Mortgage application with credit rating "poor" & "fair"

kwhybro

Hi all,

Looking for some help as to how I can quickly improve my credit rating, or if this is something I need to be worrying about!

I'm submitting a full application for a mortgage on 9th April (waiting for end of tax year). We have an API already but I know this isn't a full check & I'm concerned as I've run two reports which have come out as follows:

Experian - Poor (near to fair)
Equifax - Fair (near to good)

The negatives I have are for having significant borrowings & opening a new one recently which is car finance.

Today, I've closed one zero balance account, reduced my overdraft limit & a credit card limit & reduced a credit card bill.

Is there anything else I can do in the meantime?

TIA

Tixy

Not really. As long as everything on your credit file is accurate then there really isn't any thing you can that is likely to make a big difference in the next couple of weeks or so.

Malmo

First of all, you do not have a universal or central rating/score, so the Experian and Equifax "ratings" are not indicative of anything that lenders will see and use. Each lender assesses & scores applicants against their own criteria to establish whether or not the applicant fits their target customer profile.

Best to have a read of this MSE article first for general tips.

There are no "quick" ways to boost your credit profile - the main factor is good financial discipline over time.

Daerve

Be careful dropping credit limits to less than double of what you owe on the card and also dropping them below a grand. Both of these can have a negative effect on your credit score.

kwhybro

Thanks all. I guess I just wait it out.