How best to improve ones credit-worthiness in preperation for a mortgage application?

by mathewholt 07 August 2009  |  2 comments  |  Love  0 loves
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Hi,

I consider myself fairly financially astute and have done well to manage my various accounts and credit cards over the last 5 years or so from graduation. I monitor my credit report on a 6 monthly basis and have no negative marks.

Myself and my partner have decided to leave it for one year to apply for a mortgage so we can build up our nest egg for a deposit and other costs associated with house purchases.

For the last few years I have been playing the stoozing game with cashback and 0% purchase cards, I would say I've had between 5 and 10 cards and still actively use my &more, Capital One and Amex Platinum cards, the rest I have cancelled. Mainly I use the Amex simply for the cashback. The other two I use every so often but don't leave it long before I do use them.

Will I be damaging my chances of mortgage approval with this amount of cards? They get paid off in full every month simply because their 0% deals have expired and to make the Amex beneficial I have to pay it off monthly. On average I have between £200 and £500 spread across them.

Are there any ways myself and my partner can increase our chances of being successfully accepted without hiccup for a mortgage application. I myself haven't been refused credit previously but my partner has on several occassions. We checked her credit report but there is nothing adverse, which has baffled us as she has has several mobile phone contracts and has a credit card that she manages very well.

Thanks in advance.

Mat