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Am I best to close my credit card account

abba1772
abba1772 Posts: 7,746 Forumite
Part of the Furniture 1,000 Posts Name Dropper Car Insurance Carver!
in Credit cards
Not sure if this is the best place but I've just cleared my credit card and just wondering if I'm best to close it before applying for a mortgage????

I have a Halifax one which I'm now currently paying off and just cleared the barclaycard one

Just wondering if I have two credit cards it might impact a mortgage application

Advice much appreciated x
NEXT TARGET: Halifax credit card DEC 22 £0 / £4499.12
POAMAYC 2011 £6378.35 POAMAYC 2012 £5000.78
POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90 POAMAYC 2017 £7278.80 POAMAYC 2018 £13208.18POAMAYC 2019 £13309.28 POAMAYC 2020 £15026.05

Comments

  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    abba1772 wrote: »
    Not sure if this is the best place but I've just cleared my credit card and just wondering if I'm best to close it before applying for a mortgage????

    I have a Halifax one which I'm now currently paying off and just cleared the barclaycard one

    Just wondering if I have two credit cards it might impact a mortgage application

    Advice much appreciated x

    using credit cards sensibly is generally a plus
    by sensibly I mean regular use and paying in full every month.

    how are you funding a deposit if you can't clear your CC?
  • abba1772
    abba1772 Posts: 7,746 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Car Insurance Carver!
    I'm funding my mortgage despoit by putting half my wages into a savings account, anything I sell on eBay/Facebook half of this is put in the savings account and I also do surveys in my spare time so it's all adding up

    This leaves me to concentrate on paying my credit cards up to £400 a month if not more I aim to clear my Halifax by the end of the year

    The Halifax card debt is a car purchase on 0%
    NEXT TARGET: Halifax credit card DEC 22 £0 / £4499.12
    POAMAYC 2011 £6378.35 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90 POAMAYC 2017 £7278.80 POAMAYC 2018 £13208.18POAMAYC 2019 £13309.28 POAMAYC 2020 £15026.05
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    abba1772 wrote: »
    I'm funding my mortgage despoit by putting half my wages into a savings account, anything I sell on eBay/Facebook half of this is put in the savings account and I also do surveys in my spare time so it's all adding up

    This leaves me to concentrate on paying my credit cards up to £400 a month if not more I aim to clear my Halifax by the end of the year

    The Halifax card debt is a car purchase on 0%

    it makes little sense to have savings, presumably earning very little interest, whilst having debts that presumably, have higher APRs

    clear debts before saving
  • abba1772
    abba1772 Posts: 7,746 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Car Insurance Carver!
    I am clearing my debts but we need to save a 10% deposit house around our area are roughly £60k so once we have £6000 we will be tackling the debt head on and be debt free by the end of the year where we will be looking to purchase a house
    NEXT TARGET: Halifax credit card DEC 22 £0 / £4499.12
    POAMAYC 2011 £6378.35 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90 POAMAYC 2017 £7278.80 POAMAYC 2018 £13208.18POAMAYC 2019 £13309.28 POAMAYC 2020 £15026.05
  • abba1772
    abba1772 Posts: 7,746 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Car Insurance Carver!
    All our debts on 0%
    NEXT TARGET: Halifax credit card DEC 22 £0 / £4499.12
    POAMAYC 2011 £6378.35 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90 POAMAYC 2017 £7278.80 POAMAYC 2018 £13208.18POAMAYC 2019 £13309.28 POAMAYC 2020 £15026.05
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    abba1772 wrote: »
    All our debts on 0%

    why do I bother?
  • abba1772
    abba1772 Posts: 7,746 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Car Insurance Carver!
    I don't know why you're bothering as you've not really answered my question
    NEXT TARGET: Halifax credit card DEC 22 £0 / £4499.12
    POAMAYC 2011 £6378.35 POAMAYC 2012 £5000.78
    POAMAYC 2013 £3480.04 POAMAYC 2014 £4085.14
    POAMAYC 2015 £7565.24 POAMAYC 2016 £8000.90 POAMAYC 2017 £7278.80 POAMAYC 2018 £13208.18POAMAYC 2019 £13309.28 POAMAYC 2020 £15026.05
This discussion has been closed.
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