Will this improve my credit score?

Hers1357

I was slightly cheeky and spent lots of money on 0% credit cards so i could free up money for a house deposit (a buy to let one, which nets £700/month profit). I stupidly never thought spending so much on the cards (£15k) would affect my credit score and I've been monitoring the scores with the different agencies very carefully. I now want to remortgage my own house but my score is very low. I've paid down some of the credit cards so the balance is below 50% of my credit utilisation. Is it correct that this takes 6-8 weeks to show on my credit file? Also, I'm thinking of applying for another credit card to try to increase my overall credit and therefore decrease my credit utilisation.. However, will these cause a temporary decrease in my credit score, because of the credit file search which will be needed? Any help gratefully received.. Thanks!!

CakeCrusader

Credit scores are all nonsense, I suspect they are added to make you log in and check them regularly. Just ignore them and look at how well you're managing your finances, any defaults, CCJ's, late payments aren't good. A high credit utilisation isn't too good either as applying for more will make lenders wonder if you're struggling. It can take a while for payments to show on your credit file as it depends on when the lenders report any payments. I have a Barclaycard, they report back just before I clear the whole of the outstanding balance, annoyingly.

[Deleted User]

Lenders don’t see your score so don’t fret over it.

Mortgage lenders in particular will look at affordability and current debts.

boo_star

It may take a couple of months for your balance to be updated.

Don't apply for another card to reduce your utilisation.

Speak to a broker who will be able to find lenders who will work for your specific circumstances.