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Clearing debt to improve credit score
ronniemillie
Posts: 4 Newbie
Hi I have £1500 of debt which is filed on Experian as defaulted accounts, if I were to pay these off would my credit score improve instantly or would I need to wait until the "6 years" is up?
Thanks all, trying to improve my credit score.
Thanks all, trying to improve my credit score.
0
Comments
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Ignore your score. It’s made up.
If you owe money then pay it.
This will improve your credit history and sense of self fulfilment.0 -
I am paying it, but what I'm asking is if I pay it all up and clear it now will my credit rating go up...?0
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It will go up no more than paying it later.
You don’t have a credit score or rating.0 -
Wouldn't lenders see that the debt has been paid and improve my credit history?0
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Yes. Your history. Not the score or rating.
They will see the debt is defaulted and has arrangements to pay. But a settled debt looks better than one currently being paid.0 -
A settled default will look better to potential lenders and therefore, yes, paying the debt will improve how you are viewed by potential lenders.0
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