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Improving Credit after PayPlan paid off
The_Cappuccino_Kid
Posts: 102 Forumite
Hi folks,
My partner has recently become debt free following several years of a payplan agreement. All of her entries on her Equifax report are marked as settled - all creditors have been paid in full. Her equifax report shows row upon of red squares followed by the last two being green.
We are looking at how to improve her ability to obtain credit - we currently do not have a joint mortgage for example - and joined MSE's credit club.
Am I right in thinking that having such recent payments through her arrangement will have a dire impact on her credit worthiness?
Cheers
My partner has recently become debt free following several years of a payplan agreement. All of her entries on her Equifax report are marked as settled - all creditors have been paid in full. Her equifax report shows row upon of red squares followed by the last two being green.
We are looking at how to improve her ability to obtain credit - we currently do not have a joint mortgage for example - and joined MSE's credit club.
Am I right in thinking that having such recent payments through her arrangement will have a dire impact on her credit worthiness?
Cheers
Please note that any posts that I make on here are based on my personal opinion, experience and what I have read.
0
Comments
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Hi,
Once all the defaults associated with the DMP have dropped off her file, her credit worthiness will improve.
Make sure she's on the electoral role, pays her bills on time, possibly apply for a credit builder credit card, but use it wisely and pay it off every month.
Only time and basic common sense will improve things.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 -
How long did it take for it to be marked as settled? I have been waiting 11weeks0
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