How Long to repair credit rating after paying debts

dblue75

Advice please anyone

I have came into some money and can finally pay off old debts that were a thorn on my side and therefore gave me a terrible credit rating. I had to go through a debt agency at the time.

I have a mortgage now and 2 credit cards that are always paid on time. But cos of the old debts i never stood a chance with loans,credit etc..... if i did it was rip off APR.

I have now negotiated my old debts and managed to get a couple of thousand pounds deducted. Which i am delighted at. I will finally be clearing my debt in the next few days.

Could someone please tell me, how long will it take for my credit rating to go back up ????

As long as i keep paying mortgage,cards etc...... which i can afford no problem.

Just would like to know when i can get back to a good rating credit wise.

Any help greatly appreciaited.

Thanks

mbaz

I have been led to believe they stay on your record for 6 years after the debt is paid in full but then the slate is clean....

Might be wrong though as I am a new DFW so will wait and see other responses as I'm interested to know for sure too!

**Amy**

If you have paid the debts i think you can contact Experian and get them to remove them from your credit file.

I may be wrong, but a boss told me this last year!

x

the_boy_with_no_name

if you have negotiated reduced amounts make sure you get it in writing that it is a full & final settlement.

well done on getting the debts paid off

TAG

The debts will show on your credit file for 6 years from the date of default/CCJ regardless of if they have been paid in full or not. Though once paid they will show as settled.

As another poster mentioned make sure you get any full and final settlemnts in writing BEFORE you pay them.

xgingerx

Tag is correct but also note that they are removed from the date of ccj or deafult regardless of whether the debt is paid or not, (but it has been know for creditors to still chase debts after 6 years if you have admitted that the debt is yours or made payments towards it in the last 6 years