Debt management

Dreamer 7 · 28-02-2007 10:30AM #1

A few yrs ago I defaulted on credit card payments and the card was revoked. I have since paid this debt off in full.

My credit rating has a "K" mark on it meaning the card was revoked. This K is due to to dissappear in Jan 09

Called MBNA this morning to see about getting the K removed as the bill is aid in full. The guy told me that he can change this K to a CK which indicates that all debt is cleared yay.................but this "CK" is a new mark and will exist on my credit rating until 2012 Arghhhhhhh

What is best??? let it dissappear in 2 yrs and noone is any the wiser or start a new 5 yr run.

This is headwrecking stuff..........

any advice???????

Sleepy · 28-02-2007 11:13AM

Best bet? Get a loan you don't need with another financial institution for a small amount and pay it back on time (use a standing order if necessary).

Paying loans back on-time improves your credit rating.

03-03-2007 08:13PM

Sleepy wrote:

Best bet? Get a loan you don't need with another financial institution for a small amount and pay it back on time (use a standing order if necessary).

Paying loans back on-time improves your credit rating.

Yes, also get a "secured" credit card, that acts like a debit card in that it is limited to the deposit you have in your checking/savings account. Rebuild your financial track record over time.

Ruu_Old · 03-03-2007 08:19PM

I am assuming the OP is in Ireland, then there is no such thing as secured credit cards unfortunately.

Talliesin · 03-03-2007 11:33PM

And they have very limited effects on credit ratings.

Unless you've a pending need for a loan I'd say you should just leave the mark as is.

Debt management

Comments