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Credit scoring question

Hi,

I've just requested my credit score from Experian and it came back at 925 (good). I'll probably be applying for a mortgage in a year or so and want to improve that score if at all possible.

I've got 5 credit cards on there which I do not use. I owe nothing on these cards, and the report reflects that. Should I do anything with these cards, such as using them or closing them or would that have an adverse impact on my score?

They have recorded one late payment in the last year. This arrose beacuse I didn't recieve a statement from a Debenham's card (I paid it in full when they rang me) and said that they would not record it on my credit file. They even refunded the late payment fees. Should I do anything about this; if so what?

I have a student overdraft with NatWest that I can either pay off in full (although I don't want to) or pay off monthly. I have another current account with HSBC that is in credit.

I'm registered at my parents' house and have been all my life (23 years).

What else can I do to optimise my finanical position before applying for a mortgage?

Thanks.

Reply to
Mr X
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Differeent companies use different formula. Credit companies such as Experian, Equifax and Call Credit supply the raw data.

I'm no expert, but the amount of credit available may well be deducted from any mortgage offer. I'd reduce it to one or two.

That's not good. Complain to Debenhams and see if you can get them to do as they said.

This may also be deducted from any mortgage offer.

The electoral register is important - apply for anything using that address.

Nothing much more you can do.

According to data from the Land Registry and National Statistics, the current house price is 5.0 times the average salary, compared with the average since 1930 of 3.4. Therefore a 31.1% fall is required merely to return to the long term trend, ignoring the markets tendency to overshoot in either direction. As ever, anyone using borrowed money to purchase above the long term trend is taking on significant risk. Historically, the property market has taken several years to resume steady growth after a period of deflation, enabling potential purchasers time to wait on the sidelines before committing to purchase.

We're still teetering on the edge of a depression imo -

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Go carefully - good luck !

Reply to
Daytona

Differeent companies use different formula. Credit companies such as Experian, Equifax and Call Credit supply the raw data.

I'm no expert, but the amount of credit available may well be deducted from any mortgage offer. I'd reduce it to one or two.

Yes, definitely close ones you don't use. Not only have you an open line of credit which might alarm another lender, but you will have kept going some means of someone getting money off you - identity theft. Best not have this.

Rob Graham

Reply to
robgraham

See:

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Reply to
Robin T Cox

Reply to
Mr X

Presumably you've now got a good credit history and this will live on your file for 6 years even if you close the cards down.

Rob Graham

Reply to
robgraham

Yes, people say that for people with no credit history ie who have not been in debt and had no overdraft facilities on their current account for the past 6 years. Getting a credit card with a sensible limit and repaying each month will give them a credit record and a good score.

I can understand Mr X's reluctance to pay down the 0% student debt - it's a common issue. I'd wait until 6 months before you wish to buy a property before paying it off.

Reply to
Daytona

Yes, people say that for people with no credit history ie who have not been in debt and had no overdraft facilities on their current account for the past 6 years. Getting a credit card with a sensible limit and repaying each month will give them a credit record and a good score.

I can understand Mr X's reluctance to pay down the 0% student debt - it's a common issue. I'd wait until 6 months before you wish to buy a property before paying it off.

Reply to
Daytona

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