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Should I pay my catalouge in full or monthly to improve credit file after DRO?
Oclews1990
Posts: 1 Newbie
Hello!
Looking for some advice. I was subject to a Debt Relief Order which finished back in April so obviously, my credit is shocking!
Anyway I now have a well managed catalogue account with a balance of around £700. I have the funds to pay it off in full but as I want to work on rebuilding my credit history would it be better for me to continue paying it off monthly? Maybe pay more than the minimum amount due each month?
Also if anyone has any other tips for improving credit after a DRO I would love to hear them!
Thanks,
Ollie
Looking for some advice. I was subject to a Debt Relief Order which finished back in April so obviously, my credit is shocking!
Anyway I now have a well managed catalogue account with a balance of around £700. I have the funds to pay it off in full but as I want to work on rebuilding my credit history would it be better for me to continue paying it off monthly? Maybe pay more than the minimum amount due each month?
Also if anyone has any other tips for improving credit after a DRO I would love to hear them!
Thanks,
Ollie
0
Comments
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Always clear in full if you have the funds. Paying it off over time looks like you can't afford even catalogue tat.
Only pay it more slowly if you have a good reason, such as a 0% offer.
If you can get a credit card and trust yourself with it, use it and clear in full each month. But if you can't yet handle credit, stay away from it.0 -
Good advice zx81. I disagree however that catalogue stuff is 'tat'. You pay through the the nose obviously but you can get top brands. For example VERY now sell Rolex watches.0
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Deleted User wrote: »Good advice zx81. I disagree however that catalogue stuff is 'tat'. You pay through the the nose obviously but you can get top brands. For example VERY now sell Rolex watches.
Think you may find they are "Rolax" watches lol !!!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 -
No sourcrates, they are definitely Rolex0
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Deleted User wrote: »No sourcrates, they are definitely Rolex
I think they are pulling your leg. I admit I am quite surprised that you have decided to take on catalogue debt following your previous debt problems. I cant wait to be done with it for good!0 -
Why would someone just out of a DRO be so eager to want to get into more debt? Quite clearly DROs don't work given the number of people who seem to not have learned the lessons.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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