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Improving my credit file
a_mckenzie
Posts: 12 Forumite
evening all
i owe rbs £1900. have done for a while. for the last 5 years its been flagged as default every month.
I really want to improve my credit file. If i was to pay this off on monday, what is likely to happen to my file? is the damage already done? will is start to recover in the months ahead?
thanks.
i owe rbs £1900. have done for a while. for the last 5 years its been flagged as default every month.
I really want to improve my credit file. If i was to pay this off on monday, what is likely to happen to my file? is the damage already done? will is start to recover in the months ahead?
thanks.
0
Comments
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The default and complete history will fall off your credit file 6 years from the initial default, no matter what you do about paying it off.Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
There are several things that need to be done to improve your credit file. If you are looking for credit, amazingly a squeaky clean file may not always provide a positive result, there are many theories over what individual companies do.
Clearing your outstanding will start the process, and as the person said above a record will be kept for 6 years on your file from the date of it being repaid.
Any positive impacts you make will reflect on your credit file. Start paying off your debt as soon as possible and this will show on your credit file.
make sure everything is up to date correctly, electoral role, addresses etc
It wont take too long, the quicker you start the better0 -
The default will drop off your file in a years time regardless of what you do.
Its not six years from when you pay it, its six years from the original default date.
Depends on your reasons for "cleaning your file", and what type of borrowing are you looking to obtain, other points above are good advice.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
sourcrates wrote: »The default will drop off your file in a years time regardless of what you do.
Its not six years from when you pay it, its six years from the original default date.
Depends on your reasons for "cleaning your file", and what type of borrowing are you looking to obtain, other points above are good advice.
spot on, this i should know and thought i articulated in my post correctly, turns out, i wrote the exact opposite. :beer:0 -
a_mckenzie wrote: »evening all
i owe rbs £1900. have done for a while. for the last 5 years its been flagged as default every month.
I really want to improve my credit file. If i was to pay this off on monday, what is likely to happen to my file? is the damage already done? will is start to recover in the months ahead?
thanks.
rbs would probably be open to a settlement deal
https://www.nationaldebtline.org/EW/factsheets/Pages/fullandfinalsettlementoffers/lumpsumoffers.aspx0 -
There's something I don't understand - if you owe this money, and are in a position to pay it off, why are you not just doing so? I can't understand the relevance of th credit file question in that circumstance?🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Why pay if you can get out of it? It's only another year, after all!
Yes, I am being ironic.0 -
Why pay if you can get out of it? It's only another year, after all!
Yes, I am being ironic.
Glad you clarified!
🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0
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