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  • FIRST POST
    • MJ-98
    • By MJ-98 30th Sep 17, 2:33 PM
    • 7Posts
    • 0Thanks
    MJ-98
    Shifting debt to credit card application advice
    • #1
    • 30th Sep 17, 2:33 PM
    Shifting debt to credit card application advice 30th Sep 17 at 2:33 PM
    Hi All,

    I have never had a credit card and neither has my partner. A year ago we took out a loan (£11000) so I could complete a postgrad degree and now I feel like the best option is to try and shift it, or at least some of it, on to a couple of 0% interest credit cards and then keep doing this every time the 0% period expires (the loan is quite high interest which I'm not paying yet).

    The issue here is our employment and credit score differences:
    On the MSE credit club I have a credit score of 966 out of 999. The problem is that my affordability and disposable income scores are low. I am about to go abroad temporarily working on an internship and therefore I do not have a wage currently which is a massive issue as I will not get a high (if any) credit limit.

    We cannot work get Credit Club to work with the answers we give for my partner even though they are correct. Therefore, on ClearScore, my partner has a rating of 415 out of 700. She has a full time job and plenty of income spare compared to her outgoings. However this credit score website doesn't give most of the information that the MSE site does regarding affordability for credit cards etc.

    Does it seem feasible here that as I have a high credit score and she has a job and disposable income, we could combine for a joint card and we will get the best of both worlds? I'm not sure how this stuff works but it seems like it would be the best option to me? Unless I wouldn't get accepted without an income. In effect I want her guaranteeing my credit application to get a higher limit.

    On a side note, I was looking at the Halifax application (30 months 0% on purchases) online and I can't see how to add a second person to the application. Is it possible to do it online?

    Any help would be appreciated.

    Thank you!
Page 1
    • venison
    • By venison 30th Sep 17, 3:50 PM
    • 1,356 Posts
    • 1,445 Thanks
    venison
    • #2
    • 30th Sep 17, 3:50 PM
    • #2
    • 30th Sep 17, 3:50 PM
    Firstly a credit "score" means nothing only you see it.
    Secondly with no income you will not get a card, perhaps wait until you do.?
    I am now a Board Guide on the Credit card board and the Loan board and Benefits board (But give me time to learn the ropes thanks).
    • BoGoF
    • By BoGoF 30th Sep 17, 6:12 PM
    • 2,722 Posts
    • 1,960 Thanks
    BoGoF
    • #3
    • 30th Sep 17, 6:12 PM
    • #3
    • 30th Sep 17, 6:12 PM
    And theres no such thing as a joint credit card.....an individual can add a secondary card holder but you share the credit limit
    • lynz68
    • By lynz68 30th Sep 17, 6:13 PM
    • 314 Posts
    • 297 Thanks
    lynz68
    • #4
    • 30th Sep 17, 6:13 PM
    • #4
    • 30th Sep 17, 6:13 PM
    You cannot get a joint credit card. One person can apply and add another as an additional card holder.

    If you have never had a credit card the likelihood of getting a 0% credit card is slim to none especially with that high a credit limit.

    Credit scores mean nothing the lender cannot see them.

    Use the credit card eligibility checker on here and see what it says but I don't think you will get what you need.
    • Superscrooge
    • By Superscrooge 1st Oct 17, 12:07 AM
    • 916 Posts
    • 633 Thanks
    Superscrooge
    • #5
    • 1st Oct 17, 12:07 AM
    • #5
    • 1st Oct 17, 12:07 AM
    Would you lend money to someone who was £11K in debt and doesn't currently have an income?

    I think your chances of getting a 0% credit card are slim at best.
    • MJ-98
    • By MJ-98 2nd Oct 17, 12:41 PM
    • 7 Posts
    • 0 Thanks
    MJ-98
    • #6
    • 2nd Oct 17, 12:41 PM
    • #6
    • 2nd Oct 17, 12:41 PM
    Thanks for all the replies, i'll try and address them as one here.

    I was under the assumption from reading online you could get joint credit cards which was of course the reason behind my thinking. I have never missed anything and am very reliable with payments whereas my partner has never had any debt or credit accounts which inhibits her score. Therefore obviously my hope was that my historical reliability, combined with her income would make it possible, which obviously it is not as I now know as you cannot literally have a joint credit account like a bank.

    On the recommendation from the Credit Club part of the site it actually suggests I have an 80% chance of getting a 30 month 0% purchase card (obviously i don't know what the limit and %'s after the time period would be) and this is actually when I put in only £1000 as my income annually (you cannot enter £0). I'm guessing the limit would just be exceptionally low.

    In response to Superscrooge, as already mentioned I was under the impression you could get joint credit accounts. This would have been lending to someone with an income as my partner has one. Furthermore, if I had of got a card this way, the debt wouldn't have even increased as it would have just been to transition some of it from one place to another, so I don't think this would have been infeasible as it was originally intended.

    Thanks all.
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