Noddle - missing CC information?

jamesd

Used credit is an issue, available credit much less so.

Nasqueron wrote: »

So do you have any evidence that have available credit above 50% or even 75% of salary before applying for something like a mortgage is perfectly fine and the lender won't mind?

I got an interest only mortgage well after the credit crunch started from a lender with a correct reputation for being fussy when I had unsecured borrowing equal to about 41% of the mortgage amount and about 46% of gross income. Available credit was about 65% of mortgage and about 73% of gross income. The lender told me that they would also be comfortable with me taking a mortgage from another lender of about the same value in addition t the one from them.

It's not so hard to see why they would do that. LTV was 75% and the mortgage was at an income multiple of about 1.1. I also explained that the borrowing was mainly for stoozing.

Someone applying for a 95% mortgage at an income multiple of 3x+ (and corresponding affordability) would have a much tougher time with that much unsecured borrowing.

Nebulous2

Nasqueron wrote: »

So do you have any evidence that have available credit above 50% or even 75% of salary before applying for something like a mortgage is perfectly fine and the lender won't mind?

Certainly the reports I have seen mortgage stress test suggest the available credit is a concern for lenders meeting the rules

No I don't have any evidence. I haven't applied for a mortgage post-MMR, but you are not providing any evidence either, other than the 'anecdotal' kind.

Nasqueron wrote: »

Available credit will always count against you in lending terms as you could, in theory, go on a spree and rack up 30k odd of debt based on your credit - if the card is unused and not reported then unless it is only on Equifax, having it open seems a negative

It's interesting that you have watered down your assertions since this first one, which was what I initially stated my reservations about. The bolded bit is remarkably strong and did not mention mortgages at all.

My experience belies this. I had over £70k in available credit at one point and closed enough to take me down to somewhere around £35k. I'm now back up to just under £50k.

My most recent credit card was acquired when I was applying for a Nationwide current account online. They did the credit check then up popped an offer saying we're pleased to tell you we can offer you a credit card interest-free for 15 months with a £7500 limit. If you do not wish to apply at this time, but apply later this may require a further credit check.

Does that unsolicited offer sound like my available credit was counting against me in lending terms?