Credit Rating: How it works and How to improve it discussion area

sutton111

Vanquis is one of more easiest to get. But there are others including captial one, aqua, Barclaycard credit builder. HTH

mrelpea

Cheers. Thanks for the advice!

jumb0123

Hi,

I will soon be looking for a first time buyer mortgage (I am currently in rented accommodation - house share) however I am concerned about the fact that I am registered at two addresses for differnt products and the effect that this will have on my credit worthiness:

Address A (my parents house)
3X Current accounts
1X Credit card
1X Mobile phone
1X Building society savings

Address B (rented house)
* All utilities Electric, Gas, Telephone etc
* Electoral Roll
* Employer

I wonder what the best way forward is? Should I move everything to my present address or indicate on my applications that both addresses are "active"?Or is this insignificant? I currently have no loans and pay my credit card off each month. I wanted to check this out before I make any applications.

Any advice would be welcome!

Thanks,

Jim

Moggles_2

jumb0123 wrote: »

I will soon be looking for a first time buyer mortgage however I am concerned about the fact that I am registered at two addresses for different products and the effect that this will have on my credit worthiness: Address A (my parents' house)3X current accounts, credit card, mobile phone, building society savings Address B (rented house)All utilities, electoral roll, employer. Should I move everything to my present address or indicate on my applications that both addresses are "active"? I currently have no loans and pay my credit card off each month. I wanted to check this out before I make any applications.

This is a common situation and, as you've built a good credit history with your current accounts, credit card and mobile phone, it's only sensible to keep everything at your parents' address.

Btw, there's nothing to prevent you from being on the electoral roll at both addresses so, if I were you, whatever else you do, I would get on the register at your family home ASAP

NickX

Moggles wrote: »

Btw, there's nothing to prevent you from being on the electoral roll at both addresses so, if I were you, whatever else you do, I would get on the register at your family home ASAP

Moggles, surely if someone registers on the Electoral Role at 2 separate addresses, they could become liable for paying council tax on 2 separate properties, or lose a single person's discount at one of the properties. I think I would be careful about registering twice.

bathgatebuyer

bathgatebuyer wrote: »

I've got a similar situation with the Halifax. I think it should take a month or so, and if they don't, you should certainly write to them and ask them to ensure that they send details of the closure to the credit reference agency.

I'm certainly hoping that they do that quickly for me as settling a debt has a positive impact on credit score and I'm due to renegotiate my mortgage deal in a few months. Every little helps.

I'll just update this and say that the marking on my credit account of my Halifax visa beng 'settled' and closed has improves my credit rating by 100 or so points and moved me into the 'Fair' category on Creditexpert which ties in with what happened when settled my Cahoot loan a year back - it seems to add about 100 points onto your actual score with them (which I know is irrelevent, lenders own criteria..................bla bla bla..............)

I have a Sainsburys card which also shows on Credit Expert and I'm hopeful that if I close this over the nextfew months it can have a similar impact to the Halifax card.

Moggles_2

NickX wrote: »

Moggles, surely if someone registers on the Electoral Role at 2 separate addresses, they could become liable for paying council tax on 2 separate properties, or lose a single person's discount at one of the properties. I think I would be careful about registering twice.

A good point, Nick. If the family home is occupied by one person who qualifies for a single person's discount, I wouldn't advise it. Provided that this is not an issue though, there's nothing to prevent the OP being registered at their parents' home as well. Large numbers of students are registered throughout the period of their studies at their family home as well as their student digs.

microbebi

Will reducing my amount of available credit improve my credit score?

I am currently only using 49% of available credit. I do want access to more credit and will look to make an application once my credit score is better (not as good as it could be in part because of the available credit?).

I do not want to use this available credit as I have a balance on there at a promotional low APR for life of balance rate.

Many thanks

Microbe

harryhound

Moggles wrote: »

Large numbers of students are registered throughout the period of their studies at their family home as well as their student digs.

Vote early vote often??

Moggles_2

harryhound wrote: »

Vote early vote often??

Indeed. An argument in favour of restricting postal votes to those with genuine reasons (eg. disabled, overseas on polling day etc), IMO.

When you apply for a proxy vote, you still have to give a valid reason, but anyone can apply for a postal vote now without stating the reasons.