Young Person - Help!! Tips on building credit rating

olivialaura

Hi,
I would like some tips & advice to build my credit score up as I am hoping to get a morgage in a couple of years if all goes to plan. Here's some info about me...
I'm 21 years old and currently live with my boyfriend at my parents house where we are saving. I am earning £22500 a year prior to tax & have a credit card (limit £1500), debenhams card (limit £500), very account (limit £300) and overdraft (limit £300). I am on the electrall register, have a mobile phone contract which is paid with no issue & im currently shown as using 2% of my credit. Everything is more or less paid off in full at the end of the month. My experian score is 872 (fair) and I would like to get this to good or excellent!
Do savings affect credit score? How can i boost this score? Do I need to up my credit I.e. overdraft/cards or should I lower this?
Any tips/questions would be appreciated.
Many thanks.

matttye

The score given to you by experian doesn't mean anything and you should ignore it. Just keep doing what you're doing and make sure you pay off everything every month, so you never have any late payments. Your creditworthiness will then improve over time.

Savings don't affect creditworthiness but will clearly affect a mortgage application if you're usinf your savings to put forward a higher deposit.