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0%
puchee
Posts: 13 Forumite
in Credit cards
My 0% comes to an end in Dec. with an oustanding amount of £5000.I want to go for another 0% to offset the outstanding £5000. Since my plans to pay it off could not mature because I am buying a property(house) and my offer for a house has been accepted. I am waiting on the mortgage broker to get a deal for me.The lender will do a credit search. If I should go forward for a 0% now, will it affect my credit rating?
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Comments
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One credit search (assuming you haven't done loads of others recently) will have no impact.0
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It will be fine. Just as long as you don't make lots of applications for cards in a short space of time.0
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Whilst one search may not matter, a mortgage search of your file may reveal twice the debt, ie £10K, if the new lender updates your file quickly and the current lender takes their time.
Assuming this is your only debt, the mortgage lender could reduce your salary by £3,600 (36% of the debt being approximately 12 x 3% minimum payments) before applying their salary multiples.0
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