How long after all debt cleared might new lending be offered?

StMilMo

I have about £50,000 in high-rate, unsecured debt. Impressive, huh? The rest of my financial circumstances means it's not as bad as it sounds, however I am soon going to clear all of it in one go. Roughly how long will it take for my credit score/rating (I forget which is which) to improve and for me to, say, apply for new credit cards (back to 0% ones) and such? A matter of weeks to months, or is there a long hangover of the fact that I had at one point had so much debt?

DCFC79

StMilMo said:

I have about £50,000 in high-rate, unsecured debt. Impressive, huh? The rest of my financial circumstances means it's not as bad as it sounds, however I am soon going to clear all of it in one go. Roughly how long will it take for my credit score/rating (I forget which is which) history to improve and for me to, say, apply for new credit cards (back to 0% ones) and such? A matter of weeks to months, or is there a long hangover of the fact that I had at one point had so much debt?

Have fixed that for you.

Willing2Learn

Hi StMilMo 

Have you got any defaults, missed payments, late payments or insolvency recorded on your three credit files?

Don't worry about your 'credit score', as a typical lender will neither see nor use your 'credit score'.  Just focus on building up a positive history of credit account conduct in your three credit files.