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A speeding ticket or parking fine will only affect your credit score if you’re taken to court as a result of not paying it. As such, the easiest way to ensure your credit score isn’t affected is to pay the fine as soon as possible.
If the issue is settled outside of court, it won’t affect your credit score at all.
Even if the issue does go to court, it’ll still only appear on your credit file if you lose the case, then you fail to pay the county court judgements (CCJ) within 30 days.
It’ll be the unpaid CCJ that appears on your credit report, not the reason you were served it.
Unpaid CCJs do tend to wreak havoc to credit scores, so it’s highly advisable not to let the issue drag on for this long. In this case, as well as having to deal with the consequences of a damaged credit score, you’ll have to pay additional fines and court costs.
If the issue of the unpaid fine drags on enough to appear on your credit report, it’s likely to have a serious impact on your chances of getting a loan.
An unpaid CCJ is a major flag to lenders, because it shows that you’re prone to leave debts unpaid for a significant amount of time.
It’s likely you’ll be unable to access the best deals on a loan immediately after an unpaid CCJ appears on your credit file, and it could take months or years of sensible borrowing to overcome the negative impact that this incident causes.
Late repayments can cause you serious money problems. See our debt help guides.
It’ll take a lot of resistance from you before unpaid parking or speeding fines appear on your credit record. You’ll be given several chances to pay your debts before this happens. It’s recommended you take the first chance you’re given to pay these debts in full. If you’re the type of person who delays paying your debts by this much, other lenders are right to want to know about it.
While there’s no minimum credit score you’ll need to be eligible for a mortgage in the UK, it’s helpful to know how your credit rating can affect your chances, and the loan terms you’re likely to get.
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Here’s how to get a free credit report and credit check in the UK.
If you have a less than perfect credit history, it’s still possible to get a business bank account – check out our guide to find out how.
Your credit score can affect what you pay for your car insurance. Here’s why and what you can do about it.
If you have a credit card, persistent debt can have serious consequences for your finances. Here’s what it means and how you can fix it.
A secured loan lets you use the equity in your house as collateral against the loan, even if you have bad credit. See how it works in our guide.
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