Longterm Impact of Large CC Balances

shortcrust

I owe around £10,000 on various 0% cards. The money is safely in the bank earning me interest and will be paid off before the 0% deals end. The total borrowed is quite high relative to both my overall available credit and my income. My question is will this borrowing be a long term 'black mark' or does the impact reduce quite quickly once repaid? I may be thinking about a mortgage in a year or so.

Tixy

Once the balances are cleared they shouldn't cause any negative impact in terms of credit file (obviously providing all payments are made on time and the accounts kept within terms).

In terms of a mortgage application I'd suggest clearing the stoozed debts no later 3months before or so. Which will give time for your credit files to be updated with new balances, and if any account closures for them to show on file.

shortcrust

Thanks, Tixy. Very helpful reply.