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Scottish Trust Deed Forum
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Topic starter
30/08/2011 12:04 pm
Hi,
I am looking for advice around what what to do next as i have been given conflicting information from my Trust Deed Provider.
Apologies for this long post but I want to ensure I cover everything off.
I completed my 3 year Trust Deed term in February of this year. I was then advised to give it a few months to allow the information to filter through to the various credit agencies. I was then going to send out to the various companies my notice of discharge so that they can ammend their files and show my status as satisfied.
I was told today that this may not show as satisfied for up to 3 years after i have completed the Trust Deed. Is this true? Is there anyay we can expedite this?
Early next I am looking to buy a house with my wife (currently in a bought house but i am not on the mortgage) and from when i started the Trust Deed i am now in a far better position financially in that my new job pays a basic of £50k as opposed to the £16k I had 3 years ago. I think i need to have my credit file looking better before this would be an option.
On the plus side my Experian credit score is fair at 772 but Equifax is very poor at 166.
I have prepaid cards from Freedom and cash plus with the credit builder functions that will hopefully help. Is there anything else i can do to help repair this?
Any help and advice is appreciated.
Regards
Craig
30/08/2011 12:24 pm
Hi Craig
I finished my TD in April and have just been approved for a Vanquis credit card - high APR but i'll use it to buy fuel once a month and pay it off, rebuilding my credit rating - possibly worth a try?
30/08/2011 12:38 pm
Welcome to the trust deed forum Johnno2510 and congratulations on having completed your trust deed.
In case you haven't spotted it there is some relevant information on the following page of this website:
http://www.trust-deed.co.uk/lifeafteratrustdeed.php
Your trust deed will remain on your credit file for six years from when it started. As you have identified though there will be some benefit in layering some good recent credit history on top of the issues from the past.
Have you spoken with a mortgage broker at this point? Some mortgage lenders will use time criteria rather than credit score criteria when assessing applications. For example some mortgage lenders may make certain products available to clients only after they finished their trust deed one, two or three years ago. Credit scores may be a fairly small part of the criteria applied by some mortgage lenders and therefore advice from a mortgage broker may better position you to do the things that will help you further down the line.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
30/08/2011 3:39 pm
Hi tinsoldier, thank you for that. I will have a look at Vanquis and see if they would look at me. Every little helps in rebuilding the credit rating as you know.
Trust Deed Assistant - I checked out that link you sent and that did answer some of my questions so i think i will contact the relevant companies and get them to update my credit file accordingly.
