Credit card confusion!?! =/

ykhan16

Hi guys,

Hope someone can help me! My partners 0% interest period on his credit card is coming to an end (£2.4k balance outstanding). Unfortunately he's not working at the moment so that effectively rules him out of applying for a credit card (right?)

I myself am only working part-time which i started in May of this year (income between £5.5-6k pa) so I was wondering out of which of the following credit cards would I have the best chance of being accepted. Our household income is around £16.5k incidently.

The cards i'm thinking about applying for are either: Virgin, Tesco, Egg, HSBC. I believe non of these have a minimum income requirement.

Second question- i'm currently named as an additional card holder on my partners credit card for which we have this outstanding balance. I think thats the only product (apart from a joint current account) which we have together. If an application is refused would it affect his credit history??

Lastly in 2007 this balance was transferred onto this card from a Virgin credit card which was in my partners name. Will there be any issues for me if I apply for the virgin card??

I appreciate any help!

Moggles_2

ykhan16 wrote: »

My partners 0% interest period on his credit card is coming to an end (£2.4k balance outstanding). Unfortunately he's not working at the moment so that effectively rules him out of applying for a credit card, right?

That's right.

Moggles_2

ykhan16 wrote: »

I'm currently named as an additional card holder on my partner's credit card, for which we have this outstanding balance. I think that's the only product (apart from a joint current account) which we have together. If an application is refused would it affect his credit history?

If you share a financial product (eg. joint bank a/c) with someone else then you are financially linked to them and so your poor management of your own affairs could have a knock-on effect on their finances and their credit rating.

That said, credit files do not record unsuccessful credit applications as such. Only the credit check is shown

Moggles_2

ykhan16 wrote: »

In 2007 this balance was transferred onto this card from a Virgin credit card which was in my partner's name. Will there be any issues for me if I apply for the Virgin card?

No, this is of no importance now.

FWIW, I very much doubt whether lenders can distinguish BACS payments made by other card companies from those of their customers.

Which credit card(s) - besides Virgin - does your partner have at the mo?

ykhan16

Thanks for all the advice moggles!

The balance is now on a Natwest card (transferred from a virgin card last year). The other credit card he has at the moment is the morgan stanley plat card for which i'm also an additional card holder.

Morgan stanley are offering BT of 9 months for a 2% fee which we're also considering (then using the Natwest for purchases instead). But we would prefer another card with a longer 0% period.

Out of those cards listed are there any that are considered a safer bet to apply for given my current income/circumstances. I suppose if I get refused the Morgan Stanley has that 9 month 0% offer to fall back on but i guess that wont be ideal if my credit history (and maybe my partners) is affected. =[

Moggles_2

ykhan16 wrote: »

The balance is now on a Natwest card (transferred from a virgin card last year). The other credit card he has at the moment is the Morgan Stanley platinum card for which I'm also an additional card holder.

Morgan stanley are offering BT of 9 months for a 2% fee which we're also considering (then using the Natwest for purchases instead). But we would prefer another card with a longer 0% period.

Out of those cards listed are there any that are considered a safer bet to apply for given my current income/circumstances?

That rules out Tesco then. NatWest and Tesco credit cards belong to the same stable, so you cannot transfer balances between them.

To maximise the 0% period on BTs, I would go for Virgin. If the worst happens and, due to your current circumstances, you're handed a lowish credit limit, Martin's advice is to transfer what you can. Don't leave an offer unused out of exasperation. It's already on your credit file, so you may as well use it.

As you say, there's always the Morgan Stanley offer to fall back on. This could buy you time until your partner is back in full-time employment.