Repairing Credit Rating

Tomshayes

Hi

I have just (last month) finished paying off a Debt Reduction Plan for 3 Credit Cards that I went out of control with a few years back.

I currently have no debt other than my outstanding mortgage and an agreed £50 overdraft that I don't actually use.

I have a Nationwide Credit Card with a £2000.00 Limit and a current Debt of £200.00 on it.. I generally pay this off in full or a substantial percentage every month.

I also have a Vanquis card with a limit of £2,250.00 which I use occasionally for fuel etc and pay off in full every month..

How long should it take for my Credit Rating to start improving.

I have no CCJ's etc.

Thanks

Tom

kingstreet

What's actually visible on your credit files?

AP markers? Defaults?

Tomshayes

Hi Kingstreet..

No Idea I'm afraid.. At the moment!!

Tom

CLAPTON

Tomshayes wrote: »

Hi

I have just (last month) finished paying off a Debt Reduction Plan for 3 Credit Cards that I went out of control with a few years back.

I currently have no debt other than my outstanding mortgage and an agreed £50 overdraft that I don't actually use.

I have a Nationwide Credit Card with a £2000.00 Limit and a current Debt of £200.00 on it.. I generally pay this off in full or a substantial percentage every month.

I also have a Vanquis card with a limit of £2,250.00 which I use occasionally for fuel etc and pay off in full every month..

How long should it take for my Credit Rating to start improving.

I have no CCJ's etc.

Thanks

Tom

get copies of your credit files : don't pay for the credit score as it's meaningless


start paying your N/Wide CC in full without fail each and every month


start creating some savings so you never need to borrow again

Hazzinho

Agree with above, view your files, I would imagine you have defaults on there if you were on a plan.

I would however disagree about NEVER getting credit again if longer term you want to buy a house. No credit, no credit history.

Tomshayes

Hi Hazzinho

Well I hope to take out a car loan at some stage in the future... I won't be remortgaging so that will never be an issue!! (8 Years left)

Where's the best place to get a copy of my credit file?

Tom

Tomshayes

Also how do I get rid of Defaults?

[Deleted User]

You wait 6 years.

Tomshayes

I just checked my Credit File and I have 1 default from May 2010

Tom

bsms1147

Defaults drop off your credit file six years after the default, so in about 18 months.

The above advice is sound.