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Credit cards with a mortgage.
blackste
Posts: 1,144 Forumite
Guys,
This might be an odd question but here we go anyway.
I currrently have 3 credit cards, with limits totaling £34k. 1 is my "in use" card which i clear each month. 1 has <£1k which will be clear next month. The last has £5k which will be cleared in the next 3-4 months. I will be applying for a mortgage in the next 6-12 months, and am not sure how lenders view the cards. Should i cancel them as they are cleared, or leave them open, to show "good management", or, should i use them all lightly and clear each month?
The only card i really need/want is my "in use" card, for online purchases and such like.
many thanks.
This might be an odd question but here we go anyway.
I currrently have 3 credit cards, with limits totaling £34k. 1 is my "in use" card which i clear each month. 1 has <£1k which will be clear next month. The last has £5k which will be cleared in the next 3-4 months. I will be applying for a mortgage in the next 6-12 months, and am not sure how lenders view the cards. Should i cancel them as they are cleared, or leave them open, to show "good management", or, should i use them all lightly and clear each month?
The only card i really need/want is my "in use" card, for online purchases and such like.
many thanks.
Mortgage £242500 on completion
FD CC 11/2014 £5900 (£3900 after BT)
FD loan Approx £5700
Deeply depressing total - £254100
FD CC 11/2014 £5900 (£3900 after BT)
FD loan Approx £5700
Deeply depressing total - £254100
0
Comments
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It's obviously going to depend on the lender, but if it helps, I've just been approved for a mortgage with over 6k of credit card debt at 95% ltv.
Everything you owe will impact on affordability, usually a percentage of your balance and depending on your income the amount of available credit could be seen as twitchy. (my available credit is 26k)
Somebody with more knowledge should be able to help you out and be along soon.0
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