ( if I wasn't made redundant last year I would be debt free now) have just bring taken on permantly recently in a temp job I was in so I can start paying more each month and hopefully be debt free by the end of the year

thanks for all replys