Mortgage on credit report

oceanscape

How much does having a big mortgage affect your application for a credit card? Or do credit card companies just tend to look at your unsecured debt levels?

Thanks

lisyloo

Anecdotally I have heard that mortgage holders are more likely to get credit.

I couldn't say for sure, but there is nothing on my credit report that says my mortgage is joint, so I can't see how they could include it in calculations if they don't know how may people share the mortgage.
I've never had an issue, but I couldn't say whether there is a top limit as it's impossible to know every lenders rules.

On the whole I'd say if you are paying it off on time, then it's a positive addtion to your report.

bengalknights

It slowly shows as a positive impact

Plxply

As long as your paying your mortgage it should be fine, it certainly isn't like an unsecured debt. Lenders will prefer it as it shows stability. When checking for how much debt you have lenders are more worried about unsecured loans and credit cards.

oceanscape

Thanks. I'm assuming the mortgage is not considered when lenders look at the % of credit used and your total credit commitments? I've heard stories about not having outstanding credit over half your annual salary, and obviously a mortgage puts it way above this!

Plxply

oceanscape wrote: »

Thanks. I'm assuming the mortgage is not considered when lenders look at the % of credit used and your total credit commitments? I've heard stories about not having outstanding credit over half your annual salary, and obviously a mortgage puts it way above this!

It does show on your credit file and all lenders will see it. However when talking about debt they are mainly referring to unsecured loans rather than a mortgage. Even though it is credit, the lenders normally care about unsecured loans such as credit cards, personal loans and god forbid Wonga.

lisyloo

I'm assuming the mortgage is not considered when lenders look at the % of credit used and your total credit commitments?

How could they do this.
I share a mortgage withe my husband but I've checked and there is nothing to indicate it's joint.

It does show on your credit file and all lenders will see it.

But the whle mortgage is shown and nothing to say how many are jointly liable.

I've heard stories about not having outstanding credit over half your annual salary, and obviously a mortgage puts it way above this!

It certainly would if they included a whole mortgage in the calcs.