How long ?

cornishblues

Hi all

I have very poor credit. I have no CCjs but I have several defaults. Overall I am about 10k in debt. There are many many reasons why I got into so much debt, including illness and student life. Im 29 and finally want to get my act together and through the national debt line and experian Im going to begin paying my debts back slowly on a monthly basis.

I just want to know, how long will it take before my credit begins to improve, will I have to wait until the 10k is paid off before I can get more credit or if companies can see that Im being pro active to fix my debt problem will they see this a a positive thing ?

Thrugelmir

Learn to live your life without credit. Rather than worry about obtaining more in the future.

cornishblues

Thanks for the advice and I agree you are right. But in life there are times when we need credit of some kind, especially with plans for children nearing. My partner and I also also lost out on inheriting her grandmothers house at the cost of 240k even though we had a 100k deposit. I recon an improved credit rating would of got us the house, but thats a different story. So I would be grateful of a more practical and less moral response.

thanks

Thrugelmir

cornishblues wrote: »

So I would be grateful of a more practical and less moral response.

thanks

Nothing to do with morals. Another credit card isn't going to improve your credit rating with regards to a mortgage application. If you've previously had bad credit history. Squeaky clean is the way to go.

sfax

Defaults remain for 6 years. The 10k is a factor but it certainly won't need to be paid off prior to you having a more favourable credit rating. Sub prime cards (see mse link for credit cards with people with poor credit history) may help to rebuild your rating.

matttye

Thrugelmir wrote: »

Nothing to do with morals. Another credit card isn't going to improve your credit rating with regards to a mortgage application. If you've previously had bad credit history. Squeaky clean is the way to go.

Of course it will improve the credit history.

If you've previously been a bad debtor, the only way to show you've changed is to now borrow responsibly. If there are recent accounts that are managed well, this will mitigate any old adverse information.