Hi Chris,

It's good that you have some time to boost your credit score before you aim to by a house (and hopefully towards the end of next year, the mortgage market will have eased - but you're still likely to need a deposit).

In terms of starting to rebuild your credit score, there's a useful article 'How to improve your credit score' that should give you some hints and tips.

Good luck with it,

Felicity

Hi,

I have been having a little bit of a hard time with work over the last six months which has meant I have had a few late payments on a credit card, phone bill and payments with a car.

My credit rating has dropped quite badly from around 780 12 months ago to around 380 now and that’s with Experian credit score. I currently owe £5000 left on the car £4000 of which is a final payment in December but I was going to take another agreement for three years again, this time with a lower value car. My credit card is full to the value of £2500 and I also have an overdraft of £1500.

The other debts I have are based with my business and I have had no late payments and only small debts associated with my work account. Things are looking a lot better now and I have £4000 I can use to pay off my credit card in full and also my overdraft. I will be looking to buy a house towards the end of next year so over the next year I am looking to get my credit score back to what it was but hopefully better!

am I right in paying off my overdraft and card off in full would this be the best option as long as I keep making payments on time with the other balances. I cannot believe how much it has dropped with just a few late payments!

I think I am on the right lines but if anybody has any good ideas please share with me :)


Thanks,

Chris