Improving credit

J_blondie

Is there anything else I can actually do once I've paid my last default off to improve my score or is time the only healer? Had some minor defaults and more or less paid them off.

A4445

I'd say to get a credit building credit card or a catalog account JD Williams being the easiest to get or from what I have read!

Once the defaults have gone things will improve greatly. My last default came of my credit file recently. My Next credit limit went from £300 to £1500 on the next statement and barclaycard doubled my credit limit.

DCFC79

J_blondie wrote: »

Is there anything else I can actually do once I've paid my last default off to improve my score or is time the only healer? Had some minor defaults and more or less paid them off.

You need patience.

Yes your credit score is all so important, NOT, I'll upgrade your score for a pack of chocolate digestives.

Thrugelmir

What's your primary objective?

J_blondie

Thanks for the replies, the object is to get a mortgage I'm unsure whether credit cards are the best for my situation as the defaults are old but not that old to be dropping off soon they were from an old phone contract, next account and a credit card. It's both me and my partner applying for the mortgage and he has recently paid off the last part of car finance (no missed payments) he also had a default which is now paid.

Mortgage broker told us to pay things off and give it up to a year but I'm wondering if there is anything we should be doing to put us in better standing for a mortgage than just paying things off?

banks4u

Hi I had defaults in 2012/13 and cleared them last year. But I have had a Aqua and Vanquis cc which is always paid eveymonth on time. I have just got a DIP agreed with Halifax but I have a 20% deposit so there is hope for you.

Nebulous2

All the usual stuff. Make sure you are on the electoral roll, pay off debt, not just defaults, don't miss or be late with any payments and save, save, save. Using a credit card and paying in full every month shows you can be responsible with credit.

Bigger deposit and not pushing the limits of affordability for the house you are buying will help.

J_blondie

Thank you nebulous. We have a 10% deposit saved for the prices we are looking at and we aren't looking at too big of a mortgage anyway so that's good.

Thrugelmir

The larger the deposit the more options you'll have. Use credit only if you have to. As churning cash through accounts doesn't actually improve your score. If anything it leaves you exposed to falling back into old habits. Learn to save before spending on major items. Not paying interest makes your money go far further.

J_blondie

We have nothing on credit now and our car finance has just finished so I won't be taking out anything either. We have a small overdraft which is rarely touched and no credit cards, I guess time will be the only healer now and we may be able to a 15% deposit by the time we buy