Best Answer: What exactly do you mean your old debt is now clear?
If its been past 6 years since the debt was logged on your credit file, it should have been removed automatically. If it hasn't you should write to the credit agency and ask them to remove it.
If you mean you have paid back the debt, unfortunately it will still affect you. Even if the balance of the debt is 0, the fact that you got the debt in the first place will still go against you, your score doesn't automatically recover just because its paid.
In this case, time as they say is the best healer!
Wait at least 1 year after the date of the last debt on your file, as before a year you have no chance of getting credit. After a year, your best bet is to apply for a bad debt credit card such as capital one or aqua. Use it a bit each month, and pay most of the balance back, you need to leave a little bit to earn interest, as paying off the full balance each month can actually work against you. Do this for 6 months or more, and it will increase your credit rating, and show
you are paying on time.
You can then start applying for normal cards with a lower interest rate.
If you get turned down, never apply to more than 2 - 3 cards in a 3 - 6 month period, otherwise you`ll look desperate and considered a bad risk. Wait a while and then try again.
Unfortunately, theres no quick way to restore your credit file, but at least nowadays it doesn't take the 6 years it used to. A lot of credit providers (such as banks) don't look beyond the last 2 - 3 years on your credit file.
Keep at it, and you`ll get there eventually. I know how it feels as I`ve been there myself, and its frustrating having to wait, but its the only thing you can do, and you will get credit again in time!
Please be aware that a lot of companies that claim to clean your credit file are a con, or involve you effectively perjuring yourself, which is a criminal offence. There is nothing these companies can do that you can't do yourself. Save your money, and do what i`ve said above, read up on how your credit file works on the net, and things will get better!
Source(s): Personal Experience!