How Fast Can I Improve Credit Score

forgotmyname

Experian touting for business now?

The experian scores are not seen by the lenders. each lender will have their own criteria.

So increasing your score on the experian site may not have any impact on the lenders criteria.

8184mand

forgotmyname wrote: »

Experian touting for business now?

The experian scores are not seen by the lenders. each lender will have their own criteria.

So increasing your score on the experian site may not have any impact on the lenders criteria.

Thanks for your comment! I do understand that the lenders take into account lots of things and that the score is not what to base it all on, but thought it was at least a good indication that things aren't all that great and need to look for areas to improve

GRBWA

Thrugelmir wrote: »

Care to name them?

I recently had a 85% mortgage with a high street lender wuth 22k of unsecured debt. Admittedly our joint income is over 90k


Obviously it is much preferable to not have debt but to make a generic comment that people will not get a mortgage with unsecured debt is misleading and scaremongering as often seems to be de rigeur on here.

8184mand

GRBWA wrote: »

I recently had a 85% mortgage with a high street lender wuth 22k of unsecured debt. Admittedly our joint income is over 90k


Obviously it is much preferable to not have debt but to make a generic comment that people will not get a mortgage with unsecured debt is misleading and scaremongering as often seems to be de rigeur on here.

Good to know, thanks

Quimoi

I used to similarly live in my overdraft - once cleared I started getting loan offers/CC limit increases from my own bank after about 3 months.

The only other 'significant' change at that time was putting some money in a savings account with them to show there was a surplus each month. I did have other CC debts which I was paying substantially over the minimum payment to but was also doing that before clearing the OD.

I think stopping using overdraft was key to being seen as more creditworthy, much more so than clearing any CC debts so that's certainly what I'd suggest as the priority to pay off.

Thrugelmir

GRBWA wrote: »

Obviously it is much preferable to not have debt but to make a generic comment that people will not get a mortgage with unsecured debt is misleading and scaremongering as often seems to be de rigeur on here.

There's lenders for every market. The interest rate they'll charge will reflect the perceived risk. Improvements in credit data analysis is making profiling of potential applicants increasingly accurate.

Nor forget that lenders are no longer chasing business as was the case 10 years ago. There are limited funds available as lenders contract their loan books. So it's other people that one is competing with as well. If you enter a beauty contest you'd wish to look your best.