How long does it take on average to push a score along in right direction

sillyspendy

Right now my score is Poor as I was out of work and had lots of missed payments from around Feb-June. Since June however I have met all my payments on time. How long will it take until I start seeing little improvements on my credit score?

Thanks

Emma

Tixy

Don't worry about the score. Nobody ever sees that except for you.

In terms of your ability to get accepted for credit it will gradually improve.
Really picky lenders will still care in 5years time that you missed a lot of payments. But for some subprime lenders once the missed payments are more than a year old they probably wouldn't alone prevent you getting accepted for credit.

sillyspendy

I am really worrying as in August 2016 we want to apply for a joint mortgage. My husbands score is fair. Apparently will be boosted to good once on electoral roll.

Tixy

The mortgage company or any potential lender will not see the score or ratings of fair/good that the credit reference agencies will sell to you.

2 years is quite a long time to build up a decent credit history for you and your husband. Best thing it to ensure you make all payments on time between now and then, save as large a deposit as you can and ensure you are always on the electoral roll.
Then a few months before you want a mortgage go and see an independant mortgage broker with copies of your credit files from the 3 credit reference agencies (it is just the £2 statutory reports you need).
Some lenders probably will still care about missed payments from nearly 2.5years ago, but a broker should be able to advise which lenders are less likely to decline because of it.

sillyspendy

Thank you Trixy. I should add that my husband already has a buy to let mortgage ut this runs out 2016 (October) No payments have ever been missed and we used a 15k deposit.

matttye

sillyspendy wrote: »

I am really worrying as in August 2016 we want to apply for a joint mortgage. My husbands score is fair. Apparently will be boosted to good once on electoral roll.

Fair/good doesn't mean anything - ignore the credit score. They are the credit reference agencies' opinion of your credit history but they fail to take into account important factors such as residential status, employment status and salary.

In addition, credit reference agencies don't lend money so their opinion of your credit history is doubly irrelevant. It only matters what the lender thinks, and that's why you should use an all of market mortgage broker as they will try to match you to a lender that is likely to accept you based on their experience.

The_Boss

sillyspendy wrote: »

Right now my score is Poor as I was out of work and had lots of missed payments from around Feb-June. Since June however I have met all my payments on time. How long will it take until I start seeing little improvements on my credit score?

Thanks

Emma

You don't have a credit score as they don't exist. Please see the sticky thread at the top of the main page of this forum (it's hard to miss it to be honest) or my signature for more information