Credit Score Increase?

mjrbk1

Hi,

Firstly I appreciate credit scoring is a bit of a lottery, but I am curious how much my credit score could possibly increase realistically in the next few months based on recent positive changes to my circumstances. (As I am looking to apply for mortgage with Nationwide ASAP, and raising my credit score is the last thing left to do).

My current score is 852/999 on Experian. The only negatives were 2 new credit applications, which were from switching to Nationwide in January. I assume these will drop off on next months report, as it will be over 6 months. How many points could this likely gain?

I was paying £200 per month to a long term loan. I just paid off the remaining £3000 from savings last week and closed the loan.

Further to that, my credit card is 0% interst currently but fluctuates from 0% to 60% utilization. I had been paying minimum for a while but have started putting all additional income and have it down to 40% utilization. I will have it below 30% by end of this month.

With the above factors, is it possible to raise my score above 852 (from the 'fair' range, and into the 'good').

I know that banks use a whole raft of other criteria. I have a healthy salary now and 10% deposit, just trying to make sure my credit score is healthy as possible before aproaching bank.

Thanks for any advice.
Martin

glentoran99

ignore your credit score totally, the bank don't see it, look at it or pay any attention to it

DCFC79

No 1 will know how many points your score will go up by, as long as everything is correct that's all you need to worry about.

If your really concerned ask Experian if they will support your case for a mortgage.

[Deleted User]

38 points if a weekend, but minus 11 if it's raining.

ciderboy2009

I paid off a large long term loan about 6 months ago and my scores all dropped. Just shows how meaningless they are!

Helvetica_Van_Buren

mjrbk1 wrote: »

Hi,
Firstly I appreciate credit scoring is a bit of a lottery,

Its worse than that - it's a number manufactured by credit reference agencies in order to sell their 'improve' products to you. It has no relevance: lenders don't see it and credit reference agencies don't make lending decisions.

mjrbk1 wrote: »

but I am curious how much my credit score could possibly increase realistically in the next few months based on recent positive changes to my circumstances.

Why be curious when in your opening statement you acknowledged (at least to some degree) the limitations of it?

mjrbk1 wrote: »

(As I am looking to apply for mortgage with Nationwide ASAP, and raising my credit score is the last thing left to do).

No it isn't. If somebody told you that they were lying, or mistaken. The lender won't care what your score is - they won't see it. They'll make their decision based on the entries on your credit report. Even if you printed it and waved it under their nose, it'd make no difference.

mjrbk1 wrote: »

My current score is 852/999 on Experian. The only negatives were 2 new credit applications, which were from switching to Nationwide in January. I assume these will drop off on next months report, as it will be over 6 months. How many points could this likely gain?

Zero. It's likely ot gain zero points.

What if the lender doesn't use Experian, but instead uses a different credit reference agency? How will they see you Experian score?

mjrbk1 wrote: »

With the above factors, is it possible to raise my score above 852 (from the 'fair' range, and into the 'good').

Please stop.

mjrbk1 wrote: »

I know that banks use a whole raft of other criteria. I have a healthy salary now and 10% deposit, just trying to make sure my credit score is healthy as possible before aproaching bank.

Banks ONLY use other criteria - your credit score doesn't factor in anywhere in their decision-making process.

You're welcome.