Advice please -

[Deleted User]

Hi all,

Over the last few month I have been chasing the switch incentives with current accounts, this has resulted in many hard searches, many new account that have then gone on to get closed a very short time later.

My question is, is this going to have any adverse affect of my chances of getting approved for a mortgage towards the end of next year? My partner is already a hoe owner, all in her name. I have never had a mortgage and when the time comes we will be submitting a joint application. From today forward, what I the best thing I could do in terms of my credit files/history and all these open and closed accounts?

K_S

@babayaga101 The short answer is no, it should not have any adverse impact in 2024.

The long answer is - generally speaking, as far as mortgage applications are concerned, the impact of hard-checks (be that for ccs, current accounts, failed mortgage app, etc.) fades dramatically in a few weeks and disappears in a few months. So 5 or 10 hard checks for current accounts in early 2023 is very unlikely to have any relevance to a mortgage app in late 2023, let alone late 2024 for the vast majority of mainstream applications.

Going forward, it's always best to minimise any hard-checks in the months leading up to a mortgage application.

Deleted_User said:

Hi all,

Over the last few month I have been chasing the switch incentives with current accounts, this has resulted in many hard searches, many new account that have then gone on to get closed a very short time later.

My question is, is this going to have any adverse affect of my chances of getting approved for a mortgage towards the end of next year? My partner is already a hoe owner, all in her name. I have never had a mortgage and when the time comes we will be submitting a joint application. From today forward, what I the best thing I could do in terms of my credit files/history and all these open and closed accounts?

[Deleted User]

K_S said:

@babayaga101 The short answer is
no, it should not have any adverse impact in 2024.

The long answer is - generally speaking, as far as mortgage applications are concerned, the impact of hard-checks (be that for ccs, current accounts, failed mortgage app, etc.) fades dramatically in a few weeks and disappears in a few months. So 5 or 10 hard checks for current accounts in early 2023 is very unlikely to have any relevance to a mortgage app in late 2023, let alone late 2024 for the vast majority of mainstream applications.

Going forward, it's always best to minimise any hard-checks in the months leading up to a mortgage application.

Deleted_User said:

Hi all,

Over the last few month I have been chasing the switch incentives with current accounts, this has resulted in many hard searches, many new account that have then gone on to get closed a very short time later.

My question is, is this going to have any adverse affect of my chances of getting approved for a mortgage towards the end of next year? My partner is already a hoe owner, all in her name. I have never had a mortgage and when the time comes we will be submitting a joint application. From today forward, what I the best thing I could do in terms of my credit files/history and all these open and closed accounts?

Hello,

Thank you for your reply. I don’t plan on doing anymore credit applications going forward (other than mortgage).

I’m also planning on cancelling all lines of available credit (CC,OD), with a view to continuing credit free apart from mortgage. Would this have any adverse affect?

K_S

Deleted_User said:

K_S said:

@babayaga101 The short answer is
no, it should not have any adverse impact in 2024.

The long answer is - generally speaking, as far as mortgage applications are concerned, the impact of hard-checks (be that for ccs, current accounts, failed mortgage app, etc.) fades dramatically in a few weeks and disappears in a few months. So 5 or 10 hard checks for current accounts in early 2023 is very unlikely to have any relevance to a mortgage app in late 2023, let alone late 2024 for the vast majority of mainstream applications.

Going forward, it's always best to minimise any hard-checks in the months leading up to a mortgage application.

Deleted_User said:

Hi all,

Over the last few month I have been chasing the switch incentives with current accounts, this has resulted in many hard searches, many new account that have then gone on to get closed a very short time later.

My question is, is this going to have any adverse affect of my chances of getting approved for a mortgage towards the end of next year? My partner is already a hoe owner, all in her name. I have never had a mortgage and when the time comes we will be submitting a joint application. From today forward, what I the best thing I could do in terms of my credit files/history and all these open and closed accounts?

Hello,

Thank you for your reply. I don’t plan on doing anymore credit applications going forward (other than mortgage).

I’m also planning on cancelling all lines of available credit (CC,OD), with a view to continuing credit free apart from mortgage. Would this have any adverse affect?

@babayaga101 Can't speaking for your case specifically but based on my experience, generally speaking, as far as a mortgage application is concerned, it's unlikely to matter materially either way whether you leave an unused line of credit open or closed. 

Tbh unless it's to force you to stop adding any debt, there's no real mortgage application related advantages to be had by closing a credit card or cancelling your OD.

[Deleted User]

K_S said:

Deleted_User said:

K_S said:

@babayaga101 The short answer is
no, it should not have any adverse impact in 2024.

The long answer is - generally speaking, as far as mortgage applications are concerned, the impact of hard-checks (be that for ccs, current accounts, failed mortgage app, etc.) fades dramatically in a few weeks and disappears in a few months. So 5 or 10 hard checks for current accounts in early 2023 is very unlikely to have any relevance to a mortgage app in late 2023, let alone late 2024 for the vast majority of mainstream applications.

Going forward, it's always best to minimise any hard-checks in the months leading up to a mortgage application.

Deleted_User said:

Hi all,

Over the last few month I have been chasing the switch incentives with current accounts, this has resulted in many hard searches, many new account that have then gone on to get closed a very short time later.

My question is, is this going to have any adverse affect of my chances of getting approved for a mortgage towards the end of next year? My partner is already a hoe owner, all in her name. I have never had a mortgage and when the time comes we will be submitting a joint application. From today forward, what I the best thing I could do in terms of my credit files/history and all these open and closed accounts?

Hello,

Thank you for your reply. I don’t plan on doing anymore credit applications going forward (other than mortgage).

I’m also planning on cancelling all lines of available credit (CC,OD), with a view to continuing credit free apart from mortgage. Would this have any adverse affect?

@babayaga101 Can't speaking for your case specifically but based on my experience, generally speaking, as far as a mortgage application is concerned, it's unlikely to matter materially either way whether you leave an unused line of credit open or closed. 

Tbh unless it's to force you to stop adding any debt, there's no real mortgage application related advantages to be had by closing a credit card or cancelling your OD.

Thanks. The main reason for wanting to do that was to stop over spending/having a large outstanding balance come application time.