A question about : Trying to improve a credit score
Hi,
Having read a recent article on Martins website about ways to improve your credit score and taken and tried this advice I'm gutted... Gutted because his advice was to try and re establish some working credit by applying for a credit card to use and pay off on time thus pushing up my score over a period of time... I started out with a credit score on credit expert of 702 only to check this morning and find it at 656 because I applied and got approved for a card
Having read some other forums it appears I've made a grave mistake as it will take a year or two to get back to my score of 702 which was still in the poor range.. I feel let down now and worse off than what I was having took his advice which is hard to swallow as I have no need for a credit card anyway - I was only looking for an avenue to build my rating back up to an acceptable level before I try applying for a mortgage to move into a bigger property to accommodate our new arrival!
Best answers:
- Read the other posts. Those scores on experian mean sod all.
Use the card for purchases and pay off the whole ammount when the statement arrives but before hte payment due date. This will show a record of managing credit and will make you more attractive to lenders.
Once again - those scores mean nothing! - I think you've confused the advice for building up a credit record with building up a credit score.
Scores are irrelevant - all lenders have their own criteria. Having a well managed credit card can help your credit record look more attractive. - Sorry posted on wrong link.
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