I had a debt which i have now paid. How long before I can obtain credit?
Answers:
If you can get credit all depends on your credit rating, not if you have a debt.
If you were paying the debt off nicely without any missed payments then you should be able to get credit without a problem. There is no time on when you can get credit, you could have applied for credit whilst in debt. It is up to the credit agency if they feel you are high or low risk.
experion can give you your credit rating which will tell you when and how much
Do you really need credit? Is it not better to be debt free and not owe anybody anything.As you are a pensioner your income is fixed so it would not be a good idea to get in debt unless there was a really good reason for it.I am also a pensioner and make do with what I get. I am probably fortunate that I get a reasonably good state pension plus a modest company pension but I manage quite comfortably.without borrowing or having credit cards.
Since you are living on a pension, do you really need credit?
It's great that your account with the water company has been taken care of. I'm just afraid that you might be setting yourself up for trouble down the road.
Credit isn't granted or denied because a debt is owed or has been paid. Credit decisions are based upon your income, how you've paid your bills (credit history), how many inquiries you've had on your credit, and how much open credit is available to you.
Please think long & hard before applying for credit - you may find that you really don't need it. : )
You should be on the way to receiving credit if all debts were paid off. Credit bureaus do quarterly reports. So it may just take that period and you can get credit again.
Just make sure everything eles in paid off or paying on time and u will see a change in your credit but it takes time..
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