The Sub Prime Credit Thread - Part IV

Innocent_Guy

Morning All!!

BugsyBrowne

I must sound really thick,i have 3 credit cards i earn £25k a year well not this year but over the years it has been around my average.
My total i owe on all 3 cards is £2600,so what is my debt to income ratio please..
cheers....

stephane_2

star-fire wrote: »

I must sound really thick,i have 3 credit cards i earn £25k a year well not this year but over the years it has been around my average.
My total i owe on all 3 cards is £2600,so what is my debt to income ratio please..
cheers....

Just about 10%....

stephane_2

But you need to take into account available credit, as for any lender it would be a possibility that you would use it all..

Innocent_Guy

stephane wrote: »

But you need to take into account available credit, as for any lender it would be a possibility that you would use it all..

I need to close some credit cards as I have around 13.5k available.

I am thinking of closing Vanquis (Had this the longest)
Barclaycard (only been open for 4 months)
Silver Mastercard (Only been open 4 months)

I know it could have a negative effect closing the accounts soo early what do you think?

stephane_2

Innocent_Guy wrote: »

I need to close some credit cards as I have around 13.5k available.

I am thinking of closing Vanquis (Had this the longest)
Barclaycard (only been open for 4 months)
Silver Mastercard (Only been open 4 months)

I know it could have a negative effect closing the accounts soo early what do you think?

If you're not planning to apply for more credit over the next 6 to 8 months, then I would leave them running, maybe making a purchase from time to time, those accounts will show as running with 0's on credit report and close them nearer the time you wish to apply for another deal. If you wish to apply now, then yes it would be best to close at least 2 of them, not all of them, the fact that those accounts will show as settled after 4 months should not have any negative impact at all as long as they've been well run during the time accounts were running

BugsyBrowne

Innocent_Guy wrote: »

I need to close some credit cards as I have around 13.5k available.

I am thinking of closing Vanquis (Had this the longest)
Barclaycard (only been open for 4 months)
Silver Mastercard (Only been open 4 months)

I know it could have a negative effect closing the accounts soo early what do you think?

Yeah know what your saying innocent i am going to close cap 1 and flybe in october and go for a purchase card,
! balance transfer card & 1 purchase card and thats it then...

fairmorn308

Evening all.

Was looking at first time mortgages last night with santander. My question is i am 27 now but when i was 18 i had a mortgage for about 7 months before it got swapped over to my fathers name. Its no longer on my record now but woould i beable to get a normal mortgage or would i class as 1st time home owner?

noah271007

fairmorn308 wrote: »

Evening all.

Was looking at first time mortgages last night with santander. My question is i am 27 now but when i was 18 i had a mortgage for about 7 months before it got swapped over to my fathers name. Its no longer on my record now but woould i beable to get a normal mortgage or would i class as 1st time home owner?

You got a mortgage when you're 18???:eek:

I imagine it will be treated as first time home owner if you do not own any property to your name.

fairmorn308

Wish i kept it tho Oh well these things happen tho

In process of saving at moment for deposit. Looking at There mortgages and seems like i only need 10% so thats ok so would be around £16k to save which should have by end of the year.