How much does card tarting affect my credit rating and how so?

ShallowStu

How much does card tarting affect my credit rating and how so?

I will be changing mortgage provider in a few years. If I card tart for a year or two, but then get it paid off by the time of changing mortgage, will my possible mortgage offers be worse?

Thanks

Robert_Sterling

As "Credit Card Tarting" is a smart thing to do and shows you have financial acumen I see no reason why it should impair your credit rating if the outstanding amount on your cards at the time you apply for a mortgage is nil.

jonesMUFCforever

Possibly. This because when they do searches on you these will only show that you owe £xxx to whichever credit card, not that you have this amount on a savings account somewhere. This might appear to them as you being over committed.
IMO it would be best for you to clear all the stoozing cards before making your mortgage application remembering to leave sufficent time for the cards to update your credit files.

ShallowStu

ejones999 wrote:

Possibly. This because when they do searches on you these will only show that you owe £xxx to whichever credit card, not that you have this amount on a savings account somewhere. This might appear to them as you being over committed.
IMO it would be best for you to clear all the stoozing cards before making your mortgage application remembering to leave sufficent time for the cards to update your credit files.

So if I tarted for to another card, but paid it off within 12 months, I should be ok when switching mortgage in 2010?

CLAPTON

i doubt if tarting will make much diffeence ... many/most/all mortgage applications look at savings as well as debts....if fact the size of the deposit and your salary are both major factors in their criteria as well as the debt level.
in may well be politic to clear the cards before application but usually (not always ) you have a face to face situation when applying for a mortgage

seagles_2

Have a read of this it may be useful to you.

http://www.stoozing.com/credscore.htm

Raptor.:rotfl:

Phantom_Flan_Flinger

See here for the same question asked earlier this month.

Card tarting doesn't seem to have affected my rating as I recently remortgaged and took an 11K loan from Northern Rock at their best rate.

ShallowStu

Sounds good

Time to tart that card in the next couple of days

Thanks to all