Appying for a mortgage with Balance on Credit Card

M

MoneySavvy

Guest
Hi,

I have approx 3k on my credit card but no other personal loans. Will this affect my mortgage application?
 
Today, no. Next week, maybe, now that the lending criteria change on an almost weekly basis.

It would be advisable not to have any debt and decent savings before applying for a mortgage these days.

If all of your other attributes are strong i.e salary/length of employment/savings then the credit card should not matter. If you are borderline some lenders may take issue with it.
 
I was asked to clear €100 offf my credit card before I could get my mortgage. I imagine it depends on teh person's mood :D
 
I was not asked about any credit cards, no request for statements or anything. I didn't have any credit card debt and never mentioned that to the bank.

I thought they would have checked but they didn't.
 
If you didn't mention you had any credit card debt, how would they know. I don't think its' on your credit report, is it???
 
Yes MBNA record it on your ICB. They update monthly and also include the balance you have o/s.
 
If it's not recorded, it is usually paid for by direct debit. The lender will ask for the credit card statement if it sees such transactions.
 
why are MBNA different to everyone else in this respect? AIB cards do not show on the CB report..
 
Any credit card could appear on your CB report - banks may choose to register the card or not, depending on their policy at the time.
 
I am a bit wary of MBNA..I hear if you were unfortunate to get in arrears with them.they are very aggressive..
 
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