How to improve credit rating after paying off a DMP

swansea_lad

Hi all

Has anyone recently paid off their DMP? I paid mine off in Feb 2023. I have one Credit Card which i pay off in full every month. Which is the best way to improve my Credit Rating?

Thanks

Hoenir

By simply managing your personal fiances well. Time heals as they say. 

fatbelly

Make sure you are on the electoral roll.

Check credit files occasionally for errors

Don't check score

Your defaults will drop off six years after the default date

Rob5342

Are there any defaults or payment arrangements still showing on your credit report?

sparks_2023

If you have any defaults then the only thing you can do is wait.

"Time ( 6 years from the most recent default date ) is a great healer".

enthusiasticsaver

it depends on how long ago you defaulted as to when your credit record starts to improve. Checking you are on electoral roll, paying off a credit card in full will all help but if the defaults have not yet dropped off you will struggle to borrow if that is what you are wanting to do.