Paying off all debts.... how long before credit score back to Normal

gillb399

Hi there.... currently my credit score is very poor due to circumstances over past year and fell behind with payments. Have only recently accrued defaults in past few months and in next few weeks may have opportunity to clear all debts outright. If l do this will defaults disappear.... if not..... how long will they stay on my file?

[Deleted User]

They will remain for 6 years from default date.

cjmillsnun

Yup, zx81 is correct, they will remain for 6 years from the original default date (you'll see it on the file).

What is important is that they will show as "satisfied" (Experian/MSE Credit Club and Call Credit/Noddle) or "Settled" (Equifax/Clearscore). As you state these are new defaults this will reduce the impact of these defaults.

That said you may well still find it difficult to get credit for a while (I would recommend not applying for anything for at least a year), and a mortgage will likely be out of the question for at least three years (unless you want to pay a high interest rate).

If you still have any form of credit (a mobile phone contract or a credit card), continue to use these sensibly (pay credit cards off IN FULL every month to avoid interest), as this will help you build a history of responsible credit use (No history can be as bad as a poor history).

Lastly. IGNORE THE SCORE. Concentrate on the report itself and make sure all details are accurate.