to apply for more credit to repair my rating?

[Waterfordaston]

My credit rating is “moderate” on Experian but there is a CCJ for a parking fine which I’m having terrible trouble removing, and a default (all sorted) on a credit card from about 4 years ago.

I need to remortgage. NEED. My broker says he can poss get me a sub-prime but I really do need to repair my credit.

I have 2 credit cards with 0 balance which I don’t use, should I make some purchases on these and then pay them off, or should I apply for one of those credit repair credit cards? Experian are saying that I have an 80% chance of acceptance but if I get rejected, will that just make things worse?

All advice welcome!

It takes time to build credit.

You should be spending about 10% of your available credit and then paying it back each month. Try not to use more than 10 or 15% of the available credit on the cards and always pay the full amount back each month.

You dont need to take out another credit card either. Just use the ones you have. They are no different from "credit building" credit cards, except yours maybe have a lower interest rate.

It's going take months, if not a year, to rebuild your credit.

Thankyou, I’ll do that today.

What else can I do?

What has your broker suggested you do? When i was remortgaging it was suggested that I pay out and cancel my credit card as that was a major red flag to the bank.

Sensible use of a credit card can only help so much while there is a ccj there though…

@ BeforeGod

Has given you the right advice. Use credit responsibly for a few months it'll improve. Credit Karma and clearscore etc will also tell you ways to improve your score when you sign up (you might have seen the ads on the TV about boosting your credit score)

With a mortgage though, the score is kind of irrelevant - it's more to do with your financial conduct in the last 6 years. So anything that can be removed/corrected etc make sure it is. CCJs are a big deal but sounds like you're working on that. The default will also be a problem as it's within 6 years but not much you can do about it.

@Player001

What has your broker suggested you do? When i was remortgaging it was suggested that I pay out and cancel my credit card as that was a major red flag to the bank.

Sometimes having available credit there but not using it can be a problem to a lender but that's often more for first time buyers as its a risk where they're spending habits combined with a mortgage are unknown.

Broker has said to sort the (previously unnoticed) CCJ (it’s for £200) so I’ve booked the morning off work and am cracking on with that.

He reckons I should get subprime as everything else is in my favour - LTV/salary etc

Out of interest what are the rates like for sub prime these days?

4ish