When is the credit check completed

SpongeBob_2

When is the credit check completed for a remortgage. There is the initial credit check when getting a decision in principle. Is there another credit check performed during underwriting?

I ask as we are just starting the underwriting process and i had planned to pay some money off our two credit cards to have them at a low balance for when the underwriting takes place but if the credit check has already been done i would maybe be better leaving the money in bank account for any unforeseen problems with the switch to the new lender.

Bob

Tiddler_2

On the initial credit check did you tell them you were intending to clear the credit cards?

If not, then you shouldn't have anything to worry about. A further credit check is usually done on a full application (things may have changed between the DIP and the full application) though not with every company.

Who are you remortgaging through?

SpongeBob_2

I didnt tell them i was going to clear the cards. I am remortgaging (hopefully!) through first direct. At worst i want to keep the cards at the same level they are now but if i thought it would benefit us i would reduce them abit further. The two balances are about 500 & 1300 (im not sure if thats good or bad?).

Bob