Bad Credit

Debt_Doll

Hiya

I wonder if anyone can answer a question for me please?

When you have been on a debt management plan has your credit record been badly affected in the same way as if you had had a CCJ or default?

I only ask as I want to improve my credit history and have a Capital One card to help me with that but when I tried applying for an AQUA card they turned me down straight away.

I wont even request my credit file in case I have a lower credit score than what the Credit Expert says is average.

[Deleted User]

Debt_Doll wrote: »

I wont even request my credit file in case I have a lower credit score than what the Credit Expert says is average.

That's a bit of a problem then, as you'll never know what lenders see when they look at your file. So you'll just have to avoid any more defaults, missed payments etc, close your eyes and hope for the best.

The DMP certainly won't be helping though, as presumably your file will show all the defaults etc that led you to being on a DMP in the first place.

Debt_Doll

I know and I know that is a stupid way of thinking about not requesting my credit files cos obviously my credit score is going to be low but may not be as bad as I presume.

Is it possible to improve your credit once you have been on a debt management plan or is it a case of having to wait for 6 years for things to drop off?

Hazzinho

Not sure of the point of not viewing your files. You don't need to see the numbers as they are made up and mean very little. Until all the bad debt drops off your file will not look great to lenders.

Primavera_2

As previous posters have mentioned, a DMP will definitely affect your credit rating in a negative way. Again, just reiterating what everyone else is saying - you need to check your credit report. There is every chance that you have defaults on your credit file in any case from being on the DMP.

Are you still on the DMP? If so, I would be careful in applying for any further credit. Your current lenders would not take too kindly to this and may cancel you arrangement.