Quizzes & Puzzles1 min ago
Credit rating
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i wanted to consolidate existing debts (credit cards) into one lower monthly payment by applying for a loan but wondered whether this would affect a mortgage application in the near future. Would they look at is as if ive just taken on a debt (even though the repayments are easier) so be reluctant to offer a mortgage? also if i was to get turned down for the loan does this go against me on my credit rating?
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For more on marking an answer as the "Best Answer", please visit our FAQ.Hi, it shouldn't affect a mortgage application unless you gave yourself a bad credit rating by missing loan payments. Paying off your credit cards will increase your credit score and the loan is looked at as additional credit. Not associated with previous credit as it would showed you cleared them, which is a good thing.
Just dont miss your loan payments!
Just dont miss your loan payments!