I don't know how it works where you are but just something to think about.
My husband and I recently moved (1 year ago) for a period of 6 weeks we actually owned 2 houses, the one we sold but which hadn't closed yet and the one we bought which had closed. We needed "bridge" financing but found out they offered what is a blended mortage. No problem.
What I found out when I went to the bank to get the papers completed is this. I had credit cards for Sears, The Bay, and a couple other department type stores but none had any balance and I hadn't used them in years - BUT, the bank considers the LIMIT on each of these cards as debt! As in, although I didn't owe any money on any of them, I could possibly have gone out the day after I got my mortgage and ran each card up to it's limit, thus the limit on each one was considered to be debt on my part.
My personal account rep told me that I would be best off to close all those accounts and carry only one credit card.
So, in summary, if I have 6 credit cards with a maximum allowable of $1500 each and nothing owing on any of them - the bank considers me to have $9,000 debt.
Just something to think about!
My husband and I recently moved (1 year ago) for a period of 6 weeks we actually owned 2 houses, the one we sold but which hadn't closed yet and the one we bought which had closed. We needed "bridge" financing but found out they offered what is a blended mortage. No problem.
What I found out when I went to the bank to get the papers completed is this. I had credit cards for Sears, The Bay, and a couple other department type stores but none had any balance and I hadn't used them in years - BUT, the bank considers the LIMIT on each of these cards as debt! As in, although I didn't owe any money on any of them, I could possibly have gone out the day after I got my mortgage and ran each card up to it's limit, thus the limit on each one was considered to be debt on my part.
My personal account rep told me that I would be best off to close all those accounts and carry only one credit card.
So, in summary, if I have 6 credit cards with a maximum allowable of $1500 each and nothing owing on any of them - the bank considers me to have $9,000 debt.
Just something to think about!