Raise my Credit Score 32 points in 6 months?

sexton_hardcastle

Hi everyone,

So I just checked my Equifax credit score for the first time and I found out my score is 388 which comes under 'fair'. This is due to a late mobile payment from 4 months ago. I have no other late payments or issues on my record. In terms of loans I have a laptop loan, phone bill and educational loan that I pay each month. Currently I can pay all of these comfortably.

I am planning to get a mortgage in around 6 months time and would really like to be in the 'good' credit bracket to get the best deal possible. It seems that the good bracket is 420 and above. Assuming I pay all of my loans on time for these 6 months will that be enough to bump me up 32 points?

If not is there any other way I can be proactive about raising my score?

Lastly is getting a mortgage going to be possible if my credit is still at 'fair' when I apply?

Thanks!

cjv

The credit scores are a marketing gimmick, it is your credit history that is important

System

No lenders use the score generated by the credit reference agencies, they use their own internal method based on the contents of your credit record.

The loans may have an impact on the amount you get offered as they affect the affordability test. The late payment if it is one in isolation won't have much of an impact if any at all as long as your debt:income ratio isn't high.

sexton_hardcastle

Thanks everyone. It's a relief to know a late payment from 4 months ago won't affect me too much.

DCFC79

sexton_hardcastle wrote: »

Thanks everyone. It's a relief to know a late payment from 4 months ago won't affect me too much.

Its down to each lender how the late payment will affect the application, it shows bad management of the account though.