what else can I do to improve my credit rating?

carebear95 · 16 October 2016 at 3:23PM

My current credit score across experian and noodle is in the fair range;
I've been on the electoral roll with no gaps since 18.
I have had a card with aqua for 6 months, used about 1/3 of my limit each month and paid off in full each month.
I have had utility bills in my name and never missed a payment for the past two years including phone contracts.
My average credit account age is 30 months.
The only thing I can think of that might be causing an issue, is that i've had a catalogue account with a limit of £600 that i've not used in 6 months.
With the aim of getting a mortgage in about 2 years with my fiance, is there anything else i should be doing to bump up my credit rating or is it a case of continue to be patient and keep using credit responsibly?

robber2 · 16 October 2016 at 3:36PM

experian and noodle don't offer mortgages so I wont worry too much about their made up scores.

It may help your future mortage application if you were able to get a mainstream credit card and dump the aqua card. If you havn't used the catalogue account ask if you really need it? If not I'd shut it down.

good luck

carebear95 · 16 October 2016 at 4:31PM

Yes, I dont really have any use for the cataloge account at the moment so I ll look into closing it:) If I was to try to swap to mainstream card, would i be best waiting a bit longer than 6 months with this card or is it worth giving it a go now?

Thrugelmir · 16 October 2016 at 4:58PM

Have you opened a Help to Buy ISA?

GingerBob_3 · 16 October 2016 at 5:09PM

Thrugelmir wrote: »

Have you opened a Help to Buy ISA?

I assume this wouldn't be reported to the CRAs, so no effect on score?

carebear95 · 16 October 2016 at 5:17PM

Yes I have a help to buy isa, I already have my half of our deposit sat in the bank so we re just waiting for my fianc! to get his saved up over the next 18 months,I m just concerned about having the best credit record possible so that we ve got the best chance at being approved and having the best interest rate possible.

Maximum_Saving · 16 October 2016 at 5:19PM

I suggest that you change your credit card with Aqua to a mainstream one. Also you could close the catalogue account which you haven't used in the last six months. There are now some Help to Buy ISAs which would help you to save a deposit for your future home. I had unused credit cards so I closed them down. I just keep one credit card for travelling. Good luck with getting a mortgage when you are ready for one.

Thrugelmir · 16 October 2016 at 5:21PM

carebear95 wrote: »

Yes I have a help to buy isa, I already have my half of our deposit sat in the bank so we re just waiting for my fianc! to get his saved up over the next 18 months,I m just concerned about having the best credit record possible so that we ve got the best chance at being approved and having the best interest rate possible.

From a lenders perspective the fact you have the discipline to save regularly is extremely important. Borrowing money and repaying it only says so much. Forget about your credit report it's perfectly adequate as it is.

carebear95 · 16 October 2016 at 5:47PM

I ll definetly give them a call to close the catalogue account when I next get the chance.

I ve had a help to buy isa for a few months, I ve been very careful saving the small amount of inheritance I got from my dad and grandparents passing which is just enough for the deposit and a small wedding. I don't ever spend all my wages in a month so hopefully I also look responsible from that view point as the left overs stay in other savings accounts.

I did apply for a credit card just under a year ago with my bank and was rejected but hopefully they d reconsider me as my incomes improved since then.

Smodlet · 16 October 2016 at 5:57PM

Hi. Have you tried the credit card eligibility calculators on here to see what your chances are of acceptance with a mainstream card?

As all the above, show lenders you can save on a regular basis. Try to put your head in their space for a moment: If you can save a decent amount every month, you show you can pay off a debt on a regular basis, yes?

I hope your partner has the same mature attitude towards money, especially debt, as you seem to do. If so, I think it only a matter of time before you make your dreams become real.

Best of luck and HTH.

carebear95 · 16 October 2016 at 6:24PM

Hi, yes I ve had a look recently and it's given me between 60 and 80% chance of acceptance so I guess that's a risk worth going for.

I try to make sure I save a reasonable amount of my income and have never spent all my wages in a month so hopefully that works in my favour.
He does indeed have a similar attitude

what else can I do to improve my credit rating?

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