Building up a good credit score

superjm

A young family member applied for a mortgage with Lloyds TSB via a local authority scheme which only requires a 5% deposit. She passed the affordability test but was refused because of her credit score. She had a credit card balance and was late for six consecutive months in making the minimum payment. She has this month paid off the card in full and is debt free. The bank told her not to cut the card up but to use it and pay off the balance in full, on time, to build up a good credit score. She could then come back to them to re-apply. My question is: does anyone know how long it takes to go from a 'fail' to an A rating by staying 'clean' with credit payments etc. Also are there any 'tricks' that may help to boost her credit score?

Thanks

[Deleted User]

There is no single answer. Just as there is no single 'A' rating.

She needs to ensure she uses the card regularly, pays off in full each month, is on the electoral roll etc - essentially demonstrate good financial behaviour - and the rating will improve over time.