Best way to maximise credit score ahead of applying for mortgage?
in Debt-free wannabe
2 replies 131 views
OK, simply put, currently we have some debt, the remnants of a loan, and various credit cards. We are due to be inheriting funds in due course that will not only allow us to clear these debts in full, but also help us onto the housing ladder, we will be needing a mortgage as well. My question is simple, in order to maximise our chances of getting that mortgage, should we clear all debt immediately and in full, or maybe clear the bulk, but leave a small amount on all cards to maintain a healthy credit used/credit taken ratio. I'm concerned that if we clear all the balances to zero in one hit, some of these card companies may reduce the limits or close accounts completely. Any advice?
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