How Fast Can I Improve Credit Score

GRBWA

It is possible to get a mortgage with unsecured debt. That is why they have affordability calculators.

Obviously some lenders are more comfortable than others with this.

I despair on here sometimes. It seems some of the more consisten posters on here sit in the wings waiting for a post like this to revel in scorning those who have debt in a pious and sanctimonious manner.

The debt prisons were abolished in the Victorian times chaps.

Gordon_Hose

Any Overdraft is bad. You want to borrow under a scheme where the government give you 20% of your deposit, they aren't going to lend to someone with that amount of debt. You will need to be squeaky clean and they will go through your finances with a fine tooth comb, trust me.

We got a mortgage via Help to Buy (Mortgage Guarantee), which meant we were getting a 95% mortgage. Out mortgage application was 3 hours long and we made sure there were no overdrafts open and paid off credit cards and closed them.

Pay off the debts with the money you were gifted and save up a deposit.

8184mand

When I did the affordability calculator on some of the websites it did say it would be affordable still, however that's not taking into account that two of the accounts were only opened in the last year which I don't think looks great. Thanks for everyone's help with this

forgotmyname

GRBWA wrote: »

It is possible to get a mortgage with unsecured debt. That is why they have affordability calculators.

Obviously some lenders are more comfortable than others with this.

I despair on here sometimes. It seems some of the more consisten posters on here sit in the wings waiting for a post like this to revel in scorning those who have debt in a pious and sanctimonious manner.

The debt prisons were abolished in the Victorian times chaps.

Its not about debt prisons. Its about the OP getting accepted and at a decent rate.
Even people with no money can get a loan. But who wants to pay 70% ++ interest ?

If they cannot clear the overdraft then you have to admit to a lender that will look bad. Its not like they took out a loan for a car or something similar.
Looks like poor budgeting, or living close to their means.

Experian_company_representative

Hi 8184mand,

If you would like a detailed break down of how you can improve your report, email your details to us at [EMAIL="UKsocialsupport@experian.com"]UKsocialsupport@experian.com[/EMAIL] and we will be able to help you with this.

Looking forward to hearing from you!

Kind Regards
Neil

8184mand

Thank you Neil I will do!

Thrugelmir

GRBWA wrote: »

Obviously some lenders are more comfortable than others with this.

Care to name them?

Thrugelmir

8184mand wrote: »

Are credit card balances better or worse than overdraft? Just trying to understand what to tackle first

Tackle the most expensive debt first. Perhaps pay the minimum on your credit cards until such time as the overdraft is cleared. You'll then have a base point from which to work.

8184mand

I think I can manage to pay off the overdraft and the two credit cards by April. The larger balance on the Barclaycard I couldn't if I want to be in time for the scheme, do you think this would be ok?

Suppose going back to my original question, how quickly does the credit 'score' / rating / whatever we call it (attractiveness to lenders I guess) improve?

I've never missed any payments on anything albeit I understand minimum payments and living in overdraft aren't ideal

8184mand

And I guess nobody actually knows the answer to these questions except the lenders but good to know peoples thoughts