How long does it take to rebuild credit history?

Natbritton

Hi guys

I'm a newbie here!
I'm going to be in a position soon where I will be totally debt free!
I've struggled with the debt for quite a number of years
I'm on a debt management plan and my current credit score is very poor.
My question is once everything is paid off, it will all be paid off at the same time.
How long realistically would it take for my credit rating to become better?
I'll make sure I do everything to build my credit again e.g. Spend on credit card and pay it off and use all Martins tips

[Deleted User]

Each day you get further away from your defaults, and build good history, the better.

Natbritton

Thank you for your reply I'm hoping a year in the clear will be enough to hopefully get a mortgage.

Chappaz

Natbritton wrote: »

Thank you for your reply I'm hoping a year in the clear will be enough to hopefully get a mortgage.

It depends on things like defaults and CCJs. Mortgage providers hate those (although some brokers out there can and do find mortgages for people who have them, albeit with higher interest).

A default or CCJ will generally stay on your file for 6 years from the date of the default before it drops off. Unfortunately, this means that many people can build a good few years of positive credit history, but they're always bogged down by the default/CCJ until that drops from the file.