Ready, steady… save!
You don’t need a chart to join in. Here are 2 ways to record your savings:
1. Cross it off
Pop a chart into your first post. Saved an amount? Cross it out! Read more »
£0.01 £0.02 £0.03
2. Write it down
Skip the chart and add updates to your first post. Read more »
“Another +£3 saved today. Go me!”
Use +£ before each new saving so it counts towards your total.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Getting Mortgage Ready
cumbrianmale
Posts: 25
Forumite
Hi all,
I'm looking for some advice. I've read the MSE guide to getting mortgage ready and have questions that I wanted personal experience answers to.
I have 4 credit cards accounts open and balances on 2. One is 0% and the other paid in full each month. The advice on whether to close the settled 2 is conflicting. None of them is over 2 years old so would closing them affect my score? My utilisation rate it under 25% and around 25% if I close them.
The 2 I would close are higher APRs and starter type cards as I haven't used credit much since my divorce and only got them to build my credit score. The cards I would be keeping are mainstream lenders Nat West and Nationwide.
I'm looking for some advice. I've read the MSE guide to getting mortgage ready and have questions that I wanted personal experience answers to.
I have 4 credit cards accounts open and balances on 2. One is 0% and the other paid in full each month. The advice on whether to close the settled 2 is conflicting. None of them is over 2 years old so would closing them affect my score? My utilisation rate it under 25% and around 25% if I close them.
The 2 I would close are higher APRs and starter type cards as I haven't used credit much since my divorce and only got them to build my credit score. The cards I would be keeping are mainstream lenders Nat West and Nationwide.
0
Comments
-
I think really it comes down to personal preference.
The chances of either option affecting the outcome is very slim.
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
With no reference to mortgages in particular. There's nothing to be gained by leaving credit facilities open that are never used. Might as well do some housekeeping and close them.0
-
Don't make unnecessary changes in your credit profile in the run-up to a mortgage application. Lenders don't really care about unused credit, but closing accounts can change your profile in the immediate pre-application period.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.9K Banking & Borrowing
- 255K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.4K Work, Benefits & Business
- 606.1K Mortgages, Homes & Bills
- 179K Life & Family
- 263.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards