Improving Credit Score

Zulfi36

Hi,

To start with I will admit that I was a bit reckless with my finances in past and was not thinking forward.

That was up till 3 years ago. Since than I started handling finances a bit more carefully. My current Credit score with Call Credit is 855. I will be applying for Mortgage in next 8 to 10 months and got decent Deposit. But I want to improve it further, if possible over 900.

I currently got Balance on 3 Credit Cards totalling £2.4K and Personal Loan of just over £7k. I am planning to clear my Credit Cards by end of next month and will pay Personal Loan by end of May.

I want to ask that with no Personal Debts on my name and using Credit Cards wisely (clearing Balance by end of each month), how long it will take me to improve my Credit Rating?

I also need to point out that I am transferring upto £350 to my saving account each month. I will also close my unwanted Credit Cards and will only keep 1 credit card.

Any help and advise will be appreciated.

Regards

DCFC79

You really should read the many threads on here about credit ratings including the 1 at the top of the forum, they might answer some of your questions.

It will take time.

Thrugelmir

With mortgages the larger the deposit you have. The easier it will be and the more favourable the terms. Open a Help to Buy ISA. As demonstrating a regular savings habit will be a positive as far as mortgage lenders are concerned. The size of the deposit is totally in your hands. The more committed you are, the easier it will be to save.