CCJ and improving my score

rogo

Hiya. I got myself into a bit of a pickle in the past and  now have a CCJ that disappears Oct 2023
3 default accounts that go October 2021, February 2021 and February 2022. There's also a settled account from 2017. All of those accounts are now paid up and I realise it's just a waiting game now. I'm registered on the electoral roll, I have a credit card with a balance of £1200 that I keep below £100 and pay off in full every month. I'm not doing any credit searches and I ensure all bills are paid in full immediately.
So can my credit score improve (even by small amounts) despite the CCJ and defaults? Will it improve at all between now and February 2021? 

D3xt3r5L4b

Your score isn’t seen by anyone but you so is irrelevant 

LordSomebody

I think what rogo would like to know is: how long until their credit profile improves?

Some of these curt dismissals about credit ‘score’ are really unhelpful. It isn’t so obtuse to just answer the intended question, is it?

Thrugelmir

What's your objective? 

DCFC79

Maybe it will improve, just do the right things and be patient.

cymruchris

If you ensure everything is paid on time without fail over the next couple of years, your profile with lenders will improve. By showing that you can handle credit again - starting with a low limit card - will help them in their decision making for future applications. 2 years ago my file showed a bankruptcy from 2013, along with some defaults from 2011/2. I got my first credit card in 2017 from Vanquis - with an initial credit limit of £350 from memory. I started using it, and paying in full every month - and within a few months my limit had been raised to £2000. I then got a capital one card - £400 limit initially - then up to £1200 (not a great deal) - and then a NewDay Aqua card from an initial £400 limit to £1700. I've recently got an Amazon platinum plus card with a more reasonable APR (Not that I EVER pay interest as I pay back in full every month) and earlier this week I received a Virgin credit card - so I'm safely on the way to being accepted by mainstream lenders once more.

Through demonstrating good behaviour you will gain access to better deals, but the key is patience. I intend to apply for a mortgage in around 18-24 months time - so my repeated spend/pay in full activity will continue - and by the time I'm ready to do it, I believe I'll have a decent chance of getting a good deal at a reasonable rate. If you do the same with your finances, there's a good chance you will too. (But it won't happen overnight) My total available credit limit is now £10k across my cards (still a tiny figure compared to many) - so take it step by step - make sure the defaults are removed once they've passed their time limit - and the same for the CCJ - try your hardest not to make any mistakes along the way, and fingers crossed you'll eventually get back to a decent position. 

rogo

Thanks. I realize it takes time and effort and I won't be free from all of this for 3 years. I'm just curious whether the score will stay the same for 3 years then bam, sudden improvement or if it will creep up incrementally over the next three years. 

Malkytheheed

rogo said:

Thanks. I realize it takes time and effort and I won't be free from all of this for 3 years. I'm just curious whether the score will stay the same for 3 years then bam, sudden improvement or if it will creep up incrementally over the next three years. 

Your credit history and worthiness ("score") if you must. (although dont pay attention to the actual number).|
Will gradually increase every month that passes that you are doing the right things. It's an analogue thing. 

sourcrates

rogo said:

Thanks. I realize it takes time and effort and I won't be free from all of this for 3 years. I'm just curious whether the score will stay the same for 3 years then bam, sudden improvement or if it will creep up incrementally over the next three years. 

Rogo,

The score is basically a made up number used as a marketing tool to sell credit improvement products, only you see it, and its not used in any lending decision making process, creditors use there own scoring system to check your credit worthyness.

The score you see on your credit file will rise and fall at the whim of the CRA producing it, normally any kind of change will make it fluctuate, good or bad, what you must concentrate on is your credit history, forget the score, its history that counts, so when your file is free of negative information, make sure it stays that way, thats it, pay bills on time, be sencible, you can drive yourself mad trying to please every senario, as different lenders have different lending criteria, you simply cannot please everyone, so don`t become obbessed with it.

cymruchris

My made up score hasn’t really improved much - although all of my poor history has now dropped off - and I’ve paid everything on time for a couple of years - never a penny of interest - it’s only this month that I’ve reached ‘fair’ on credit karma and it’s equivalents. Focus on good financial behaviour rather than the figure. You’ll likely see it climb very slowly - but get all your payments made on time - manage the credit facilities you have - and that will put you in a far better place in future.