How long does it take to have good credit after you pay all of your debt off in one go?

[Whatsthatspookynoise]

My partner will receive some money after his grandmother's house is sold at some point next year. He told me the plan was to use it for a mortgage.

2 days ago I asked him about it and he said he's decided to use it to pay off his debt and then apply for a mortgage when his credit gets better.

I'm wondering how long that would be? I'm assuming your credit doesn't just go to green once it's all paid in one day!

six years for the slate to be wiped totally clean, but things gradually improve as time passes - so a couple of years down the line.

Moneysavingexpert have a credit club that helps monitor your credit rating and gives a good idea of credit worthiness, I get monthly statements and an idea of how I appear to credit card/loan companies.

If he's up to date with his debt, he'll already have a good credit rating. He will only need time to repair his credit rating if he has missed payments, defaults etc. Then it could take up to 6 years, but will depend on what place he's in now.

Depends if it was just debt that hes been paying the repayments on or if there were any defaults/ccj I paid of 13k worth of cc last year(we consolidated into a loan) and my credit rating went up to 999 from 5 hundred and something and it took around 2-3 months for that to happen, so it is relatively quick if you don’t have defaults or ccj.

Closing credit accounts can bring the score down again so if hes thinking of getting rid of cc etc then hes prob better off doing that at the same time as he pays them off.