Credit Card Advice

11
Found 24th Jan
Hi All,

Wondering if anyone could offer some Credit Card advice for me!

I will be purchasing my first house soon and will be looking to take out a long 0% Credit card to help with the buying of goods. I have a few in mind (Post Office, Sainsbury) which currently offer 0% for around 30 months.

I.know regarding the credit limit you receive, depends on your credit score and income and i know my credit score is fairly good (never been in debt, all direct debits paid on time, never paid a late fee or any interest on my current credit card, student loan debt cleared the day of graduation, no other loans on my record)

I just wanted to know about the credit limits, as I am not a homeowner yet, will that effect the credit limit I receive, if I were to apply for the credit card now?

Also, what is the max limit I am likely to receive on these credit cards? just so I can plan in advance how much I can put on the card.

thanks in advance.
Community Updates
  1. Ask
Groups
  1. Ask
11 Comments
get the CC after the mortgage. it may impact your mortgage amount or may need to repay any debt before you can have a mortgage.

max limit depends a lot. I was in same position as you and got 2800 on 0% from virgin (my other card is at 7500 but thats 17%)
as above comment, it may be wise to apply for the credit card after you have already got your mortgage. also applying for the credit nearer the time will mean you get the full benefit of the 0% interest longer.

we have applied for several credit cards over time and we have found that you can never tell what the credit limit will be as it is very different between the different providers. it can vary by thousand of pounds. we have had £1,500 all the way to £15,000 credit limits on different cards, so you can see the extreme difference!
Or just buy things when you can afford them
So you mention that you have a good credit rating but don’t have any debts and always pay your credit card on time. That probably means you have an average score, not a good one. Credit scores work on history of payments within terms, if you do not have much credit history that can be just as bad as having a few late payments and lots of history.

In terms of credit cards, wait till your mortgage application is accepted, also bear in mind if you leave it till you move that you will likely be affected by moving (most finance products like you to be in place for 6 months or more). In terms of limits these are normally based on your earnings, credit score and other lender specific criteria. I’ve found having a credit card with the bank I bank with has meant I get a lot of offers for long balance transfers and spend on 0%. Get yourself on the electoral role as quick as possible after moving.
Original Poster
mattsk24th Jan

get the CC after the mortgage. it may impact your mortgage amount or may …get the CC after the mortgage. it may impact your mortgage amount or may need to repay any debt before you can have a mortgage.max limit depends a lot. I was in same position as you and got 2800 on 0% from virgin (my other card is at 7500 but thats 17%)



mutley124th Jan

as above comment, it may be wise to apply for the credit card after you …as above comment, it may be wise to apply for the credit card after you have already got your mortgage. also applying for the credit nearer the time will mean you get the full benefit of the 0% interest longer.we have applied for several credit cards over time and we have found that you can never tell what the credit limit will be as it is very different between the different providers. it can vary by thousand of pounds. we have had £1,500 all the way to £15,000 credit limits on different cards, so you can see the extreme difference!



cmdr_elito8 h, 10 m ago

So you mention that you have a good credit rating but don’t have any debts …So you mention that you have a good credit rating but don’t have any debts and always pay your credit card on time. That probably means you have an average score, not a good one. Credit scores work on history of payments within terms, if you do not have much credit history that can be just as bad as having a few late payments and lots of history.In terms of credit cards, wait till your mortgage application is accepted, also bear in mind if you leave it till you move that you will likely be affected by moving (most finance products like you to be in place for 6 months or more). In terms of limits these are normally based on your earnings, credit score and other lender specific criteria. I’ve found having a credit card with the bank I bank with has meant I get a lot of offers for long balance transfers and spend on 0%. Get yourself on the electoral role as quick as possible after moving.


Thanks everyone for the advice, I should have made it clear, my mortgage application has been made and accepted so it will not get effected.
i was worried about getting a low limit now and not being able to change, i will probably wait until the completion date before i appy for one anyway, thanks evertone!
Jak921 h, 47 m ago

Thanks everyone for the advice, I should have made it clear, my mortgage …Thanks everyone for the advice, I should have made it clear, my mortgage application has been made and accepted so it will not get effected. i was worried about getting a low limit now and not being able to change, i will probably wait until the completion date before i appy for one anyway, thanks evertone!


Do you have the house though? Have you signed for one?
The approval now isn’t an acceptance. They will still check it against the property you buy. It is still wise not to play with your credit worthiness until you have keys.

A new home is an exciting time. I’m sure there is a high percentage of us on here that wish we knew what we know now.

Buy into it slowly, appreciate the freedom but don’t over spend early days. Especially on here, too easy to tech up and spend, spend spend.
Oneday771 h, 47 m ago

Do you have the house though? Have you signed for one? The approval now …Do you have the house though? Have you signed for one? The approval now isn’t an acceptance. They will still check it against the property you buy. It is still wise not to play with your credit worthiness until you have keys. A new home is an exciting time. I’m sure there is a high percentage of us on here that wish we knew what we know now. Buy into it slowly, appreciate the freedom but don’t over spend early days. Especially on here, too easy to tech up and spend, spend spend.


Agree fully. Only buy what you need with cash you have. Keep credit card as last option and pay it off as quickly as possible.
cmdr_elito14 m ago

Agree fully. Only buy what you need with cash you have. Keep credit card …Agree fully. Only buy what you need with cash you have. Keep credit card as last option and pay it off as quickly as possible.


if the op plans to have money to pay off the debt when the 0% interest period expires then that will be fine. all the goods have to be bought upfront when you move into a new property, so it is always expensive when you start out.
mutley130 m ago

if the op plans to have money to pay off the debt when the 0% interest …if the op plans to have money to pay off the debt when the 0% interest period expires then that will be fine. all the goods have to be bought upfront when you move into a new property, so it is always expensive when you start out.


Yes I know. But it’s wiser to save up before you move.
cmdr_elito6 m ago

Yes I know. But it’s wiser to save up before you move.


when i bought my first property i used all my savings towards the deposit so on completion i was pretty skint. however i was earning good money from my job, so it did not take me long to build up cash again.

0% credit card and 0% interest purchase goods would have been very helpful.
Original Poster
cmdr_elito25 m ago

Yes I know. But it’s wiser to save up before you move.



As mutley is saying, the 0% credit cards will help, as along as I'm wise and careful It will pose no risk.

We have money saved up for most of the things, but there's no harm in using the the 0% Credit cards to ease cash flow and use the cash for any unexpected emergencies that may occur, which is the plan
Post a comment
Avatar
@
    Text

    Top Discussions

    Top Merchants