Back in the game

glentoran99

After a long hard slog clearing my debts via DMP ive now been accepted for a mainstream credit card.


now I really don't want to be getting into the same mess again but really want to build a good credit profile again for future mortgage etc.


So my question is does it really matter how much your spending on your card if your paying it off in full? Would it look better if I was spending say £100 or would it be better spending £1000 or does it not matter as both would have the same affect?

Thrugelmir

If a mortgage is your objective. Focus your efforts on saving as large a deposit as you are able. This demonstrates a financial discipline and will get you used to the long slog of paying over 25 years for your mortgage. Will earn brownie points from the lender as well.

glentoran99

Thrugelmir wrote: »

If a mortgage is your objective. Focus your efforts on saving as large a deposit as you are able. This demonstrates a financial discipline and will get you used to the long slog of paying over 25 years for your mortgage. Will earn brownie points from the lender as well.

Thank you Deposit isn't an issue though this is already taken care of, Sorry I should have said Re-mortgage borrowing more as in moving to a new house, we already have a mortgage currently.


It building my credit to make me attractive to as many lenders as possible is the issus

[Deleted User]

Makes no difference. Just clear in full.

Thrugelmir

glentoran99 wrote: »

Thank you Deposit isn't an issue though this is already taken care of, Sorry I should have said Re-mortgage borrowing more as in moving to a new house, we already have a mortgage currently.


It building my credit to make me attractive to as many lenders as possible is the issus

Credit history is built by demonstrating that you can manage your personal finances well over an extended period of time. No one starts with a bad record. Churning money through a credit card proves absolutely nothing. Only borrow money when you actually need to. When there's a purpose e.g. a car.

Ok so you are not buying your first property. However same principle applies though. Save money or pay down the mortgage , i.e. borrow less. Mortgage lending is a long term low margin business. Mainstream lenders want low risk borrowers as customers. That's the way to be attractive. Mortgage lenders score you themselves to their own criteria. Managing a single credit card is adequate enough.

glentoran99

Thrugelmir wrote: »

Credit history is built by demonstrating that you can manage your personal finances well over an extended period of time. No one starts with a bad record. Churning money through a credit card proves absolutely nothing. Only borrow money when you actually need to. When there's a purpose e.g. a car.

Ok so you are not buying your first property. However same principle applies though. Save money or pay down the mortgage , i.e. borrow less. Mortgage lending is a long term low margin business. Mainstream lenders want low risk borrowers as customers. That's the way to be attractive. Mortgage lenders score you themselves to their own criteria. Managing a single credit card is adequate enough.

You start off saying don't have a credit card as it won't do any good then you end saying you should manage one