0% Credit Cards

AlexYoung_2

Hi,

New to the forum, just trying to figure out some of these confusing figures when looking at 0% Credit Cards.

I want to basically improve my credit rating - i was thinking of basically buying just small things, for example i want to buy a TomTom 1000 which is roughly about £200 on Amazon and i was thinking if i pay say £100 each month...

Would this be a good way to improve my credit rating by using 1 of these 0% finance credit cards or not?

Cheers

CLAPTON

you've forgotten to tell us your income, what your credit files say, your current debts, etc

however
depending upon the above, having any credit card and using it regularly and paying in full and ontime, is a good way of 'improving' your credit rating

AlexYoung_2

Income is 20,000 and cleared all my debts in April 2010 and only paying for a phone bill now and petrol other than that no other outgoings, but not checked credit rating since like August 2010 so probably has improved a bit but not sure really lol - will check at some point but just want some rough pointers to be honest.

fozmcfc

To get a 0% card, you generally have to have a very good/excellent credit rating. Any CCJ's, lots of late/missed payments (or 1 or 2 recent late/missed payments) in your credit files, will mean you are unlikely to get a 0% card.

Also not having much of a credit history i.e. no previous cards/loans or maybe just one or two, could mean you won't be accepted. You should be on the electroral role as well.

You will only really know if you are able to get one by applying for one.

If you get one and use the 0% offer, you need to pay the minimum repayment each month or you lose the 0% offer. You can't for instance get 12 months at 0%, buy something in the first month, then pay nothing till month 8 or 9, you have to pay the minimum amount each month.

I've used a few 0% cards over the past couple of years, always paid them off before the 0% runs out and never paid a penny interest.