How long to get good credit rating back

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lopin

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All,

I came to agreement in January this year with Cabot and paid them off in full. Was wondering how long it would take to get a good credit rating back. I own my home with no mortgage however I would like to borrow some money to do some improvements in my home. Im also in full time employment. Many thanks
 
Stuff stays on your record for 5 years but a new lender can only see 2 years of your history.
So technically 2 years of an unblemished credit history.
I am only speaking as someone with a blemished credit history myself so I am open to correction.
 
RichInSpirit said:
Stuff stays on your record for 5 years but a new lender can only see 2 years of your history.
So technically 2 years of an unblemished credit history.
I am only speaking as someone with a blemished credit history myself so I am open to correction.
Click to expand...
Not the full picture. Lenders can only see a detailed view of the past two years (month by month), but they can see key repayment info for the 5 years, including the maximum number of payments past due during that period.

@lopin your best bet is the credit union. If you have fully settled the Cabot debt and it's closed on the CCR they are more likely than any other lender to lend to you assuming you can afford it.
 
The very first thing, if you haven't already done so, is get a copy of your CCR record and see what's actually on there.
 
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