Need to up my credit score

Jane61

Wanting to buy a house...through my mortgage advisor, had a mortgage done in principle but it came back declined due to me only having a 'fair' credit rating. It seems because I don't owe anybody anything and not have credit cards and also living with my parent temperarily due to me selling my house last november...I can't seem to prove that I am a good reliable payer...And this is even though I am putting more than 50% deposit down..
Any help would be gratefull please and urgently due to me not wanting to loose this house

westv

Have you tried getting a mortgage through the bank you have your current account with - assuming you have a current account.

High_Roller_2

It's worth having a credit card even if you don't use it. From a lenders perspective, no usage is regarded as being favourable to not having credit (don't ask me why ).

Make sure you're registered to vote too, as that's another thing on most credit scorecards. Other things like time at address could be counting against you but are out of your control.

As suggested by westv, try your primary bank or mortgage lender from your previous property.

Jane61

I am still registered to vote on my last address as I had all my post redirected for a year and I didn't have any problems voting last month.. I was at my last address for 14yrs to thats checkable
the bank I bank with has very high interest mortgage rates so this wouldn't be 1st or 2nd choice to go with.
Just applied online with the Halifax but that apparently takes days for them to just even get back to me

Jane61

oh and my last mortgage was with the Newcastle and their rates are ridiculously high at 6%!!!!

High_Roller_2

Jane61 wrote: »

I am still registered to vote on my last address

This could be a problem, you need to inform the electoral register that you've moved, having your post redirected is insufficient. When you apply for a mortgage they check against your current address where you won't show up as being registered.

kiko37

High,
I have a credit score of 516, ive had no debts for a few years (i want to finance about 14,000) and im not on the electoral roll. Will registering on there really make that much of a difference?
Thanks in advance!!

Fire_Fox

Have you checked all the major credit reference agencies to make sure there isn't a mistake in your file? I agree that you need to rectify the address/ voting situation ASAP.

Jane61

My credit score was 852 and apparently this is just 'Fair'. How many points do you need to be 'Good' or 'Excellent'? and how long does it take to get there?

High_Roller_2

kiko37 wrote: »

High,
I have a credit score of 516, ive had no debts for a few years (i want to finance about 14,000) and im not on the electoral roll. Will registering on there really make that much of a difference?
Thanks in advance!!

Kiko, your credit score is just a small part of the scorecards used by banks. Being registered to vote is quite significant on all scorecards I've come across.

My unqualified advice would be to get a credit card and not spend on it, or pay off the balance in full each month if you use it. Having no credit history in the past 12 months is viewed as higher risk than having missed a payment and recovering (don't ask me why )

tbs624

You may want to read MSE Martin's info here http://www.moneysavingexpert.com/loans/credit-rating-credit-score