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  • FIRST POST
    • Fred1987
    • By Fred1987 16th Apr 18, 12:32 AM
    • 6Posts
    • 0Thanks
    Fred1987
    Moving forward default free
    • #1
    • 16th Apr 18, 12:32 AM
    Moving forward default free 16th Apr 18 at 12:32 AM
    I'm hoping to be default free in the next 12 months, my question is without any outstanding debts how quick can I build a credit score of 525 to a low risk mortgage applicant.

    And what steps can I take. Thanks
Page 1
    • cjmillsnun
    • By cjmillsnun 16th Apr 18, 1:23 AM
    • 602 Posts
    • 736 Thanks
    cjmillsnun
    • #2
    • 16th Apr 18, 1:23 AM
    • #2
    • 16th Apr 18, 1:23 AM
    First off, ignore the score. Lenders don't see it. They use their own algorithms to create their own and the information in your credit report is one factor alone.

    Do you have a credit card? If not, apply for one with your bank. Put a necessity on it (I use fuel) every month. Pay it off in full once you receive the statement every month. By doing this, you're not spending extravagantly (you were going to spend this money anyway), and by paying in full, you are not paying any interest. The easiest way is to use a direct debit set to pay the full balance.

    Do you go overdrawn? If so, DON'T. The above may help with this by deferring payment until after you have been paid. If you do that make sure that you don't pay the card late.

    Do you have a mobile phone contract? If not, get one. A mobile phone contract is a credit account and as such is recorded on your file. You don't have to get an expensive one. A SIM only contract is cheaper than PAYG.

    What's your deposit like? 15% or more will be better as you will have some equity.
    2.88 kWp System, SE Facing, 30 Degree Pitch, 12 x 240W Conergy Panels, Samil Solar River Inverter, Havant, Hampshire. Installed July 2012, acquired by me on purchase of house in August 2017
    • Sncjw
    • By Sncjw 16th Apr 18, 7:30 AM
    • 1,917 Posts
    • 1,130 Thanks
    Sncjw
    • #3
    • 16th Apr 18, 7:30 AM
    • #3
    • 16th Apr 18, 7:30 AM
    Can I ask why do you need a score of 525 and which of the three of the credit reference agency!!!8217;s are you getting that made up score from.

    You do realise it!!!8217;s made up given that each agency has a different top score and also that they use to try and sell products to you
    • Fred1987
    • By Fred1987 16th Apr 18, 8:49 AM
    • 6 Posts
    • 0 Thanks
    Fred1987
    • #4
    • 16th Apr 18, 8:49 AM
    • #4
    • 16th Apr 18, 8:49 AM
    Thanks for the replies

    I used Noodle which is Callcredit, i have a 1 out of 5 or a 525 score.

    I have recently got 1 capital 1 credit card which i intend to use for fuel, i will look to get a mobile contract and i dont ever go over drawn.

    Thanks
    • Gary_Dexter
    • By Gary_Dexter 16th Apr 18, 10:08 AM
    • 2,132 Posts
    • 1,189 Thanks
    Gary_Dexter
    • #5
    • 16th Apr 18, 10:08 AM
    • #5
    • 16th Apr 18, 10:08 AM
    Does "Debt Free" mean hoping for defaults to drop off next year?

    http://forums.moneysavingexpert.com/showthread.php?t=5828930

    That's not being debt free.....
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