Credit Report Question

DarnIt_3

Tixy wrote: »

If your total credit is more than 1/2 your annual gross income then for most lenders that puts you in a higher risk category.

Presumably the next account credit limit must be very large if your total credit is 2/3 of your income? If it is I would suggest reducing the next limit down to a few hunderd.

-Sorry I've just read you said you have a good household income. Is your income alone low?

I see what I have done...it is between 2 and 3 % of my income.
not two thirds.
Sorry for the confusion

Tixy

Ah of course - that makes sense then, and of course wouldn't be a problem to lenders at all - my mis-reading, sorry.

lisyloo

I have just applied to go on the electoral role

This is a major problem.
There is no point at all in applying for anything until this shows up. It could take a few months to show up.
Even then lenders like stability at one address plus credit history so I think you should wait at least 6 months.

The main being I want a mortgage to build a house and can't get one at the moment.

You could see a broker but with the way your credit report is then any deal would be sub-prime and you'd be paying through the nose.
Or you could wait and improve your report.
Eitherway there would be no harm discussing your report with a mortgage broker - but the type of mortgage you want is quite specialist so make suer they can help you before travelling (and I would use one that doesn't charge up front).

Another reason is I would rather put my savings into an account and earn interest and use a 0% card and get the interest on my money each month, and the rewards on some cards are great.

Good plan and very MSE.
0% cards tend to be for people with good credit histories though, so probably not the kind of cardyou will be offered initially.

it frustrates me that I am being penalised, in the same token, I can see why.

I understand your frustration, but lenders want to see a history of handlling debt well.
You could have loads of investments and be really good with money but unfortunately that doesn't count.
Your situation is not uncomon and it's a case of building up gradually.
You won't get the best deals e.g. 0% to begin with.
As well as lack of history the electoral role is major and a new address is major too (they like stability so they can find you if things go wrong).
It's just going to take time.