will.additional credit card affect my home loan borrowing power?

Discussion in 'Loans & Mortgage Brokers' started by steff85aus, 5th Dec, 2016.

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  1. steff85aus

    steff85aus Member

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    My partner has a commbank CC since 2008 and none on my name. We are thinking to get below CC on my name and cancel my partner's CC. Will think make any impact on home loan borrowing power for us?

    Commonwealth Bank: Low Rate Gold Credit Card - $250 Cashback after $500 Spend
     
    steff85aus, 5th Dec, 2016
    #1
  2. mikey7

    mikey7 Well-Known Member

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    If its the same or less credit limit, I dont see why it would.
     
    mikey7, 5th Dec, 2016
    #2
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  3. Greyghost

    Greyghost Well-Known Member

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    If you are both on the potential loan, no it shouldn't, you are just swapping it from one name to another.
    Be careful to ensure the credit card limit is the same or less than what the current credit card is..
     
    Greyghost, 6th Dec, 2016
    #3
  4. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    If the limit is higher it will reduce your capacity but if it's the same or lower there's no issues.
     
    Jess Peletier, 6th Dec, 2016
    #4