Mortgage Preparation Advice - Credit File

joeygraham7

Hi everyone,

I am just looking for advice on how to get my credit file and finances in order for a potential mortgage application at the end of the year. Last year my partner and I had to cancel our mortgage application because of my low credit score/bad credit file and an administrative address error on her side.

Now I am doing everything I can to stop that happening again and be far more prepared for our second crack at getting our dream home (Was rushed into the first one as landlord was selling up).

Enough of the rambling. Looking to improve the following:

Experian score: 593/999 - up 57 points this month

I had late payments on 4 accounts, one was 6 months late. One of these has been removed and another other is in the process of being removed (6 month one is going). So there should only be a couple of accounts with late payments from like 2-3 years ago, although I trying to get these off as well.


Equifax score: 530/700 - up 12 points this month

No negatives

Overdraft - 2000 limit - currently 1900 into it. I admit I have lived in it since my uni days.

Credit card 2000 limit - currently 290 into it. Limit recently upped from 1500 without me asking.

Deposit: £20000

Partner:
Almost perfect credit score, 999 Experian, no late payments etc.


Sorry for all the waffle, but I am trying to improve my credit score and credit history so I can prove to lenders with money etc. Obviously my current file doesn't reflect this until my negatives are removed. Once my negatives are removed, hopefully in the next week or 2, what else can I do to reflect good history and improve my score?

I pay my credit card monthly, not the minimum payment but not the full balance, is this okay?

I pay all my other bills via DD so I don't miss a payment.

Should I just clear my overdraft with my savings and save it back up? or is the overdraft something I can just bring down overtime?

When my negatives come of my Experian credit file while I see much of a jump in regards to score?

Basically any advice on being better prepared for a mortgage application I'm listening. If your still reading at this point, thank you!


Joey

[Deleted User]

Stop looking at your credit scores. They mean nothing and no one sees them.

Get out of your overdraft and ensure that you don't miss any more payments.

Clear your card in full each month.