Credit Queries - Please Help

Orlando_Virgin

Just had a default removed recently, does anybody know how badly a default actually affects your score points wise, and how much it should rise after removal of the default?

Also, because of this removal the score has risen to 927 out of 1000, in good, but not quite excellent. I am shortly going to apply for a mortgage for my first house and as you all probably know credit rating is monumental in the rate I get, as well as desposit. I only have a £1000 overdraft and no other debt, what's the best way to raise my score, I'm on the electoral roll at my current address. My other half mentioned a good way is to get a credit card, use it for something like petrol and pay it off in full at the end of each month, is this good advice? Anything would be appreciated on any of the questions. Thanks in advance.

OV

Orlando_Virgin

Anyone??!!!!

cifpower

Those credit scores created when you buy them from Experian or Equifax are essentially meaningless as each lending institution has their own distinct criteria. Removing a default, however, would vastly increase the chance of gaining credit. A good way to increase it further is to take out a CC and make small purchases and clear the balance in full each month. It shows your credit worthiness.

Orlando_Virgin

So the bad news is the other half is right?? I was thinking of getting something like my petrol on it every month and then paying it off in full.

cifpower

That wouldn't be a bad idea. If you are confident you can clear the balance every month a cashback card like Amex is the way to go.

Orlando_Virgin

much appreciated rather than rely on everyone else will follow the guidelines on the site to apply for the best card.

Thanks again