DMP and credit rating advise

Amy112

Hi

My husband and I have been on DMP for few years now. Sadly, we have decided to separate. I was wondering if I set up a different DMP account with only my debts and pay it off quickly , will my credit score get better. We have a secured loan in joint names and a mortgage. The plan is that he continues to make payments towards the secured loan and I towards the mortgage. We are not changing anything. Because my name will be with his in the secured loan and mortgage not contribute towards a positive /good credit score or will it?

Any suggestions are welcome to improve my credit score

Thanks in advance

[Deleted User]

Your score isn’t a factor used in lending so it doesn’t matter.

If the debts are joint (in both names) then it doesn’t matter who pays for it as it will be listed on both your credit files.

Amy112

Sorry dexter just to be clear, so if i pay off my DMP will my credit rating get better. Secured loan is not part of DMP, it is completely separate which was taken out recently. So there is the DMP+ secured loan + mortgage. If i pay my debts from DMP and come out of DMP and still carry on with the secured loan and mortgage with both our names will my credit rating improve simply because I have come out of DMP but if he hasnt will tbis impact my rating ?

sorry if my question wasn't clear before.

Thanks

sourcrates

Try and stick to just one thread on the same subject please.

[Deleted User]

You don’t have a credit rating or score.
Neither of you do.
In fact no one does.

You will look more favourable to lenders yes and the effects for the DMP will also lessen over time.