Anonymous asked in Business & FinanceCredit · 1 decade ago


DO THE banks when credit checking just see you have cards or can they see your outstanding balances etc and do they check every application? many thanks for any help.


sorry but are you all responding from america? as the bank has just told me they cannot check outstanding balances with other banks i hold cards with? im in th uk

3 Answers

  • 1 decade ago
    Favorite Answer

    Yes - they view your reports in detail.

    They go through it carefully.

    Never use more than 30% of your available credit limit on any of your cards.

    If you can, charge a little something and pay your cards in full each month.

    Do not close old accounts - this just reduces credit.

    Do not open any new credit cards 6 months before applying for a mortgage.

    * When I got my mortgage, I made sure all my accounts reported a 0 balance to my credit reports by paying in full before the closing date.

    This gave me the most available monthly mortgage payment since I showed no debt outstanding.

    All debts will directly count against what you can afford.

    Do not do a variable loan or a 5/5 loan or other scam loans.

    Banks are still trying to push these since they know interest rates could soon double.

    There is serious profit for any bank that sells any kind of variable interest rate loan.


  • 1 decade ago

    Yes, they investigate everything very carefully. They not only examine your balances outstanding! They add them up and calculate your debt to income ratios, plus what your ratio would be if you got the mortgage. They verify everything: income, assets, debts, payment records, public records (to see if there is anything that might have been dropped from or not yet added to your credit report.

    Since the mortgage meltdown, they are extremely cautious about verifying everything and investigate the source of funds for your down payment, closing costs, and reserves. They want to see how (& how much) you have been adding regularly to savings, etc. Sudden influx of cash is a red flag! Not enough cash is a bigger red flag.

  • Anna E
    Lv 7
    1 decade ago

    Oh honey, they just check your credit report and it shows EVERYTHING. Current credit cards and balances, past credit cards you have had, if they are still active or closed. Haven't you ever checked your credit report yourself? You can do it for free at Everything you see, they have access. It even tells if you have had late payments, even if no legal action was ever taken.

    And yes, they do check every application.

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