Second credit card with 0% on purchases

SilverSix

Hi,

I'm considering a second credit card with 0% on purchases when I complete on my house around October. I have a few things such as white goods and furniture which will have a lead time on them and I don't want to pay immediately for them. I do have the funds I just don't want to have lots of debits coming from my account at once and it'll be easier to keep track of the total spend on a CC.

I have a credit card with my building society, Nationwide, which has a £3000 limit which I occasionally use and pay in full on time, every time. It was initially to start building up some credit before applying for a mortgage.

I have no other debt, other than student loans, no defaults etc.

Is it likely I could get a second CC with a limit of between £7,000-10,000? I'm 21 and will have been in my current job just over a year.

Thanks

Benny

For the record I do have the funds already so am not spending money I do not have.

Mags_cat

You will probably need a salary of around £30k, as well as a spotless (but active) credit record to get total credit of £13k. I think lenders are wary of lend to salary ratios of over 50% in these straitened times. Your age may go against you - you'll have less credit history and may have to rely more on the relationship you have built up with your own bank.

Could you think about a lower limit and spend more time shopping around on sites like this (and use cashback etc.) to get better deals? I know it's nice to have new things, but consider how long they are likely to last against how long you'll spend paying for them if you use credit.

I also do a mental calculation along the lines of "How many hours/weeks/months would I have to work *after tax* in order to pay for this item? It's just another angle to consider in the affordability factor.

Good luck in your new home!