Looking for advice before a CC application

lawsio

Hi all, I have a few debts that I'm trying to organise properly and thought before doing anything I should ask some of the expert peoples on here

I have two credit cards, A Mint one with a balnce of about £600, and a Natwest one (who my current account is with) with a balance of about £700, and I want to apply for a new card to transfer them onto so I can close my account with those two and only have the one card. Once i've done this, i'm not planning on using the card for purchases very often, just for paying off the current debts from a holiday last year that cost a lot more than expected.

Firstly, who is a good company to go with at the moment? I hear in the news almost everyday about banks going t*ts up which is rather unsetteling! I'm thinking of Barclaycard or Capital One, are these good choises?

Secondly, I before I do an application I want to clear a few things up so I dont put something in wrongly on my credit check.

- I have made a late payment (by a day) and been charged a £12 fine for it, does this class as a missed payment or anything?
- I have a laptop that I bought on a finanace scheme at Currys (I borrowed about £350 for it) - does this count as a personal loan or a store card (although I dont have a card, i wasnt sure if its the same thing?)
- I have an overdraft on my current account with a limit of £1500, which each month before payday i'm usually £400/500 down on it. If asked if I have an overdraft and how much for, how should I answer? Although I do use it I clear it on payday each month.
- I own a home but via the 50% shared ownership scheme, so I have a mortgage for half of it and pay rent on the others half. How do I class my residential status? I usualy say homeonwer but is that correct?

I think thats it! Sorry for the amount of questions but its a bit confusing!

Thankyou in advance

Kavanne

NEVER use a card that has a promotional balance transfer on it for purchases unless the BT offer and promotional purchase period are the same length of time!!

Have you had a look at your credit report to see if your currys finance is on there?

Robert_Sterling_3

You have two credit cards.
You want to have less credit cards.
So you are seeking to get a third credit card.
Why not start by paying off one credit card ( not all in one go ) and then start paying off another credit card.
Your aim is commendable.

YorkshireBoy

lawsio wrote: »

Once i've done this, i'm not planning on using the card for purchases very often...

That's going to seriously restrict the cards you apply for because you'll be looking at those with equal 0% periods on BT's and purchases. Better to keep any purchases on a different card.

- I have made a late payment (by a day) and been charged a £12 fine for it, does this class as a missed payment or anything?
- I have a laptop that I bought on a finanace scheme at Currys (I borrowed about £350 for it) - does this count as a personal loan or a store card (although I dont have a card, i wasnt sure if its the same thing?)
- I have an overdraft on my current account with a limit of £1500, which each month before payday i'm usually £400/500 down on it. If asked if I have an overdraft and how much for, how should I answer? Although I do use it I clear it on payday each month.
- I own a home but via the 50% shared ownership scheme, so I have a mortgage for half of it and pay rent on the others half. How do I class my residential status? I usualy say homeonwer but is that correct?

1. It might not even appear on your CRA file if you paid before the next statement was produced.

2. Is it BNPL or are you making payments each month?

3. I wouldn't worry about this one. The chances of your report showing what you tell them on an application are slim.

4. Unless there's a specific 'shared ownership' option I'd answer as 'home owner' or 'home owner with mortgage' depending on what options they give you.

lawsio

Robert_Sterling wrote: »

You have two credit cards.
You want to have less credit cards.
So you are seeking to get a third credit card.
Why not start by paynig off one credit card ( not all in one go ) and then start paying off another credit card.
Your aim is commendable.

If I had a 3rd card, and used it to pay off the first 2, then surly I'd be able to close the 2 I currently have thus leaving me with 1?

lawsio

Kavanne wrote: »

Have you had a look at your credit report to see if your currys finance is on there?

Probably a stupid question but how do I do that?

lawsio

YorkshireBoy wrote: »

2. Is it BNPL or are you making payments each month?

I dont know what BNPL means :eek:, but its a set 10 month agreement that I pay 10% off each moneth, which i've had since October

Kavanne

lawsio wrote: »

Probably a stupid question but how do I do that?

https://www.equifax.co.uk
https://www.creditexpert.co.uk

lawsio

YorkshireBoy wrote: »

That's going to seriously restrict the cards you apply for because you'll be looking at those with equal 0% periods on

I'd do the BTs as soon as I got the card so even if the 0% perious was a week it wouldnt matter to me (i think?) because i'll only use it the once.

YorkshireBoy

lawsio wrote: »

I dont know what BNPL means :eek:, but its a set 10 month agreement that I pay 10% off each moneth, which i've had since October

Buy Now Pay Later, sometimes known as deferred interest. Usually there's nothing to pay for an intro period and if you don't settle in full during this period they whack you with circa 29.9% interest from day one.

I'd say it will appear as a 'loan' on your credit report.


Re your subsequent posts, I'm worried you haven't grasped what we're trying to tell you about mixing BT's and purchases on the same card. Put my mind at ease?

lawsio

YorkshireBoy wrote: »

Re your subsequent posts, I'm worried you haven't grasped what we're trying to tell you about mixing BT's and purchases on the same card. Put my mind at ease?

If it worries you, I don't think I have either!