Credit card limit increased before Completion

flexibil29

I negotiated the price for a house , I applied for a mortgage and finally received a Mortgage Offer from a lander . The problem is that when I made the application for mortgage I had a credit card with 2500 pounds limit and ZERO outstanding . Now my credit card limit increased at 7000 . I didn't requested this increase , my bank only increase this limit . My question is : I will be affected on the completion day ? I'm afraid that maybe my lander will withdraw the mortgage offer . Of course I will not use the credit card anymore so the outstanding will remain ZERO but I'm worried about that increase at 7000 because was made after my mortgage application . Thank you in advance for any reply !

[Deleted User]

Why did you not reject it, if it worries you?

flexibil29

I contacted my bank and they told me that a letter was sent to me but never received that letter . Now the credit limit increased and to be honest I would like to keep that limit if I will not be affected to get my mortgage . Maybe after one year I will need some money from my credit card

muhandis

I had a credit limit increase on a card during the long period between offer and completion and it did not affect the offer. However, I doubt anyone can say for sure whether that will definitely be the case in this instance.

Did you borrow the maximum that the lender would lend or is there a buffer? What is the time gap between the credit limit increase and completion? (credit reports can take a while to update any changes)

In your place, if I was extremely worried about this I would request the bank to reduce my CC limit or close it. But again, depending on how much time there is before completion, this might be pointless if the credit report takes 2 months to reflect any changes.

flexibil29 wrote: »

I negotiated the price for a house , I applied for a mortgage and finally received a Mortgage Offer from a lander . The problem is that when I made the application for mortgage I had a credit card with 2500 pounds limit and ZERO outstanding . Now my credit card limit increased at 7000 . I didn't requested this increase , my bank only increase this limit . My question is : I will be affected on the completion day ? I'm afraid that maybe my lander will withdraw the mortgage offer . Of course I will not use the credit card anymore so the outstanding will remain ZERO but I'm worried about that increase at 7000 because was made after my mortgage application . Thank you in advance for any reply !

David_White

Shouldn't be a problem, I wouldn't stress over it.

flexibil29

The credit limit just was increased and the completion will be after max. 4- 5 weeks. I verified my credit report and for the moment the CC limit is still 2500 , wasn't updated.Of course I repeat I will not use any penny from my CC because I don't need it , but I was worried because I declared on my mortgage application that I have a CC with 2500 limit and now I saw that was increased at 7000 without knowing it. Thank you all !

AnotherJoe

flexibil29 wrote: »

I contacted my bank and they told me that a letter was sent to me but never received that letter . Now the credit limit increased and to be honest I would like to keep that limit if I will not be affected to get my mortgage . Maybe after one year I will need some money from my credit card

flexibil29

Really funny AnotherJoe But as I explained I was just a little worried , but if that increase is nothing abnormal and is legal , why not ? However I decided to inform my lander about that issue

lewishardwick

I doubt it'll be an issue. It's not like you asked for an increase and went through a credit check.

The bank are merely trying to drum up business, it usually works...

flexibil29

Of course the Completion was done without any problems

chelseablue

I doubt it would be an issue, just don't spend on it until after completion