Credit building questions

Harry85

Greetings all.

I have been out of the UK for 4 years and, unfortunatelly being careless and not knowing how serious having a bad credit score is here, defaulted a few times on an outstanding HSBC credit card which I was asked to pay in full and duly did. After a scare about whether I'd be accepted to rent a flat and pass a credit check for a job with a bank (was thankfully succesful with both), I decided to embark on a journey to improve my credit score - starting from near rock bottom.

So I have a few questions, appreciete responses.

1. Will having more credit cards and repaying them in full lead to my score improving more quickly? I was rejected for another HSBC card (unsurprisingly) as well as an AMEX - but accepted on a Capital one Classic with a 200 pound limit. I think I can also get a Tesco card since they requested my docs after I applied (I am on the electoral role but its not on my credit file yet).

2. How long does it take, assuming I am responsible and pay off in full each month as I fully intend to - to get an excellent score and would be considered for a decent mortgage?

3. I put my wife down as an authorised user with the Capital one card - so will her credit score increase also?

Many thanks, and happy new year :beer:

DCFC79

Its the credit history your i proving, the score is just a figure given by the reference agencies.

Define excellent score ?

You need to be patient, maybe 6 months but who knows.

[Deleted User]

Okey dokey -

1. Ignore your score. You don't have one. Just a credit history. One or two cards will serve the same purpose as more, if you aren't using them for any particular features.

2. Again, ignore your score. Each month of using credit responsibly will improve the way lenders view you.

3. The agreement is your name only. The card usage will not appear on your wife's files.

Use the cards wisely, clear in full each month and stay away from your credit limit.

ForeverAwake

First off, how old is the HBSC default?

All you need is 1 credit card; it's about quality of your history, rather than quantity. E.g, Where payments made on time? How old is this credit card account? Does this person max the card out regularly? Is this person trusted with a high credit limit?

You've put in 4 applications, you should stop applying for credit all together now for the next 6-12 months as this could damage future applications chances.

You've been accepted for a Capital One, use that wisely and you may in better position in 6-12 months to apply for better deals.

Harry85

Thanks for all replies!

To answer the question,
The delinquent credit card account was on around April 2016. On Experian, it no longer registers as a detriment against me, though I'm sure that the main thing is what the lenders think. My "credit score" went from Very poor to good as soon as that came off. Not sure why it did exactly.

I am eventually working towards getting a decent mortgage.. I'm not yet in a position to do that, but i'm hope that in about 2 years or so - after steadily nurturing my credit history, that I may try for it.