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Credit Cards and Mortgages
pollyanna24
Posts: 4,390 Forumite
I know it's not great to have credit card debt when you're applying for a mortgage, but over the years I have had quite a few credit cards. Haven't used any of them in about 10 years now though, but not sure that I actually went through the process of cancelling them.
I went on Equifax or Experian (the free 30 days) and it said I have an excellent credit rating (984), but there also seemed to be quite a lot of available credit (I'm assuming credit cards, but I didn't look too closely) of about £15,000.
Does the fact that I obviously haven't used any of these credit cards count for anything? I use one now as I got a 0% for 15 months on purchases from Nationwide. I'm just piling it up until the 15 months is up and then I will pay it all off.
I went on Equifax or Experian (the free 30 days) and it said I have an excellent credit rating (984), but there also seemed to be quite a lot of available credit (I'm assuming credit cards, but I didn't look too closely) of about £15,000.
Does the fact that I obviously haven't used any of these credit cards count for anything? I use one now as I got a 0% for 15 months on purchases from Nationwide. I'm just piling it up until the 15 months is up and then I will pay it all off.
Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.81
0
Comments
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..and the question is Polly?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 -
..and the question is Polly?
When I apply for a mortgage, is it bad that I may have credit cards that I haven't cancelled even though there is nothing outstanding on them?Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
Not a major problem but why not close any accounts you are not using?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 -
Not a major problem but why not close any accounts you are not using?
I'm out of the 30 days free trial and have cancelled it. This was a while ago now, but I remember when I was looking through my file, it wasn't altogether clear who the old credit cards was with.
Maybe I should sign up for a free trial on one of the other sites and see if I can make sense of it.Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
You can get your statutory credit report from any of the credit data providers for £2 without signing up for a 'free trial'.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 -
You can get your statutory credit report from any of the credit data providers for £2 without signing up for a 'free trial'.
Oh right. I didn't realise that. Thank you. Which is the best one or are they all the same?Pink Sproglettes born 2008 and 2010
Mortgages (End 2017) - £180,235.03
(End 2021) - £131,215.25 DID IT!!!
(End 2022) - Target £116,213.810 -
They are all pretty much the same.
PM me if you want links to the pages.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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