How can I improve my credit rating after DMP?

spotteddog

Hi everyone,
I’m just looking for some advice really. 

I got into a lot of trouble with money and accrued nearly 20k worth of debt in my early 20s (stupid I know and I’ve learnt my lesson). After 3 and a half years, I see a light at the end of the tunnel and should be able to pay it off by the end of the summer. 

However, I am aware that my credit rating has taken a battering and has got 5 defaults (no CCJs) but I’m looking to improve it (preferably without no credit) so in a few years when the defaults drop off I can get a mortgage. 

I was wondering what I could do to make it better in the next 3/4 years.

[Deleted User]

Sensible use of a credit card, being on the ER and perhaps a mobile contract are the best ways to improve your credit history.

spotteddog

Thank you, I am already on a mobile contract under my name and electoral register. I’m a bit unsure about the credit card but thanks for the advice

coachman12

Hi spotteddog----glad that you see light at the end of the tunnel and wish you well for the future, which looks pretty good given what you have made up your mind to achieve.
The following is fairly obvious but might be of interest to you 
 https://www.experian.com/blogs/ask-experian/how-long-take-repair-credit/
As you're financial worries were 3 or 4 years ago, and you see them fully ended in several months from now, you are well on the way to the biggest obstacle to good credit report -----time. 

spotteddog

Thanks Coachman, I’ll have a read and to just bide my time and save in the meantime