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Best way farward with increasing my credit worthiness?

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nicetomeetyou
nicetomeetyou Posts: 310 Forumite
100 Posts Second Anniversary Name Dropper
edited 1 January 2020 at 7:41PM in Credit file & ratings
Last year was pretty good for me with my finances. At the beginning of the year my ClearScore score was very low. This has improved quite a lot. I payed all the money I owed on closed accounts. All my old accounts have balances of zero.

I got accepted for a small overdraft with Nationwide, this has increased to £650. (balance zero)
I got a Vanquis credit card, currently at £500 (balance £200)
My jacamo catalogue amount is £350 (increasing to £550 end of Jan) (balance (£10.55)
I have a contract mobile phone with Virgin (loan for £1300)

I have kept on top of all payments. I am very sensible with my money. I would like to get rid off the Vanquis credit card and get a nationwide members card. I don't be the eligibility yet.. What things do I need to so to build better credit worthiness? Am I doing things right?

Comments

  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Hi :hello:

    Firstly, please ignore your ClearScore credit score as typical lenders don't see it and don't use it either.

    Secondly, try not to dip into your overdraft, as it can indicate to lenders that you are living beyond your means.

    Thirdly, keep your Vanquis card and keep paying the full statemented balance by DD. Why keep the Vanquis card? Because it always good to have multiple cards in case there is a problem. Multiple lines of credit also indicates that you are becoming trusted by your creditors.
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • yksi
    yksi Posts: 1,025 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    Throw every spare penny at the Vanquis balance, that will be a high interest rate. Even Jacamo is 25%, so try not to use it - that increased limit is for making you look good to lenders, not for looking good in more clothes! :)

    Side note, big ouch on that phone contract cost! I hope it's gold-plated!
  • yksi wrote: »

    Side note, big ouch on that phone contract cost! I hope it's gold-plated!

    Iphone 11 pro. Buy outright £1050
    9 gig date, 2500 mins, unlimited texts
    apple earphones £160
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