What quick wins can I make to improve my credit score?

jennieshrew

I am hoping to move house, I have paid off my debts and put my house on the market, found a house I want to move to and checked affordability.

Stumbling block will be my credit score.

I have a few missed payments on my credit file for credit cards.

Lots of credit cards 3 myself, one in my husbands name. Credit limits of £3500, 7800, 1000, 2000.

I have just phoned and reduced the £7800 one to a credit limit of £3000.

I am on the electoral roll.

I stupidly applied for a first direct credit card recently and got declined. Grrrrr :mad::mad::mad: Stupid me.

Should I cancel any of the credit cards above or reduce the limits further?

I have one old credit card on the file which has 5 months default from when I changed bank accounts and A&L didnt trasfer the direct debit accross properly and I didnt notice. Grr again.

New mortgage app will be with our existing lender alliance and leicester. Have I got a chance?

jonesMUFCforever

Think more about selling first - in this difficult market you may have to accept a lot less to sell which would blow your figures to smithering.

jennieshrew

Thanks. I am putting LOTS and LOTS of energy into selling my house. Its a 3 bed modern house and I have tried to make it into an easy to sell property. Hoping it should sell quite easily. If it doesnt I really couldnt have done anything else!!

jonesMUFCforever

jennieshrew wrote: »

Thanks. I am putting LOTS and LOTS of energy into selling my house. Its a 3 bed modern house and I have tried to make it into an easy to sell property. Hoping it should sell quite easily. If it doesnt I really couldnt have done anything else!!

I really hope that you can sell.
I live on an estate of about 100 houses - according to Land Registry records the house I bought here last year was the only one sold for 2 years! There are For sale boards on about 1 in ten houses - a lot of them looking very nice.
The problem is buyers (especially first timers) need such a big deposit before being accepted for a mortgage.

ironlady2022

If you are just extending your borrowing with existing provider, I'm not sure if they will do a credit score but I doubt you will be accepted elsewhere due to defaults.

jennieshrew

mayling03 wrote: »

If you are just extending your borrowing with existing provider, I'm not sure if they will do a credit score but I doubt you will be accepted elsewhere due to defaults.

Existing lender has confirmed they will do a credit score.

There are quite a few similar houses and properties in my locality which have sold. Just hoping for the best. If they cant sell my house, they cant sell any.

have already been warned that offers are coming in 15k below asking prices for similar properties but the offer we want to make on new house is lower than we are expecting at worst for ours.

I can only try. I just thought I could do some other things to help maximise my chances of being able to borrow from existing lender.

The 5 month default should drop off my experian report in March.

Money_Man

jennieshrew wrote: »

Existing lender has confirmed they will do a credit score.

There are quite a few similar houses and properties in my locality which have sold. Just hoping for the best. If they cant sell my house, they cant sell any.

have already been warned that offers are coming in 15k below asking prices for similar properties but the offer we want to make on new house is lower than we are expecting at worst for ours.

I can only try. I just thought I could do some other things to help maximise my chances of being able to borrow from existing lender.

The 5 month default should drop off my experian report in March.

Of course you will get finance, its a secured loan - wait until the default drops off before you apply - your rate may be higher given your credit history

Money_Man

mayling03 wrote: »

If you are just extending your borrowing with existing provider, I'm not sure if they will do a credit score but I doubt you will be accepted elsewhere due to defaults.

Why not? lenders out there consider much poorer circumstances

Money_Man

jennieshrew wrote: »

I am hoping to move house, I have paid off my debts and put my house on the market, found a house I want to move to and checked affordability.

Stumbling block will be my credit score.

I have a few missed payments on my credit file for credit cards.

Lots of credit cards 3 myself, one in my husbands name. Credit limits of £3500, 7800, 1000, 2000.

I have just phoned and reduced the £7800 one to a credit limit of £3000.

I am on the electoral roll.

I stupidly applied for a first direct credit card recently and got declined. Grrrrr :mad::mad::mad: Stupid me.

Should I cancel any of the credit cards above or reduce the limits further?

I have one old credit card on the file which has 5 months default from when I changed bank accounts and A&L didnt trasfer the direct debit accross properly and I didnt notice. Grr again.

New mortgage app will be with our existing lender alliance and leicester. Have I got a chance?

Sorry should have said this in one post - but why are you reducing your credit lines manually? there are not particularly high, some lenders may see this as a negative when you search your file thinking your lender has reduced the limit because of the activity on your account

jennieshrew

Money_Man wrote: »

Sorry should have said this in one post - but why are you reducing your credit lines manually? there are not particularly high, some lenders may see this as a negative when you search your file thinking your lender has reduced the limit because of the activity on your account

Oh, wish I had asked on here first. :eek: I just thought we had a lot of unused credit facilities and it would be better to reduce them down so we dont have access to so much finance. Its so complicated.

Money_Man

jennieshrew wrote: »

Oh, wish I had asked on here first. :eek: I just thought we had a lot of unused credit facilities and it would be better to reduce them down so we dont have access to so much finance. Its so complicated.

Best advice is get your payments on DD and paydown as much as possible each month if you roll a balance or pay it off in full