Building my Credit Rating after paying off a DMP

swansea_lad

Hi

My local Skoda dealer offer interest free payments on service and repairs. I have booked my car in to have the breaks done on the 14 Feb. Do you think it would be worth applying for the interest free option. payable over 4 months? Could this have a positive impact on my Credit file? I am just trying to get back to having a good Credit history, after paying off my DMP in Feb 2023.   Any advice would be appreciated.  Thanks

MattMattMattUK

swansea_lad said:

Hi

My local Skoda dealer offer interest free payments on service and repairs. I have booked my car in to have the breaks done on the 14 Feb. Do you think it would be worth applying for the interest free option. payable over 4 months? Could this have a positive impact on my Credit file? I am just trying to get back to having a good Credit history, after paying off my DMP in Feb 2023.   Any advice would be appreciated.  Thanks

Your credit rating is meaningless, so you can ignore that entirely.

It may have an impact but it is fairly short term, different lenders will take different views and you also might not be granted credit depending on how long it has been since you left your DMP. As it is interest free over four months it may not even be regulated credit so might not be reported though. 

The best things to do are those to demonstrate that you can be responsible with credit, things like having a phone contract and broadband contract and paying it off every month, having a credit card, using it, but clearing it in full every statement etc. are the best ways to do that in the shorter term, other than that it is just a wating game. 

What are your aims, mortgage in X years?