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Cancel credit card (not in debt) before mortgage application?
sarah1773
Posts: 54 Forumite
Hello all
Does anybody know if it is best to close a credit card account before applying for a mortgage?
The credit card is paid off in full each month and is only used to gain some credit history as there was none previously.
The card has been used since June this year.
Confused as to whether to carry on the card to have a longer credit history but risk it affecting the affordability check,
OR cancel the card and just have 6 months worth of credit history on report but shouldn't affect affordability?
Any thoughts appreciated
Does anybody know if it is best to close a credit card account before applying for a mortgage?
The credit card is paid off in full each month and is only used to gain some credit history as there was none previously.
The card has been used since June this year.
Confused as to whether to carry on the card to have a longer credit history but risk it affecting the affordability check,
OR cancel the card and just have 6 months worth of credit history on report but shouldn't affect affordability?
Any thoughts appreciated
0
Comments
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Only Yorkshire Building Society Group has a problem with available credit and a single credit card is not going to be a problem, even with them.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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I have / had 5 at the time of application, made zero differenceDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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