Advanced Credit Score Management Prior to Remortgage

michaels · 5 January 2018 at 11:56AM

I am due to remortgage in about April so am sorting out my credit record now. It is generally clean but I am a little heavy on recent applications (telecoms, mobile and utility switches and credit card applications) and available (credit card limits) credit.

I tend to take advantage of Amex intro offers. Where I am currently in this cycle means I have several Amex on the go with a large overall credit limit.

Some I have now completed the intro offer and so could either close or reduce the credit limit to reduce my available credit or leave alone.

Reducing the credit limit might make it look like I was only offered a low limit.
Closing in conjunction with the recent searches (some accounts have only been open a few months) might make it look like I applied but was turned down.
Doing nothing leaves me with lots of available credit.

Which are mortgage lenders most likely to be concerned about?

kingstreet · 5 January 2018 at 12:06PM

Probably neither.

I'd leave well alone.

Unless you have a high loan to value and/or previous historic adverse most applications don't need such micro-management.

michaels · 5 January 2018 at 2:56PM

kingstreet wrote: »

Probably neither.

I'd leave well alone.

Unless you have a high loan to value and/or previous historic adverse most applications don't need such micro-management.

Thanks

I was slightly concerned as my most recent mse credit report had shown a small reduction in 'score' on the basis of having too much available (not utilized) credit.

Is it worth my while paying off the 0% car finance as it seems from the calculators that max mortgage borrowing is reduced by more than the outstanding finance amount. LTV is below 35% so that is not a factor.

Thrugelmir · 5 January 2018 at 3:02PM

Lenders using their own internal scoring systems to assess your application. They obtain raw data sets from the CRA's and run algorithms across it. Being commercially sensitive their scoring methodology isn't published. Nor does it remain static.

kingstreet · 5 January 2018 at 3:30PM

If your affordability is affected by having finance, simply note the finance is "to be repaid on or before completion" and this will satisfy most lenders.

There are only a couple who want something repaid at least three months before you apply, Santander and Platform. Otherwise they will continue to include them in affordability.

Advanced Credit Score Management Prior to Remortgage

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