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Credit rating

The importance of your personal credit rating

We hear a lot these days about credit ratings, and how they can affect your ability to maintain financial health. If you’re struggling to cope with debts that you can’t seem to reduce, the chances are your credit rating will be on the decline. This may not seem so important when you’re focussing on trying to juggle your commitments, but in the long run they can have a major effect on your future recovery.


In simple terms, your credit rating is a tool used by banks, loan providers, credit card companies and others to decide whether you’re suitable for financial products such as credit cards, loans and even bank accounts, mobile phone contracts and car insurance. Therefore, if you’re thinking about a debt programme such as a Debt Management Plan (DMP) you need to give some thought to improving your credit rating after the plan comes to an end.


Your credit rating acts as a way for credit providers to assess your suitability. Keeping your rating healthy after going through an Individual Voluntary Agreement (IVA), for example, will improve your score month by month. When a plan like this ends, the relief you feel can give you a new lease of life, and you can prolong this feel-good factor by doing all you can to improve your credit rating.


There are a number of ways to do this. They include applying for and using very small and very manageable amounts of credit, and making on-time payments throughout. This isn’t for everyone, of course, especially those who would prefer to avoid all forms of credit from now on.


How about a credit-free future?

A good alternative may just be to live without credit from then on. Coming to the end of a Debt Relief Order (DRO), a sequestration or a Trust Deed can give you a wonderful feeling of achievement, knowing that you can now start again with what seems like a new beginning. Putting the bad old days of demanding letters and phone calls into he past is truly invigorating.


It’s worth noting that repairing your credit score can take a long time, so be patient during this process. As an example, an IVA will stay on your record and affect your rating for six years in most cases, and during that time your credit rating won’t be able to show much of an improvement. In most cases, it took a long time to build up those debts, so it could take a long time to effect a full repair.


As always, our friendly and knowledgeable team are on hand to bring you the support you need. We can advise you on all the debt management plans that may be suitable for you, and as time goes by we can highlight ways to help you improve your credit rating. One call to 0141 488 2212 is all you need to start the ball rolling, so why not get in touch today?

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