Due to taking a good redundancy package (and luckily finding another job straight away) today i have finally cleared my debts. All my creditors agreed to state "satisfied in full" on all my records.

Yesterday I had 7 outstanding debts and my credit report stated the following:

Credit Scores & Ratings

Using data seen by Lenders

Callcredit 241

Equifax 221

Using data seen by Landlords/Employers

Callcredit 327

Equifax 327

Negative Attributes:

2 Late Accounts

9 Defaulted Accounts

2 Court Judgments (both say Status Active and i am looking into how to change this)

My questions are

1) Will paying everything off increase my rating? If so by how much?

2) How can i improve my rating? Have i no chance until the CCJs and Defaults leave account?

Thank you all

Due to taking a good redundancy package (and luckily finding another job straight away) today i have finally cleared my debts. All my creditors agreed to state "satisfied in full" on all my records.

Yesterday I had 7 outstanding debts and my credit report stated the following:

Credit Scores & Ratings

Using data seen by Lenders

Callcredit 241

Equifax 221

Using data seen by Landlords/Employers

Callcredit 327

Equifax 327

Negative Attributes:

2 Late Accounts

9 Defaulted Accounts

2 Court Judgments (both say Status Active and i am looking into how to change this)

My questions are

1) Will paying everything off increase my rating? If so by how much?

2) How can i improve my rating? Have i no chance until the CCJs and Defaults leave account?

Thank you all

Due to taking a good redundancy package (and luckily finding another job straight away) today i have finally cleared my debts. All my creditors agreed to state "satisfied in full" on all my records.

Yesterday I had 7 outstanding debts and my credit report stated the following:

Credit Scores & Ratings

Using data seen by Lenders

Callcredit 241

Equifax 221

Using data seen by Landlords/Employers

Callcredit 327

Equifax 327

Negative Attributes:

2 Late Accounts

9 Defaulted Accounts

2 Court Judgments (both say Status Active and i am looking into how to change this)

My questions are

1) Will paying everything off increase my rating? If so by how much?

2) How can i improve my rating? Have i no chance until the CCJs and Defaults leave account?

Thank you all

Q1. No not dramitically or quickly, lenders look at a minimum of 3 and up to 5-6 years of good credit management,

coupled with their own unique inhouse methods of viewing apllications.

Q2. You are correct no chance, then you need to build a new credit profile over at least 3 years.

Might be an idea to check Experian (Credit Expert) as well.

Q1, No not dramatically or quicly, you will need to rebuild a credit profile for at least 3 years after the defaults are removed.

Q2, Correct no chance until these are removed then the same a Q1.

Hi,

Many banks update credit reference agencies, so if you have a current account and keep it out of an overdraft this may help. Also if you have a mobile phone contract that you keep running or similar it will show on a credit file. These wont help you much due to the negatives, but they will show that they were kept in goodstanding after the other debts were cleared. In time your credit history will start to clear but this will take years.

Please do not think that I am insulting you (I too have had the same problem as you) but it may not be the end of the world that you are unable to get credit. If you have had difficulties and sorted them then it is a relief. Being unable to get credit isnt nice but it is better than getting into further troubles.

Just one point ALL banks update credit filesand monitor their clients files if necessary.

i can only say that your rating will improve over time but it does take a while, once debts are satisfied, if you are looking for credit you will find it hard to get at the moment and the more requests you put in the worse it will look on your score.

I got a subprime credit card while my score was not to good, paid it regularly and now have a good rating and cards etc with main stream lenders but it has taken a few years.

three threads merged

plese keep to ONE thread per issue

dx

The problem of building a better CRA file now is the

fact that whatever an individual tries to do to improve

their credit status the major lenders are increasingly looking

for longer than the once standard 3 years of credit history

when deciding if to loan or not, so the length of time needed

to reach a level that will give even a ''good'' chance on be

accepted increases in proportion.