My credit rating?

Question

Hello.. I am just about to buy a house with my Husband, we were left a large deposit. My credit rating is zero due to the fact I am an at home Mum and do not work. I did have one debt I cleared 3 years ago it had slipped under the radar and when I found out I paid it right away, but we are talking like £300. I have never loaned any money or had credit before. Once ive brought a house, does my credit instantly go up or do I have to write to the relevant companys? Thanks :)

Answer 1

your credit history (no such thing as a standard rating) happens automatically because it is a statement of fact.  Every month the lender will notify the credit reporting agencies whether you are 0,1,2,3 months overdue etc.  In a few years time when you have a row of 000000000s then your credit history will look good to potential lenders.

Answer 2

Your Credit Rating is based on how often you pay (or, more exactly, do not pay) your debts ..

If you have a Credit Card & have always paid 'on time', and have never had any "CCJ's" (Country Court Judgments) against you, then your rating will actually be very high ..

If not, & your only debt was the £300, you may have to write to the company you paid and ask them to inform the Credit Reference Agencies that it has been satisfied (they should already have done so)... otherwise your Rating may be based on the one default & it may be low ..

However, your Credit Rating would have been checked during the house Mortgage process, so you can be reasonably sure it's 'OK'