Getting Mortgage Ready

cumbrianmale

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.

ACG

I think really it comes down to personal preference. 
The chances of either option affecting the outcome is very slim. 

Hoenir

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. 

kingstreet

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.