Improving credit rating whilst on DMP

leighavfc

Hi all

This might sound like a silly question, but is there anyway you can improve your credit rating whilst on a DMP?


Now i know your not supposed to add credit and stuff whilst on a dmp but i was just wondering is there anything i can do whilst i pay my creditors off through my dmp?

I went on Experian and i had a very poor score of 345

Thanks in advance

Tixy

Not really.

Do you have any ongoing credit accounts that are not part of your DMP? e.g. mortgage/secured loan/ utilities / mobile phone? If so then the best you can do is to ensure those are always paid on time.

In the final stages of a DMP (say last 6months or so) sometimes people who have none of the above may consider applying for something basic such as a phone contract to start building up a new positive credit history.

How badly your credit will be affected at the end of your DMP will depend on the length of the DMP and exactly how creditors report to the credit reference agencies (e.g. how quickly they enter a default against you - on a DMP then usually the sooner the better).

Thrugelmir

leighavfc wrote: »

This might sound like a silly question, but is there anyway you can improve your credit rating whilst on a DMP?

Settle the DMP as quickly as possible.

You don't have a credit rating. Your credit history is what a lender will judge you on.