Slim credit file

shelmodine

I'm in the process of repairing my credit history, with a view to buying a house early next year.

Having had 2 defaults drop off my file this year I have one remaining - nearly 4 years old now, a phone contract worth £80 which is satisfied.

The problem is I only have 4 lines of credit on my file- 2 bank accounts with no overdrafts, an aqua card, less than a year old and the default.

My question is this- is my file too slim to ever prove positive for a potential lender?

If so is it worth trying to open other forms of credit even though that may potentially have a short term negative effect?

Thrugelmir

Not the number of credit lines you have that matters it's how you use them. Simply acting in a normal manner is all that's required. Obtaining credit is not a beauty contest.

shortcrust

Thrugelmir wrote: »

Not the number of credit lines you have that matters it's how you use them. Simply acting in a normal manner is all that's required. Obtaining credit is not a beauty contest.

This should be put in great big bold flashing letters at the top of each page. The agencies seem to have been incredibly successful in creating the idea that a credit score is a project that requires sustained planning and maintenance. People are seduced into making constant changes when what lenders really want to see - especially where mortgages are concerned - is stability and consistency.

shelmodine

shortcrust wrote: »

The agencies seem to have been incredibly successful in creating the idea that a credit score is a project that requires sustained planning and maintenance. People are seduced into making constant changes when what lenders really want to see - especially where mortgages are concerned - is stability and consistency.

Im not concerned with scores themselves- I'm more concerned that not having much info at all on my file is enough to secure important credit, such as a mortgage.

Thrugelmir

shelmodine wrote: »

Im not concerned with scores themselves- I'm more concerned that not having much info at all on my file is enough to secure important credit, such as a mortgage.

As far as a mortgage application is concerned there's a myriad of other factors. Credit history is only part of the profiling that will be undertaken.

Focus on building as large a deposit as you are able. Saving most certainly earns brownie points.