Should i pay or not...?

hitmanhart

I have 3 defaults on my credit file.

I am enquiring to know as to whether to pay them off and they will still be on my file

or

Not pay them off and wait the 6 years?

By paying them off and it shows as settled, will my credit score increase? but it just means that the default will still be shown on my file...?


I'm in a dilemma because to me i see there being no point in paying them off if they are not going to be removed and/or my credit rating wont be increased.

If I am wrong, please correct me.

Thanks.

[Deleted User]

Satisfied defaults look better to lenders than unsatisfied ones.

a4a

It really depends what your plans are for the next 6 years. It always helps to have them shown as settled but in reality, a default is a default. The older the defaults get, the more important it is that they are shown as paid.

hitmanhart

but if i pay my defaults (even though i know they stay on my file for 6 years) will my credit score increase?


thanks

[Deleted User]

It may - but that's not important. It's the information that is shown on your accout which is important, not the score.

hitmanhart

so if somebody has 900 credit score with a whole load of bad/arrears information that is not good?

my file is not that bad if im completely honest... as im ignorant to this, i thought it was all about credit scoring which allows you to get things in the future etc...

having received those comments, i think i'll pay them all off now

JKSandy

"i see there being no point in paying them"

What a horrible way to look at it. If you owe it pay it, why spend years bing chased by debt collectors? Or risk them becoming CCJ's?

[Deleted User]

hitmanhart wrote: »

so if somebody has 900 credit score with a whole load of bad/arrears information that is not good?

Correct. You can be bankrupt and still have a 999 score. Doesn't mean that you're getting a loan from anyone though.

Thrugelmir

If you don't settle the debts. Then the lenders you default on could blacklist you indefinately from obtaining any further credit lines. They can hold this information as long as they wish.

GingerBob_3

Thrugelmir wrote: »

If you don't settle the debts. Then the lenders you default on could blacklist you indefinately from obtaining any further credit lines. They can hold this information as long as they wish.

To clarify: '...obtaining any further credit lines from them'.