Getting a New Card

leeegglestone

I am in the process of buying a house & getting a mortgage. Borrowing around £50,000

This aside im thinking of getting a new car , or well working out the possibility.
I would need £4500. which i could probably pay out at a push but do not want to leave myself short when just omitting to a property.

I have 3 credit cards
Barclaycard - around £8K Limit
Amazon - £1700 Limit
Amex Nectar Credit Card - £8K Limit.

My Salary is £15,800 .

My cards are always paid out in full & only use amex now which i got 2replace barclays as theres no reward for spending with them

I thought why not look at 0% balance transfer, this way I delay paying the full amont for 9months & avoid paying it back plus about £30 interest a month too.

Would I be accepted for another card for this amount with getting a mortgage considering Amazon gave me such a low limit?

are these the best options at present or any of them linked to the cards I already have. do these have any fees, i read that some if u apply in the building rather than online u avoid the fees.

HSBC 0% 9months
Lloyds TSB Platinum - 9months 0%
Virgin 9 months 0%
MBNA Platinum Plus 9months 0%
Egg Card 9months 0%

Ideally it like to balance again after the 9months :-)
Thanks for any advice

Lee

Bloke_with_a_simple_life

MMmmm.... not too sure...

But, I think you may be over committing yourself buying a card and a house at the same time, especially if you are borrowing more than 3 times your salary.

Based on personal experience, I would get used to living with the flat for about a year to really understand how your finances stand up to the flat - and then, and only then consider a car, and not before. You will be able to tell if your budgetting skills are spot on for the flat and how much free income you have for the car and all the those other "hidden" costs every one experiences with owning a flat.

So, please, don't buy the car now.

Good luck.

roswell

If you need a car get one on a card that does 0% Purchases, But is it a case of want or need??? if your paying 4500 for a car now expect it to be worth £2000 tops in 3 years ... or could you spend £1000 on yours and make it last 3 years ???

YorkshireBoy

Amazon 'probably' gave you such a low limit because your credit report showed that you already had more available credit than your salary on your 2 existing cards!

My fear would be 'if' you were able to get another credit card without lowering your credit limits, this may impact on your mortgage application. Conversely, once the mortgage is showing on your credit report, this will also impact on your ability to get another credit card.

My advice? Close down/reduce the limits on your existing cards before either applying for a mortgage or another credit card.

As regards which is the best card, and whether there are fees, visit the providers website to check.

For a list of 'who owns who', see https://www.stoozing.com/cards.htm

leeegglestone

had my mortgage application accepted.
for £52,500


To improve my chances of being accepted for another Credit Card (0% BT Card)

Should i ring up and reduce my current credit Card limits?
Barclaycard = 8K
American Express = 8K
Amazon = 1.7K

change barclay card to maybe £5K
American Express to £5K
which saves me £6K, would this in theory allow me another card where i could get at least a limit of 4-5K, which is what i would BT

YorkshireBoy

Forgive me for being rude, but why on earth would you want to retain credit limits equalling your salary when you already have a mortgage of more than 3 x salary. A lenders view would be that you simply couldn't afford to repay that level of debt on your income.

You say you pay off your cards in full...are you planning on spending £10K a month? If not, why do you want to retain such a high total credit limit?

The best way, in my opinion, to gain the credit you need on a 0% card, is to close down 2 cards, set the limit on your retained card to £6K, and ask your new provider to match the limit on your remaining card - ie, £6K - with the 'promise' (at the appeal stage) that you'll close down the other card if your application is successful.

But you may not have time to get it all done before your mortgage is reported to the CRA's - and once it is, your chances may then be slim.

leeegglestone

its just something the companies gave me, i didnt ask for two £8K cards, cos i neva missed any payments & always paid the balances every month. only use barclay as backup as cant use amex everywhere.

I can close the Amazon.
i wanted to keep barclay+amex over 5K as if do BT for 5K, well i have two choices of cards.

if i got a 0% card for 5K would i b able to get the 5K sent to current account or do they pay it off ur card themselves , if they send 2ur current account, icould lose down the barclaycard as i would not need it+just keep amazon as backup

YorkshireBoy

You need a super balance transfer card to pay cash into your current account - see the 'Super BTs' link at the top of the page. My suggestion, based on recent developments in the SBT 'industry', would be to look at the Egg Card or Mint, but Mint are known to give low limits so in your situation I'd go for Egg. However, as I've said twice before in this thread - close down/drastically reduce the limits you have.

One of the most damaging things on a credit report is a recent mortgage addition. Card issuers will want to see some history before committing credit to you.