Mortgage and credit rating

mai_taylor

Hi, I'm new to the site so apologies if this has been asked before.

Me and my partner have recently been for some mortgage advice and were told to check our credit ratings on noodle.co.uk. We've both checked before on Experian and our credit rating has been fine but on noodle my other halfs credit rating is only a one (should be at least 4 out of 5). We're first time buyers so he's never really had any credit but my question is if he gets himself a credit card now to improve his credit rating how long will it take to build up a better credit score and be able to apply for a mortgage?

Thanks in advance.

ACG

Ignore the scores.

Are there any red markers or amber markers on the reports?

kingstreet

On electoral roll?

The advice should be to obtain all three versions of your credit file for negative issues, not to check "your credit rating" as there is no universal measure used by lenders.

They create their "credit score" from the information they gather from you and the CRA raw data and many lenders take information from one, or two, not all three.

mai_taylor

Thanks, yes he's on the electrol role. Just thought the fact that he doesn't have much of a credit history might be a problem. There's no red or amber markers.

kingstreet

It might be, but getting a credit card will take six months to have a positive impact.

Your overall application may still be strong enough to pass a lender's credit score, or you could look at using a smaller building society which doesn't use a computerised scoring system to decide who to lend to...

The loan to value has the biggest impact on likelihood of acceptance. At 95% you're going to struggle, at 85% it should be straightforward with a sliding scale inbetween.