how many credit cards do you have?

innovate

Lots of times people mention that the amount of credit you can get depends (partly) on how much you earn. I know that all the application forms ask you to state your income - - - but what checks do the credit card companies carry out on this information? I can't recall they ever asked for the name of the employer, and they don't ask for the NI number, so can't check with the Inland Revenue - or can/do they?

Of course I am not suggesting for one second that people should tell fibs about their income - just interested in why the CC companies ask and then don't/can't verify. Is this some sort of "insurance policy" they use when people get into trouble with repayments, i.e. the CC companies can say they lent the money in good faith?

denys

Apply for Co-operative bank credit card. They will mach your highest available credit limit (officially has to be on a VISA card, but will consider MC as well if you write a nice letter). Matched my 50k with no questions based only on a faxed statement. Currently best deal is 7 months 0% APR deal on BT and purchases (called “Travel” – I also received 500 “travel” points for a BT transfer – £???), but with over 10? different products you may switch to it is currently my first choice for stoozing. I went Classic>Gold>Travel – 6+6+7 = 19 months so far. If you currently do not have high enough credit limits you may consider merging cards from same providers (e.g. MBNA). Otherwise go for a premium card with your bank and request a highest available credit limit, some may charge a fee for this privilege, but you will only need your first statement and can get a refund afterwards.

Apply for another 0% APR deal from Co-op well before your introductory rate expires as it takes at least two weeks to clear and settle down your old account and move credit limit to a new one. You may even get a higher credit limit if applying online. My friend was automatically approved for £10k, when she needed to move £25k – so ended up with merging limits on old and new accounts and getting £35k.

You will need a considerable free overdraft arrangement in order not to pay any fees as your funds are engaged in the property. Alternatively be prepared to pay two weeks interest (promo most likely not more than 5.9 currently on large debt) when you temporally repaying your Co-op card with other provider’s product.

I suggest you to focus on your mortgage applications and make sure not to get too many searches just before you apply for £300k+ facility. Any further questions please feel free to pm me.

goldmercury

monkeysnail,

take a look at http://www.housepricecrash.co.uk/ tell them your plan in th eforum see what they say.

Reaper

That web site was created on 26th October 2003 and predicted a house price crash was imminent... any moment now... look here it comes... any moment now... ....

... and so on for 2 years. How long does it have to be until they admit they were wrong?!

Anyway, back on topic for a moment I also think it a bad idea, but if you must use credit cards for a deposit think about low life-of-balance cards as at least then you won't get stuck if your high borrowing prevents you getting yet more 0% cards when the first lot run out.

Galstonian

Since you seem to have calculated the risks I suppose the the answer is now "it depends". It depends on other factors (income, debt, stability etc..) which all contribute to credit ratings.

Get your credit reports (both you and husband), check they are correct and if they are you can try. I would say that generally speaking you will not get a limit of more than £15K on an initial application so you would need four cards. Ideally for the longer term you would space these out about a month at a time. Deals are not as long as they used to and/or charge BT fees. Make sure you read the terms and conditions thoroughly and have a look at the stoozing forum here, The Motely Fool and stoozing.com, you should get an idea of who is generous, who owns who (don't apply for multiple cards from the same lender, e.g. Virgin and MBNA), who are fast, what the deals are and who charges.

I personally would not be increasing exposure in property just now but best of luck anyway.

johannamse

me and hubby have 7 cards between us - total limit of 56k

TypeR

Is she REALLY serious? You're buying at just off the peak of the market which is declining.

You will be ruined, of that I have no doubt.

canny_yorkshireman_2

well i don't think you will be able to raise 50k on intrest free cards. Card companies are now cutting back to stop us tarters with a number of measures like small credit limits which do not reflect your true credit rating and charging for balence transfers. also the footprints on your history will be prohibative as you apply for more and more cards.
i would advise you to try to negotiate a low remortgage with the view to repay over the 12 months good luck

TypeR

Reaper wrote:

That web site was created on 26th October 2003 and predicted a house price crash was imminent... any moment now... look here it comes... any moment now... ....

... and so on for 2 years. How long does it have to be until they admit they were wrong?!

Anyway, back on topic for a moment I also think it a bad idea, but if you must use credit cards for a deposit think about low life-of-balance cards as at least then you won't get stuck if your high borrowing prevents you getting yet more 0% cards when the first lot run out.

Property crashes don't happen over night, they are painful drawn out affairs. At the time the website was opened, prices were still increasing.

The peak was Jul 2004, and ever since the majority of the confidence has drained away, the same confidence that powered the market to where it is today.

Interest rate rises are just round the corner, there is no doubt.

Repossessions up 61% year on year, we are on the downward trend, and no one needs to be reminded of the "last time".

The smart money is not in property as an investment now, the serious speculators have cut and run, leaving us with REPEATS of location location location and LLL-Revisited.

Where is the new series? No chance, ask yourself why.

Charlie_The_Tramp

monkeysnail wrote:

Oh yeah definitely. Our 3 bedroom flat is being rented out by girls who work in canary wharf and they pay £420 per week or £1820 per month.

Also, I am an accountant, so when it comes to figures, i am quite accurate.

Also, I am using debt to buy assets or investment properties. I am not using the money to buy consumer products.

I think this thread should be on the property thread and not on credit cards.

Please tell me you are not real. :rotfl:

An accountant eh! and you are asking people on an internet forum for financial advice. :eek:

You are about to be blown away in the coming financial hurricane. :rolleyes: