Partial Settlements - Credit File

kc4

Is it possible to go back at a later date and pay the difference to get the 'Partial Settlement' annulled on your credit file?

[Deleted User]

Unlikely, but there would be no point.  The initial default does the damage. Getting it settled, whether part or in full, is the best you can do.

kc4

Hi

Thank you so much for commenting. Years of bad credit history and trying to get the credit file as squeaky clean as possible...although I fear the squeak is a game of sitting right and waiting for the bad things to fall off after six years 😮

[Deleted User]

A debt that is settled looks better than partially settled.
If I was a lender, why would I gamble on giving money to someone with a history of not repaying in full?

Fighter1986

Deleted_User said:

A debt that is settled looks better than partially settled.
If I was a lender, why would I gamble on giving money to someone with a history of not repaying in full?

Technically yes, but the difference is so infinitessimal that it's really not worth the hasstle.

What matters is that a default happpened (bad) and that it got settled (good). The partial settlement marker really doesn't affect things.

OP - there's a lot to keep in mind when trying to optimize your creditworthiness that a lot of people miss.

Of course, settling all your old debt is the first step but these other points are also important:

• Maintaining a small number of long-lived accounts; one current account open for several years is preferable to ditching and switching regularly or having a multitude of accounts opened over the years
• Having a line of credit, for example a credit card, even a sub prime card, which is maintained with a low balance and cleared in full each month - and which is also kept open for a long time
• Being registered to vote and not moving regularly
• Never using an overdraft
• Having been in your current employment for a good period of time
• Not applying for credit-scored products more than once or twice in any six month period

Some of these points get overlooked, especially the stability aspect.