help for first time buyer

kieranrichard

Good afternoon, im wondering if anyone can help.. i have a poor score on noddle and experian, i have 2 credit cards and 1 loan (personal loan for car)
card 1 - £6.50 balance 4k limit
card 2 - £3800 4k limit
card 2 is balance transfer card that i had taken balance from card 1 from.
loan 8k left 2 years payments.

im wanting to up my credit score as fast as humanly possible as im getting left some money for a deposit by a family member but i know i wont get one with my current credit score and am wondering how i can do this? i haven't missed any payments but im guessing its because of my high credit balance.. do i pay off the 1st card and close the account or keep it open? what other ways can i increase my score quickly. sorry if this is in the wrong section and thank you for taking the time to read and any help is genuinely greatly appreciated as right now i fear it will be years till im in my own home !

[Deleted User]

Don't worry about your credit score. It's a fictitious number than no one but you sees.

You need to build good credit history. Reduce your debts, keep the cards open and use regularly. Clear in full each month. Your score may drop when you pay off the debts, but lenders will view you more positively.

Make sure you're on the ER and don't miss payments or go over limit.

Check all three of your credit files to ensure the data is correct on each.

kieranrichard

Thanks for the reply! the recent mortgage adviser i went to said that my credit score was to low to even think about applying! one thing i have noticed searching through is that i have a 1 month late payment on a credit account from years ago that wasn't actually late, so will phone them tomorrow and try to rectify, i was just afraid that without paying off the 4000 instantly that i wouldn't be accepted!

[Deleted User]

They’re talking out their behind.
The scores are real.
People get mortgages with a 200 or 300 score.

kieranrichard

thanks for the reply, puts my mind at ease

[Deleted User]

kieranrichard wrote: »

the recent mortgage adviser i went to said that my credit score was to low to even think about applying!

Get a decent broker when you come to apply for a mortgage, and put your credit files in front of him so he can properly assess your chances.

gycraig_2

How much deposit do you have ? 12k in debt on credit cards isn't gonna look good unless you have a massive deposit

CentiaRoyal

Is that £6.50 or £6.5k on card 1?

fwor

CentiaRoyal wrote: »

Is that £6.50 or £6.5k on card 1?

You can't have a £6.5k balance on a card that has a £4k limit.