Turn poor credit rating to good

Andy237

I went through a messy divorce and was left with a lot of debt and I had to go to a debt management company.i have four yrs left with this plan although I'm going to pay debt in full in six months. Will this improve credit rating?
How long until I can get a mortgage ?
What is a good credit score?
All help appreciated

Tixy

You will need to see what is on your credit files currently.

Its likely your creditors have entered defaults on your credit file - either when you first had problems making repayments or not long after you went on your DMP.

Defaults stay on your file for 6years from the default date. If you pay the debts off before the 6years then they show as satisfied defaults.
Satisfied defaults look better than outstanding ones.

Whilst ever you have defaults on your credit file you do not have a good credit history, but it is possible to get a mortgage with older settled defaults on your credit file - but possibly only from subprime lenders who require a higher deposit and charge more than the mainstream lenders.

Best thing to do once your debts are all cleared is to get copies of your credit reports from all 3 credit reference agencies and approach a mortgage broker.