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Closing credit cards in preparation for mortgage
ixxi212
Posts: 4 Newbie
I currently have 3 credit cards all with about £5000 credit, and all paid off. My partner has 2, same situation. I was going to close the two I don’t use in preparation for a mortgage as I have read that banks are nervous to lend if you have lots of available credit but I have also read that closing a card and reducing your available credit, lowers your credit score. Can someone tell me what the best plan of action would be. To close or not to close?
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Comments
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Speak to the lender when making the application and see what they request.. as balances have long been paid theres very little risk to the lender - the account history will show more about how you have been...0
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Answered in duplicate thread on M&E.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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