credit rating

wiggy747

hi
does anybody know if i was to pay of all of my debt tomorrow how long would it take for my credit rating to improve?

looby75

as a general rule all defaults ccj's etc. stay in your credit file for 6 years.

lz544w

If a debt has NOT been registered as a default, it stays on your record for 6 years from the time it is settled in full.

If a debt HAS gone to default, it stays on your record for 6 years from the date of default, even if not settled in that time.

On my credit record, I have a credit card debt (Capital One) that I settled last year. It will stay on my record for about another 5 years. However, I am none too pleased about this - it was never registered as a default, because I came to an arrangement with Capital One, so I have a record that shows 3 years of an arrangement before settlement, which will stay there until 2012.

I also have other debts that did go to default, which will start disappearing off my record this year - one already has - even though I'm still paying them off, and will be for some time to come.