Building up credit

[chookz]

I was declined credit for a number of years 5 to be precise after turning a blind eye to my problems in my University days. I had to go the basic bank account route diligently paying my bills and DD's trying not to go overdrawn. I did finally get my account upgraded, opened a business account with another bank through which I regularly pay myself as I work as a contractor.

I tried to get my overdraft increased over Christmas as I thought I might be short of cash. My bank advised that I apply for a credit card and I did. I got a �7,000 limit on it.

This year I need to apply for a loan to do an MBA as well as get a mortgage finally. What is the fastest way to build up credit. I don't want to apply for the loan yet as I won't need it till September. Though I seem credit worthy to my bank I am not sure I would get the best loan and mortgage deal from other providers. I only got the credit card this month in my new address and I have lived there only one month.

I know that credit card and overdraft are a start but would they get me recognized to be able to get good credit for a mortgage.

[EverClean]

Every different lender has a different credit scoring system. Any issues on your credit file such as missed payments or CCJ's will remain there for 6 years so there is nothing you can do about them. Most lenders look favourably if you are on the voter's roll so make sure that is done. Everything else comes down to your personal affairs. Some lenders prefer a stable employment bckground, some prefer that you have had a decent amount of credit before and always paid it on time. The best way to go about getting your mortgage is to get a credit report and take it to a mortgage adviser who will find you the best product based on your own circumstances.