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Page 244
    • Candyapple
    • By Candyapple 6th Jul 17, 2:49 PM
    • 2,485 Posts
    • 1,854 Thanks
    Candyapple
    regarding the above, what effect does the following have on credit card applications:
    - married vs single
    - homeowner vs living with parents
    - length of time with employer
    Originally posted by OverExposed
    Married vs single - I presume lenders would view married couples to be more 'secure' for debt repayment given that if say one person couldn't make the repayments, then their other half would be able to cover any repayments as opposed to being single, if you failed to pay, the risk is higher of you defaulting as you wouldn't have a partner to fall back on.

    - homeowner vs living with parents - Lenders view homeowners as low risk given that the security of your home is at risk and you have reached a stage in life where you are able to get a mortgage so less likely to default on any repayments. Living with parents isn't necessarily a bad thing however some lenders will auto-decline you for certain products if you aren't a homeowner (again it's just their internal scoring and also the demographic they are looking for).

    - length of time with employer - Well this one is obvious. If you were going to lend money to someone who had been in a job for 3 months vs someone who had been a job for 10 years, who would you say the safer bet is in not defaulting?

    Lenders are all about risk aversion - same as insurance really. So the more stability and less risk you can show them the more likely you will pass their internal scoring for categories and be approved.

    If all you are looking for is credit cards, just enter your details on the eligibility checker and see what it says. Every lender is different and what one will mark you down on, another may not.

    https://www.moneysavingexpert.com/eligibility/credit-cards/
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
    • bigadaj
    • By bigadaj 6th Jul 17, 7:42 PM
    • 10,736 Posts
    • 7,025 Thanks
    bigadaj
    Like many things these elements can be viewed positively and negatively.

    Married or single is generally neutral, though if you are financially associated to someone with a poor credit file it could be negative.

    Homeowner would generally be better than living with parents, though obviously time at address is much less which is a slight negative.

    Length to time with employer is pretty much the longer the better.

    All of these aspects are fairly minor compared with using credit regularly, paying on time, no defaults or ccjs, etc etc
    • sandrajane 182D
    • By sandrajane 182D 26th Jul 17, 12:10 PM
    • 3 Posts
    • 0 Thanks
    sandrajane 182D
    HI, I applied for a 0% interest credit card with Halifax who i bank with as i wanted to use it for balance transfer to pay off £5,000 balance on barclaycard. The new card only has a credit limit of £1,500 so now not sure whether to use it to partly clear barclaycard, but would then be paying off 2 cards instead of 1 or should i use it to build up my credit rating by just using for it for groceries/petrol and paying off in full each month? I recently finished paying off a massive debt in a debt repayment scheme so was surprised i was able to get another credit card so soon! Dont know which to do!
    • zx81
    • By zx81 26th Jul 17, 12:14 PM
    • 14,157 Posts
    • 14,860 Thanks
    zx81
    BT what you can and start saving some cash.

    Use another card for your day to day spending.
    • MrsShazbat
    • By MrsShazbat 9th Sep 17, 3:10 PM
    • 476 Posts
    • 2,467 Thanks
    MrsShazbat
    When is the best time to look at doing another BT?

    I've got a Barclaycard where the 0% runs out about May next year - is the best thing to do is keep paying till nearer the time (always more than the minimum) and then look to transfer what's left elsewhere before the interest kicks in, or do it now depending on what deals are available?

    Also presumably I can't go to the same lender and apply for a new 0% card if I've had one from them before even if I'm a customer (one of my banks)?
    Last edited by MrsShazbat; 09-09-2017 at 3:15 PM.
    * Xmas 2018 #8 £0 / £365 * (2017 £496.53; 2016 £424.32) * SPCNo.11 #66
    (SPCNo.10 £682.31 * SPCNo.9 £442.64 * inc Quidco to 2/11/17 £249.69) *
    • RG2015
    • By RG2015 9th Sep 17, 3:50 PM
    • 501 Posts
    • 240 Thanks
    RG2015
    When is the best time to look at doing another BT?

    I've got a Barclaycard where the 0% runs out about May next year - is the best thing to do is keep paying till nearer the time (always more than the minimum) and then look to transfer what's left elsewhere before the interest kicks in, or do it now depending on what deals are available?

    Also presumably I can't go to the same lender and apply for a new 0% card if I've had one from them before even if I'm a customer (one of my banks)?
    Originally posted by MrsShazbat
    Why don't you just pay the minimum and put the rest in a savings account?

    As regards your question, my 0% runs out in May and I will be waiting until April to find a new deal. I doubt that having a current account with the same bank will be of any relevance when applying for a credit card.

    The Ts&Cs will say if you can have a deal if you have had one before. However, if you use the MSE Credit Club availability tool it tells you if you are ineligible for current cards. It may also say if you ineligible for one you have previously had.
    Last edited by RG2015; 09-09-2017 at 4:02 PM.
    • MrsShazbat
    • By MrsShazbat 9th Sep 17, 4:11 PM
    • 476 Posts
    • 2,467 Thanks
    MrsShazbat
    Why don't you just pay the minimum and put the rest in a savings account?

    As regards your question, my 0% runs out in May and I will be waiting until April to find a new deal. I doubt that having a current account with the same bank will be of any relevance when applying for a credit card.

    The Ts&Cs will say if you can have a deal if you have had one before. However, if you use the MSE Credit Club availability tool it tells you if you are ineligible for current cards. It may also say if you ineligible for one you have previously had.
    Originally posted by RG2015
    I just presumed that paying more than the minimum was a better plan - I already know I won't clear it in full by the time the 0% runs out so to me it doesn't make much difference. I can see in one bank's T&Cs that I can't have another card with them, but not in the other's although it's the same card essentially so I guess I can't. Neither appears on the Credit Club/eligibility checker. I'll bide my time. I suppose I'm just twitchy in case I was turned down when the time comes. But we'll see....
    * Xmas 2018 #8 £0 / £365 * (2017 £496.53; 2016 £424.32) * SPCNo.11 #66
    (SPCNo.10 £682.31 * SPCNo.9 £442.64 * inc Quidco to 2/11/17 £249.69) *
    • RG2015
    • By RG2015 9th Sep 17, 4:35 PM
    • 501 Posts
    • 240 Thanks
    RG2015
    I just presumed that paying more than the minimum was a better plan - I already know I won't clear it in full by the time the 0% runs out so to me it doesn't make much difference.
    Originally posted by MrsShazbat
    I understand what you are saying. I am hoping to get a credit limit on a new card or cards that will allow me to clear the balances on my existing 0% cards.

    Good luck next April but keep checking the excellent MSE eligibility tool. You may see a deal earlier than April that is too good to risk losing out on.
    • Juicyblurred
    • By Juicyblurred 15th Sep 17, 11:03 AM
    • 2 Posts
    • 0 Thanks
    Juicyblurred
    Hi , i have a debt of £5045 on a barclaycard and i am currently paying £115.00 monthly. i am hoping to cut this figure down . i signed up for a LLyods card (£7300) with a 3% fee on balance transfer, however i havent done the balance transfer yet as i am not sure the extra amount that will be added to this. Can anyone help with what i am likely to pay ie how the maths for this will pan out?
    • alan17
    • By alan17 15th Sep 17, 12:09 PM
    • 31 Posts
    • 7 Thanks
    alan17
    Juicyblurred:

    Is it a straight 3%? I have had a look on their site and there a few different ones, one is 3% reduced to 2% with refund... some are zero.

    If you were offered 3% then your £5045 would be £5196.35 after the 3% transfer fee.

    Is there an annual fee for the card? some do some do not have this.

    Sorry I could not have been more help, came to post my own question!
    • alan17
    • By alan17 15th Sep 17, 12:13 PM
    • 31 Posts
    • 7 Thanks
    alan17
    Hi everyone,

    Did not want to post a new thread, question on multiple cards.

    Ideally, I would like a balance transfer card and a spending card,
    However will this not negatively affect my credit score. Due to having more spending available? i.e. two cards?

    I have always transferred and closed the old account in the past and went to 1 card. But I could do with 0% spending due to circumstances.
    • Phenderson
    • By Phenderson 15th Sep 17, 2:09 PM
    • 1 Posts
    • 0 Thanks
    Phenderson
    Hi People ..

    I'm new to credit cards and I've never had one. I've ran up £2.500 on a Halifax overdraft over the last 4 years but now I'm finding charges are going up to the point I'm struggling... tried putting my head in the sand but never helped!

    What are my options in terms of cards and paying off overdrafts in banks, is this the norm?

    Cheers Paul
    • zx81
    • By zx81 15th Sep 17, 2:19 PM
    • 14,157 Posts
    • 14,860 Thanks
    zx81
    You'd need a money transfer card. But that may be unlikely given you're so deep into your overdraft.
    • dbmabz
    • By dbmabz 15th Sep 17, 3:01 PM
    • 39 Posts
    • 462 Thanks
    dbmabz
    A money transfer credit card will allow you to transfer money directly from the credit card to your bank account and use this to pay off your overdraft.

    You will need a good or excellent credit rating to get a money transfer card and the fees for money transfers are quite high at around 4%
    • Juicyblurred
    • By Juicyblurred 15th Sep 17, 4:25 PM
    • 2 Posts
    • 0 Thanks
    Juicyblurred
    Alan 17
    thanks . it is a 3% flat with no annual fees for 40months.
    my current monthly repayments on the 5045 is 113 a month. Any idea whether this will decrease the monthly payouts after the balance transfer?? By how much.? Are you able to give me a range?
    • Chrysalis
    • By Chrysalis 15th Sep 17, 4:41 PM
    • 2,005 Posts
    • 918 Thanks
    Chrysalis
    A longer expiry card usually has no affect on the min payments, each provider has a set amount that they set for min payments a % of the balance or a set figure if the balance is really low.
    • MrsShazbat
    • By MrsShazbat 17th Sep 17, 2:17 PM
    • 476 Posts
    • 2,467 Thanks
    MrsShazbat
    I understand what you are saying. I am hoping to get a credit limit on a new card or cards that will allow me to clear the balances on my existing 0% cards.

    Good luck next April but keep checking the excellent MSE eligibility tool. You may see a deal earlier than April that is too good to risk losing out on.
    Originally posted by RG2015
    Thanks again

    This might not be the right place generally to ask, but as the eldest child I'm now 'joint' on my mum's bank accounts for if/when anything happens to her (her previous bank account just allowed me to be a named signatory but she recently switched and the only way they'd do it was to unfortunately make us joint account holders). She has excellent credit and awkwardly I now know how much money she has in her various accounts (I do the online thing, she doesn't) but will this have any impact on my credit record when looking at future BTs - good or bad? My credit score as of today is 959
    * Xmas 2018 #8 £0 / £365 * (2017 £496.53; 2016 £424.32) * SPCNo.11 #66
    (SPCNo.10 £682.31 * SPCNo.9 £442.64 * inc Quidco to 2/11/17 £249.69) *
    • zx81
    • By zx81 17th Sep 17, 3:04 PM
    • 14,157 Posts
    • 14,860 Thanks
    zx81
    There may be a financial association created. It may well change your credit score, but your score is largely random and doesn't measure anything in particular so can be ignored.

    Check your reports to see if she is now an associate. It needn't be a problem is her history is ok.
    • keiran
    • By keiran 19th Sep 17, 10:47 PM
    • 393 Posts
    • 195 Thanks
    keiran
    Quick question - I've tried ringing and messaging the hsbc "droids", but got no where.

    I have an hsbc credit card giving 30 months of 0% balance transfer and 3 months of 0% on purchases. If I repay the total of all purchases by the end of the 3 months, will that ensure that I can enjoy the remaining 0% balance transfer? Or are there other considerations?

    Thanks
    • richmanu7
    • By richmanu7 6th Nov 17, 8:24 PM
    • 140 Posts
    • 1,221 Thanks
    richmanu7
    Help please
    Looking to do a balance transfer from my M&S charge card to MBNA, have tried several times but MBNA tell me it does not understand my card number,have spoken to both parties who tell me its the right a/c number starting 6300,,, anyone else know more info please.
    Thanks in advance
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