Hi all,
My husband and I are just about to re-mortgage and we've both been totally anal about our finances for years now, paying off all our credit cards, paying everything bang on time and really trying to make sure we have good credit scores so we can avoid issues we had years ago every time we tried to remortgage!
So, a couple of weeks ago my credit score was 'excellent' according to Experian and was about 966 I think. I was well chuffed as we want to kick off a mortgage application in the next couple of weeks (to start on 26th May). I checked it again today and annoyingly it has gone down to 'good' and now is only 919.
I'm really miffed and annoyed with myself. Last time I looked it said I had lots of lines of credit (as I used to have several credit cards, which I've been diligently paying off) which was a risk factor. Having paid the last card off in Feb, I closed all the credit card accounts and now only have about £800 of available credit (instead of about £15,000). So apparently now my credit report says not having enough credit is a risk factor :mad:
I've had no recent searches in the last 6 months. Do I get another credit card with a high balance (or extend the balance of the one card I still have open) in the hope that it will boost my score. Or is a 'good' but not 'excellent' score going to be enough to not be turned down for a mortgage. My smug husband has an 'excellent' score.
Sorry for the long-winded message but if anyone could help me I'd be very grateful. I don't want to increase my credit card limit willynilly as that will be one credit search, leaving me only one more search for a mortgage before my score starts going down even more.
Thanks
My husband and I are just about to re-mortgage and we've both been totally anal about our finances for years now, paying off all our credit cards, paying everything bang on time and really trying to make sure we have good credit scores so we can avoid issues we had years ago every time we tried to remortgage!
So, a couple of weeks ago my credit score was 'excellent' according to Experian and was about 966 I think. I was well chuffed as we want to kick off a mortgage application in the next couple of weeks (to start on 26th May). I checked it again today and annoyingly it has gone down to 'good' and now is only 919.
I'm really miffed and annoyed with myself. Last time I looked it said I had lots of lines of credit (as I used to have several credit cards, which I've been diligently paying off) which was a risk factor. Having paid the last card off in Feb, I closed all the credit card accounts and now only have about £800 of available credit (instead of about £15,000). So apparently now my credit report says not having enough credit is a risk factor :mad:
I've had no recent searches in the last 6 months. Do I get another credit card with a high balance (or extend the balance of the one card I still have open) in the hope that it will boost my score. Or is a 'good' but not 'excellent' score going to be enough to not be turned down for a mortgage. My smug husband has an 'excellent' score.
Sorry for the long-winded message but if anyone could help me I'd be very grateful. I don't want to increase my credit card limit willynilly as that will be one credit search, leaving me only one more search for a mortgage before my score starts going down even more.
Thanks