Boosting Credit Score - Mortgage Application

neilius_uk

I have recently credit checked myself and found that I have two good scores, my Equifax was a little down since last time but still 400 + and my Experian was 900 despite a £26 default from 2005 (O2 online scam) that shouldn't even be there and that I have tried to remove on previous occasions.

However despite all of this and owing only £1,200.00 across various accounts (credit cards, store cards) I was refused a mortgage with the Halifax based on a 10% deposit and a rate of 7.09%. Apparently you have to be whiter than white as they are clamping down with 2 out of every 3 current repossessions from Halifax lent mortgages.

I have been told by my mortgage advisor that I will easily get a mortgage with another company and that the Halifax use an internal system and that a credit search record has not been left.

However, I really really want to get a place as I missed the boat in the 90's and I am now in my 30's. Therefore to boost my credit score I have paid 3 of the 4 accounts off in full and reduced the £1,200.00 to about £450 on one single credit card.

Can anyone tell me what sort of boost this will give my credit score and how long it will take to filter through to my credit report... this is crucial timing for the recorded search record that will be left.

Please help.

Thanks in advance

Neil

theartfullodger

Can anyone tell me what sort of boost this will give my credit score and how long it will take to filter through to my credit report...

Yup, just ask Experian etc (there are 3 companies... they charge,,) and they will tell you... or was that too obvious an answer??

Anyonne else telling the answer as an "expert" about how much it improves & by when (exactly) may turn out to be wrong...

Cheers!

Lodger

Bufger

whatever you do to change your score now will take 3-6 months to reflect on your score.

Source - creditexpert.co.uk

Fire_Fox

Are you registered to vote at your current property? Do you have a lot of available credit even if not used?

Joeler

Bufger wrote: »

whatever you do to change your score now will take 3-6 months to reflect on your score.

Source - creditexpert.co.uk

Generally amounts owed against particular accounts are updated monthly, particularly with Experian.

If you check your experian report online it will show you the date they were last updated, and as a rule it is usually monthly on or around this date.

Your score will be updated accordingly as the amount of credit you have available versus the amount of money you owe on credit changes, and in order to improve your score on this basis you need to ensure the amount you owe equates to less than 30% of your available credit (excluding mortgages).

Again this is with Experian and in my personal experience but hope it helps.