Credit rating advice for mortgage

coral1209

I'm hoping to get a mortgage with my partner in the next 3 - 6 months and wondering what is best to do about my current credit card (I currently have an excellent credit rating on Experian, average-good on Equifax, my partner's is fairly average as he has never had a credit card).

I have one credit card which is interest free until June and I owe about £400 on that which I will have paid off by the time the interest free period ends. I was planning to do a balance transfer to a new 0% interest card (so I can use it for bigger purchases), however I've read that it's a bad idea to apply for new credit at least 3 months before applying for a mortgage as this will impact your credit rating.

Would it be better for my credit rating to do a balance transfer to a new 0% interest card and close my existing credit card or just ensure I pay the available balance off in full each month on my current card when the interest free period ends and wait until I have a mortgage approved to apply for a new credit card?

Thank you!

Candyapple

Continue paying the balance until clear and make no new applications until after your mortgage.

Make sure you check your and your partner's credit files. You have time to correct things now if anything is showing as incorrect before going for your mortgage.

The free versions to check your credit files are below:
Experian: https://www.moneysavingexpert.com/creditclub
Equifax: https://www.clearscore.com
Call Credit: https://www.noddle.co.uk

[Deleted User]

Either. Carrying the debt into the mortgage application may impact affordability. Paying it off may reduce your deposit.

If you're maintaing the debt, lenders will not be overly concerned at which card it is on.

It is more an issue of which lenders may be more risk averse to the debt and your available credit.

This illustrates how you don't have a credit rating at all. It's all about a lender's interpretation of the data.