I’ve completed my debt management plan, how can I improve my credit rating?

October 21, 2013

At Scotland Debt Solutions, we’re committed to helping our customers get their finances back on track. However, we realise that while debt solutions are often necessary, they can affect your credit rating.

If you’ve recently completed a debt management plan you’re probably not looking to take out any further credit just yet. Although, it’s always useful to improve your credit rating for any requirements you may have in the future, such as applying for a mortgage, or something as simple as getting a mobile phone contract.

Firstly, looking after your finances going forward is probably one of the most important factors to remain debt free.

It’s a sound idea to build yourself an emergency cash fund. Once you’re not paying into your debt management plan, you’ll no doubt have extra disposable income. Why not use this cash to create a float for any emergencies, which have the potential to push you into debt?

Naturally, you may want to treat yourself or your family to some of the luxuries you’ve been without for so long. Completing your debt management plan is a great achievement that has undoubtedly been difficult for everyone involved. While it’s understandable you may wish to use some of that income for luxuries, stay sensible with your spending to avoid falling into another debt trap.

If you already have a mortgage, ensuring payment deadlines are met is vital and will help to improve your credit score over time.

Obtaining credit on a high-interest credit card can often be an easier option for people with a low credit score, but it’s important to avoid getting carried away with your spending. Make sure you only use the card for transactions of small amounts and consider limiting how much you can spend on it each month.

After working so hard to clear your debt, it’s important to stay on top of your finances and ensure you remain debt free, long term. In addition to the steps above, there are several other ways to improve your credit rating, many of which will depend on your individual situation. Our knowledgeable advisers at Scotland Debt Solutions can offer you advice on suitable ways to improve your credit score whilst still keeping your finances under control.

John Baird

Insolvency Adviser

Tel: 0800 063 9250

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