Debts And Credit Rating

kayla3600

Hi,
I'm hoping to clear off all my debts by the end of this year. And staying debt free, maybe using and paying off cc each month. Because we are looking to move in 2014 once fixed rate ends, will my credit rating have improved by then?
I've just stupidly managed to put two searches on my file while applying for one bank account.

Anyone??

lornz23

Hello :-)

It is difficult to say as it will depend on when things have been put on your record but it should be better than it was if you continue the way you are.

Good luck!

Tixy

Hi

2 searches shouldn't be a major issue, and they won't even be visible by 2014 (only stay on for 2years).
What else is showing on your files? do you have defaults? (they stay on 6years), do you have late payment markers or missed payment markers?

kayla3600

I have never had any late payments or defaults so all good that end. Just cc's and overdraft being near the max.

Tixy

In that case assuming you keep up with repayments, pay down most of your debt and don't go have lots of searches in the last 6months I would think you will be fine.
As you've mentioned make sure you are using and repaying some credit ((without paying interest) after you have become debt free just to keep your history 'current'.

kayla3600

Thanks Tixy you've been a great help