Morgage and Credit Rating

neilfurn

good evening, i really hope i am posting this question in the correct place if not apologies in advance and please feel free to point me in the correct direction. My wife has a quite a large balance on her credit card for which we plan on paying off a substantial amount more than the minimum payment each month however we would rather do this interest fee. So our plan was to switch cards to a 0% interest rate, however we plan on getting a mortgage after seeing a broker, either 3 months from now or 5 months from now, and would like to know if this will effect her credit score. or go against us in some other unforeseen way.. thanks..

[Deleted User]

Ignore your credit score. It's fictional.

If you're going to carry a debt, make sure the broker places your mortgage application with the right lender.

System

Your credit score is meaningless. What isn't meaningless though is the amount of debt on the credit card which will seriously impact any mortgage affordability tests which are mandatory with lenders unless remortgaging with the same lender and ultimately limit the amount you can borrow.

If she has just been making minimum repayments for a long time then that is seen as an indication of being in debt crisis and merely upping them 3-6 months before a mortgage application to try to improve your chances won't have much of an impact.

Thrugelmir

How much is substantial?