Get your FREE Experian credit report and score!*
- Free Experian credit report*
- Free Experian Credit Score*
- Free email and text alerts
- Dedicated UK based call centre
Checking your Experian credit report will not lower your score!
If you are a Credit Expert customer you can contact the customer services team with any questions specific to your credit report.
Please log in to your account and go to the contact us page to contact the member support team.
* Monthly fee applies after trial, new customers only. You may cancel your trial anytime during the 30-day trial period without charge. Free trial period starts on registration – further ID verification may be required to access the full service which may take up to 5 days.
Explore our Help Centre
Our credit report centre is full of information on what 's in your credit report and how to improve your credit rating.
Find out how to protect yourself from identity fraud and what to do if you're a victim.
Will clearing my credit card help me get a mortgage?
I am currently using 20% of my available credit and I wanted to know if clearing this credit card debt would improve my credit score which is currently 742. I am looking around for mortgages but, although I have a 25% deposit, I will still have trouble finding a lender who will lend the 45k I need to buy the property I have seen because of my low salary. I would need to borrow 4.5 times my salary so I wondered if clearing the debt would help. I would like to apply for a Co-op mortgage and I asked them about clearing the debt and they said it wouldn't make much difference because they only take into account 25% of available credit. Your thoughts would be welcome. Thanks.
It’s definitely wise to keep a close eye on what we call ‘credit utilisation’ – that is, the amount of available revolving credit, such as credit cards and store cards, that you regularly use each month. It’s great that you’re keeping your borrowing to below 25%, which is what we recommend. Your credit rating should be benefitting from this already. Paying off your credit card debt in full may help some credit scores but probably not significantly. In terms of your current challenge, though, I don’t think this will help you at all.
Mortgage lenders operate to very tight rules as far as affordability is concerned, so there is likely to be little wiggle room on their qualifying criteria around income multiples. What you could do though is consult a reputable mortgage broker to see what they suggest. Of course, they may advise that your best course of action is to find a cheaper property or, perhaps, to wait a bit longer while you build up a larger deposit. If you do consult a mortgage broker it will probably help them if you take a print out of your up-to-date credit report with you. Good luck!