We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Confused! Close credit accounts before applying?

shell88
shell88 Posts: 66 Forumite
in Mortgages & endowments
Hello,

I've posted a few times on here now but I'm still a bit confused! I will be applying for a mortgage next April/May with my partner. I have paid off my credit card and catalogue account, however I have read that if I close these it will have a negative affect on my credit file, is this correct? I have no other outstanding debt.

I know that the credit score doesn't mean anything, but it must be detrimental to mortgage application if it reduces when you close accounts?

My thinking is that as I have had a not so good credit history, applying with no debts would be more favourable?

Any help would be much appreciated!

Thanks
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354K Banking & Borrowing
  • 254.3K Reduce Debt & Boost Income
  • 455.2K Spending & Discounts
  • 247K Work, Benefits & Business
  • 603.6K Mortgages, Homes & Bills
  • 178.3K Life & Family
  • 261.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture