once ive paid of all my debt how long untill it comes of my dredit report....help:/

amy_bond

Hi i wonder if anyone can help me. :j

I have debts and am currently paying them off, and wanted to no how long it will take before i can apply for a mortage after paying of theses debts. i currently am, well i think i am blacklisted, as ive missed countless payments and have debt up to £4600. my partner and i plan to pay this of within the next 8 months. and wanted a mortage pretty soon after. thing is ive read that even tho u pay of your debts your credit rating is still damaged and takes up to 7 years to clear. ive aslo read that it makes it harder to get credit after paying of the debts as thers new activity on the debt which reflexs on the credit report. our debts are mainly my personal debts which consist of 2 bank overdrafts one with l tsb at 2000, and one with natwest at 700, also a credit card with l tsb at 1000 and a store card with topshop with an outstanding balance of 200. My partner has an over draft facility that is 500, but owe's 700. all of these have been with collections agencys for atleast 3 years.

does your credit score not increase as you clear the debts?

also can u pay someone lik a credit repair company to delete the entrys on the credit report and how much is this?

Or can u ring the creditors yourself, once debt is paid and ask them to delete what theve added.

thankfull for all your replys.:T
amy X

Tixy

Hi

also can u pay someone lik a credit repair company to delete the entrys on the credit report and how much is this? No really bad idea, waste of money

Or can u ring the creditors yourself, once debt is paid and ask them to delete what theve added.
No, what they enter at the time should stay on your report (providing it reflected your true conduct of your accounts).

Essentially if you have defaults on your accounts, which you will have as these are with collection agencies, these will stay on your report for 6years from the date of default.
CCJs stay on the file for 6years from the date of CCJ.
Settled accounts should show as settled but will usually stay on your report for 6years from the date of final settlement.

There is no such thing as a blacklist though its likely you are effectively unable to get credit due to the number of defaulted debts etc. Rebuilding your credit score will take some time and you may not be able to get a mortgage as quickly as you would like (or you may be only able to get expensive subprime mortgages). Have a read of this - http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Also if you haven't had a recent copy of your credit file then its worth getting this (£2 from each agency)

amy_bond

hey thanks for the speedy reply:)

your right! i am unable to get any sort of credit. i cant even get a overdraft on my account, which sucks.
i have aplied for a credit check with experian, so hopfully that will shed some info:)

im !!!!!!ed then, basically lol! my partner will be well impressed once ive told him we cant get a mortage as soon as we'd like!

How do i rebuild my credit if no one will lend me any money or issue me with a credit card? do i need to leave it x amount of time once the debts have cleared to then apply for a high interest credit card, and make small purchases and maintain payments?

Tixy

Yep basically thats the plan.
Also if partner is over his overdraft limit then that will also look bad in terms of getting new credit. Is his overdraft also with a debt collection agency? if so then it will be him credit history as well as yours that will affect your chances of a mortgage.

amy_bond

no his is still with bank. we now have scraped all plans of savings, and holidays and plan to pay the maxium that we can afford each month which is around 635 to pay of thoses debts as quickly as poss:) cheers for your helpfullness. much apreciated::)

das

I'm in a similar boat only I already have a mortgage and have a lot of equity in the property. I was trying to remortgage.

What the mortgage lenders told me was that although the defaults stay on for 6 years, they will lend after I've been clear for 12 straight months.

Not sure how true this is but 3 different lenders told me that.

MrsTinks

das they will probably lend to you after you've been clear for 12 months... but at what rate... That is what Tixy means by subprime.

amy - there is no quick fix, please don't believe any of the "too good to be true" companies who "promise" to fix your credit rating... although if you really believe them then I have a knock down price mansion for sale... I'd let you have a great price... If you're interested have a look at "Blenheim Palace"

Seriously though... credit rating is all about proving you can manage your debts and how good a bet you are when it comes to risk and how likely you are to not repay it... Once you've cleared the defaulted debts then yes get a high rate credit card and spend 12 months using it and paying it off in full each month. Responcibily managing your debt as it were

amy_bond

das wrote: »

I'm in a similar boat only I already have a mortgage and have a lot of equity in the property. I was trying to remortgage.

What the mortgage lenders told me was that although the defaults stay on for 6 years, they will lend after I've been clear for 12 straight months.

Not sure how true this is but 3 different lenders told me that.

how did u get a mortage in the first place? or did u have a good credit report back then? i rang someone who i contacted online through google. he told me genrally after 6 months, u can start deciding on how about getting a mortgage. wether or not you would pay through the roof, or not i dont no...only time will tell!

want2Bdebtfree

My husband has been in debt for years, we have had joint bank and credit accounts and mortgage which over the past 20 years we have had many late payments. Anyway, for the first time last month I applied for a free experia credit report. To my amazement my report was not that bad, as I was not the account holder many of the accounts did not show up. However, a Studio Card account did which I had about 20yrs ago, which I always paid when I ordered anything. So unless you ask for old accounts to be removed I dont think they are. What maybe good for you is to keep all debts in your name only, which may allow your OH to gain the credit report you both require. Then work to regain yours independently.
Others on this board know far more that me and are an inspiration to anyone wanting to deal with their financal problems.

amy_bond

when we moved, most companys credit check you these days, dont they?! so BT for instance, i new if they credit checked me, it would had made my score worse, same with the gas and electric thats all in his name to, otherewise if if was in my name we would of had to have pre payment meters! So most of all the bills are in his name, with my name added on to them so i can ring and access the accounts if threres a problem etc.

how do i go about asking for old accounts to be removed do i need to ring the credit card company and ask them to delete it from my file? once the debt is setteled? or?

Tixy

You can't get old accounts removed by asking for them to go. They go automatically once they are no longer required to be on there.

But you do need to make sure you have formally closed any old account with zero balances otherwise they will stay on your file as they are considered to be active accounts.