How long for credit rate to improve?

LordLee

I have a CCJ. But am just about to pay it off in full and get a note on my report that it is satisfied.

It was issued 4 years ago.

How quickly will my credit rate improve?

DarnIt_3

Two years and your account will be back to normal....another 12months of credit building and you should have 'good' credit.

I am on month one of a twelve month plan to get good credit

Tixy

Once its satisfied then your report will look a bit better - you might find you are able to get some subprime credit. But you won't get mainstream credit until the CCJ drops off all together (6years after the CCJ).

Do you have any open credit accounts on your credit file? If not then you might want to consider trying to get a subprime card or similar about a year before the CCJ drops off and then using this to show a positive history of handling credit responsibly (using it for small amounts and paying it off in full).

LordLee

Thanks. I'm also going to be receiving around £15,000 in an inheritance. I want to use this wisely and invest some. But alas i'm pretty clueless. All debts paid off. Need a new (second hand) car... but that's about it really. Any top ideas?