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I want to pay off and close all my credit cards, will this help my credit at all?
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Additional Details
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~Fatally~ | How long do CCJ's stay on your record and how long do you have to keep debt free before it's completely clean |
Additional Details
Studly & DaveyPadua both deserve the 10 points, sorry I cant give it to both. I'm going to leave this question as unresolved, thanks to everyone who answered.
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TOINE B
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Contrary, to the above answers. In the UK Defaults and CCJ's will stay on your credit file for a maximum of 6 years. Even if you repay the debt within that time, it will still stay on your credit file, but the debt will show as satisfied. |
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super_star
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Its about 7 years I think.
BUT if you eventually paid them off, then you should apply to equifax (credit reference agency) to get them cleared.
They won't clear anything off without you telling them that you paid the money back in the end....even after 7 yrs. |
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scott w
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6 years love. as long as you pay it off, you can contact experian and leave notes explainin what happend so that it dont look so bad. as long as you continually pay bills itll eventually make ur rating better. |
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daveypadua
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a ccj stays on your credit file for six years, starting on the date judgement was made against you. it will stay on your file whether you pay it off or not.
If you do pay it off, you should write the person/company that you owed the money to and ask them to send to the court a notice of settlement, most do this anyway, but you should ask them in case they forget, or in the case of individuals, dont bother!
They send in to the court a settlement notice, and the court then attaches to the CCJ on your file the word "satisfied" meaning you have paid it up.
In theory, there is no minimum or maximum time to keep debt free, its a case of a CCJ expires after six years, and provided you dont get another one in that time, your credit file will be wiped clean. |
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Studly
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daveypadua's answer is correct......but in the United States the report comes off in 7 years, not 6.
For your credit to become "completely" clean, it requries all negative entries to be removed from your report. They drop off automatically after 7 years. Then you just have to build your credit rating up again by paying bills on time. |
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♥everybody loves chris!▼
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finished CCJs stay for 6 yrs
and you have to stay debt free for heck of a long time |
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Star
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once you pay off your debt contact the County Court they then send you form to remove it from your credit file |
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BuddyGuru
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10 years |
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Forlorn Hope
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CCJ's are permanent!!! |
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toothwhitening4allDOTcom
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3 yrs |
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