You have worked at clearing your debts your credit cards have been repaid, even cancelled!
What to do now? Unfortunately if you have experienced problems with credit, such as late payments, or non payment, your credit rating will be low, it is going to be hard to get new credit even to pay for car insurance monthly.
There are some things you can do to improve your credit rating for the future. Firstly, check your credit report. A credit report will allow you to confirm there is nothing recorded against you which shouldn't be. It will also give you the opportunity to check what is actually reported.
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Generally a credit report will show:
Your personal details, such as full name, current address, date of birth and time at current address.The address of the companies who have or are providing credit.Electoral Roll Information e.g. local authority address and dates registered at the address.Any aliases used.Financial Association - anyone you have a financial connection with.Public records - any CCjs, bankruptcies or IVAs recorded.Account information - details of companies you hold accounts with, included in that information will be: a) your full name and address, date of birth b) the company details providing the account. c) what type of account it is e.g. credit card, mail order, bank d) when the agreement was first taken out e) the present balance outstanding f) date the record was last updated and then the status history (this is how you have managed the account for last 12 months) g) below the status history will a summary of the payment history for the last 12 months payments Repossession information - if a property has been repossessed.Previous searches made by a potential creditor or a maybe an insurance company.Financial associates search - when your credit report information is searched because an application for credit has been received from your recorded financial associates.Linked addresses - these are any addresses you have been connected with.CIFAS - The UK's Fraud Prevention Services - where information is checked to ensure it is you making the application.GAIN - Gone Away Information Report - if you move and don't provide the lender with a forwarding address.
If any of the information on your credit report is incorrect you must take action to correct it as it can cause problems especially if you have had your identity stolen and someone has applied for credit in your name.
If everything is in order and all the information is correct, you need to start rebuilding your credit rating. If you use a credit card, have a mail order catalogue and buy from them, ensure you make all repayments on time and for the correct amount. Your credit rating is based on actual credit facilities you have and using them responsibly. It will take between 6 months to a year to rebuild your credit rating to an acceptable level.
Additional benefits of repaying debt
During the time you have been repaying any debt you had, you should have acquired better money management skills. Continue to:
Stay within the budget you were working toManage on the reduced incomePut the funds you used to repay the debt into a saving account to build up savings for your future or to have funds when you need them for an emergency.
Be aware how you manage your money now your debts have been repaid, don't start slipping back into the old ways of using a card and not repaying it in full. Treats are great but little treats soon mount up and if you want to treat yourself, ensure you only do so occasionally not every day.
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