Equifax score of 340

Legacy_user

Hi everyone
Clear score using Equifax gave me a stable 340/700 which I found a little disappointing, and wondering how much its likely to improve with a lull in activity

Basically;
-Moved house and took a new mortgage at 5x income and 2.4% interest in Feb. Mortgage was a referal but passed
-car insurance, buildings insurance and landline renewed around that time
-current account switched in march. 2 further current accounts opened since to take advantage of rewards
- never touched a credit card as don't want to set a bad example to spendthrift partner & my son
- no debt or missed payments
-briefly went into allowed overdraft in Feb due to moving costs

Hope the prognosis is better and won't stop future mortgages
Thank you

[Deleted User]

Good news. Your Equifax score (and that from any other CRA) is entirely irrelevant and no one will see it apart from you.

You need to build a good credit history. The best way to do this would through sensible use of a credit card - spend and pay in full each month. Refusal to use credit means that lenders don't know if they can trust you, or if you can handle it.

If you feel your partner and son can't understand credit cards, could you use one and keep it secret?

System

I'm considering it but my mortgage affordability is so tight, is it something I really need to do?

[Deleted User]

Only if you want lenders to see you as a safe bet.

System

Maybe I could do it for a while and shut it down before an application, what sort of score do you need for 60%ltv?

[Deleted User]

You don't need any sort of a score. The scores are fictitious. No one sees them. They mean nothing. Forget your scores.

You are looking to build credit history - ongoing, continuous credit history. Unless you think you will have major self control problems, the best way to do this is get a card and use it - all the time, day in day out, for ever. Not as a one off, not as a gimmick. Permanently.

Spend, pay in full each month. Repeat.

System

I appreciate the advice
Does it affect car insurance? (Always pay upfront- I've read some websites saying it does but they're American)