Informal proposal
Question: I have made a informal proposal which was accepted. I paid my creditor 50% of the outstanding debt to clear the debt. If in a year or two things get better for me financially, will I be able to apply for a credit card again, or will I have to wait until it no longer appears on my report?
Answer: You can apply for credit again now. However, your chances of obtaining credit at a reasonable interest rate increase with the passage of time, and as you take other steps to improve your credit rating (such as saving money, paying monthly bills on time, and having a good job).