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Capital One Upgrade Credit Limit, Effect Mortgage Chances?
dannyp86
Posts: 36 Forumite
Hi, i've got 3 settled defaults on my file which are over 4 years old. I have since kept up all payments. I did as Martin suggests and got a capital one credit card too build my credit. They gave me a £500 limit. I have managed my credit well over time and they have sent me a letter saying that they will automatically raise this to £1500 next month.
However, i'm planning on applying for a mortgage in the next 6-7 months. So i'm here to ask should i let this credit limit rise? or will this be detrimental to a mortgage application? sorry if it should be in the credit bit, just wasn't sure where to post.
Thanks
However, i'm planning on applying for a mortgage in the next 6-7 months. So i'm here to ask should i let this credit limit rise? or will this be detrimental to a mortgage application? sorry if it should be in the credit bit, just wasn't sure where to post.
Thanks
0
Comments
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not that much so be fineDon'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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It will make no difference, your issue is that if you do not have 15% deposit; you are unlikely to be able to mitigate the defaults on file.
At least you know in advance.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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