Best way to maximise credit score ahead of applying for mortgage?

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?


  • GreenCat80GreenCat80 Forumite
    268 Posts
    100 Posts First Anniversary Photogenic Name Dropper
    In the Mortgages section of the forum there is a thread where you can ask mortgage brokers questions, you might get some help on there. I would of thought you’d be best clearing your debt, but I’m only guessing as that’s what I need to do because mine is ‘bad’ debt 
    Debt was £15,903 😬 Now £2718.14 £0 😲🥳

  • sammyjammysammyjammy Forumite
    6.8K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Clear the debt in full, if they reduce your credit limit so what?  They won't close the account but dependant on how many you have you might want to do that yourself.  You have a fantastic opportunity to be debt free baring mortgage- good luck with it!
    "You've been reading SOS when it's just your clock reading 5:05 "
Sign In or Register to comment.
Latest MSE News and Guides

Check your Clubcard vouchers

Use our trick to extend them

MSE News

Preparing for summer

What MoneySaving things can you do now to get ready?

MSE Forum

Hot Diamonds 40% off code

Including already-reduced outlet stock

MSE Deals