Credit file and bad credit

DMT72

Hi Forum,

I have a history of bad debt but debt management plan was satisfied in July 2015. Except for £75 on 1 credit card, which is paid in full each month, I have no credit at all.

I am wanting to get a car from a dealership but am struggling to get finance.

How long does it take to "cleanse" my credit file? I know it will take time but any idea how long?

Any advice would be really helpful,

Thanks

Thrugelmir

Be years not months unless you approach an adverse credit specialist.

Superscrooge

It will probably take at least a couple of years before you get accepted for mainstream finance.

The problem is you borrowed money and failed to keep to the agreement to pay it back. Now that the debt is shown as settled will help. But it is going to take time to gradually build up your credit history and convince lenders that you aren't going to do the same thing again.

Anthorn

DMT72 wrote: »

Hi Forum,

I have a history of bad debt but debt management plan was satisfied in July 2015. Except for £75 on 1 credit card, which is paid in full each month, I have no credit at all.

I am wanting to get a car from a dealership but am struggling to get finance.

How long does it take to "cleanse" my credit file? I know it will take time but any idea how long?

Any advice would be really helpful,

Thanks

Each default will take 6 years from the default date to drop off your credit history. If that's an IVA on your credit history it will block most things financial including bank accounts, loans and credit cards. In your circumstances you should be thinking about low levels of credit to rebuild your credit history and not thinking about car finance unless the car is needed for employment.