We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
350 credit rating - HELP
Comments
-
CalumHeath wrote: »Let's suspend real life for a moment and pretend credit scores matter:
You get yours to improve / get better / increase / go up - what do you expect to happen at that point?
This.
Most people I see on here fretting about their "credit score" don't seem to know why. They just think it needs to be high. Numbers mean nothing - any lender looks at whether you will make them money and if you are a risk. Two defaults make you a risk.
If it is to borrow money on credit cards etc, you can be sure most on here argue that is the worst thing you can do unless you are massively in debt and need to get things onto lower interest rates.
If it is to get a mortgage, instead focus on reducing any debt, paying bills on time, cutting expenditure etc. Given one of your defaults drops off pretty soon, it probably makes sense to hold until after that before making any actual mortgage application - doesn't stop you doing all the prep work though, including going to an independent mortgage broker for advice.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards