Credit Rating - debt question?

Hey, I have a fairly low credit score as in my younger days I was bad and defulted on a few agreements, some are for ridiculous amount such as £50.00 I was silly, my question is if I get in touch with these lenders and repay the amount, I know it would then show as satisfied on my credit report but would this raise the rating or not? thanks

Public Comments

1. may be but you may have to pay the interest and contact the agency's to take your name of the bad debtors list.
2. A little-- but not much. The problem is that the even if the debt is paid, it will still show as a derogatory trade until it drops off of your report after 7 years.
3. It very well may do. OR just don't apply for anything, untill you know its about 7 years since the last debt. Start with something you can afford to run. Keep up payments. Rating gets better.
4. yer cause it will. as long as you are on the electon role, have never been bankrupt and have never had any county court judgements. Check you credit with the website underneath.
5. If it is over 5 years ago it wont be on your credit score, if it is then you could pay it back. Be aware that they may have added court costs or bailiff charges onto the £50 and it may be a lot more than this now. I'd get an experian report doen or just go and apply for credit somewhere and see if you get it. You may be suprised. I had mortgage arears and non council tax payment, although I had sorted these, it was still bad credit history. I applied for credit for the first time and got it!
6. eventually, i guess.
7. If you pay off any debit it will show up on your record as satisfied from the date you paid the bill & stay on your record for 6 years from the date you paid NOT the date of the outstanding bill. It will take 6 years from your last Outstanding debt for you to get a clean record it is then you will have to START to build up a credit rating after that you can ask for credit but it will be up to whoever you ask if they give it to you or not People do not HAVE to give you credit Rember if you get another debit you do not OR cannot pay its right back to step 1 THE CITIZENS ADVICE BUREAU will give you all the help you need you can phone them & they can send info in the post if you feel you cannot face them Good luck & take care (-_-)
8. hay if it was over 6 years ago an nothin to do with court thay cant get it back off u ,,,, if u get your credit report on line an ask for them to b removed it will look better to lenders some of them may b repeated over an over that looks bad to a lender so got your report ,,,,, an get them off,,,,good luck
9. No - In the eyes of a creditor a default ranks right up there with a CCJ, unfortunately the word 'satified' is hugely overshadowed by the word 'default'. Creditors will ignore the fact the debt has been paid, they will class you as a risk. You will have to wait 6 years for it to 'drop off'