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Improving credit rating while paying off debt
spendaholic1986
Posts: 55 Forumite
Hello
I was wondering if anyone had any advice on improving credit rating while paying off debt. I would like to apply for a mortgage towards the end of next year and want to ensure my credit rating is looking as good as possible by then!
Currently am on the electroal roll at my current address for 2 years and have one late payment from 2011. I have two credit cards which I make regular payments to and a loan which I have been paying off for the last 12 months.
I thought my credit rating was ok but recently was declined for a loan at a low rate to pay off the existing loan and was offered a ridiculous APR of 15% :eek:
Any advice would be gratefully received
I was wondering if anyone had any advice on improving credit rating while paying off debt. I would like to apply for a mortgage towards the end of next year and want to ensure my credit rating is looking as good as possible by then!
Currently am on the electroal roll at my current address for 2 years and have one late payment from 2011. I have two credit cards which I make regular payments to and a loan which I have been paying off for the last 12 months.
I thought my credit rating was ok but recently was declined for a loan at a low rate to pay off the existing loan and was offered a ridiculous APR of 15% :eek:
Any advice would be gratefully received
0
Comments
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Just run you finances sensibly and throw as much as you can at reducing your debt. That will have a positive impact over time. (There is no magic pill)
When applying for a mortgage bear in mind that any debt you still have at the time will be taken into account. Plus, you will need a deposit that is not sourced through borrowing.0
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