Buying a house - when to apply for cc?

beefwellington

Hi,

I'm in the process of buying a house, and it would be really helpful to have a 0% on purchases card shortly after moving. However, I've read it's really hard to get credit straight after moving house - just wondering when would be the best time to apply.

1) Before completing
2) After completing but before moving (should be around 1 month overlap)
3) Soon after moving (as soon as electoral register is updated)
4) A few months after moving

As far as I can tell 4 would be the safest, but it would be very handy to have a card before then. With options 1 and 2 I worry about the mortgage showing up on the credit check despite applying from a different (rented) address - I'm guessing this might cause problems.

Any advice would be greatly appreciated! Cheers

Bill

Musman

beefwellington wrote: »

Hi,

I'm in the process of buying a house, and it would be really helpful to have a 0% on purchases card shortly after moving. However, I've read it's really hard to get credit straight after moving house - just wondering when would be the best time to apply.

1) Before completing
2) After completing but before moving (should be around 1 month overlap)
3) Soon after moving (as soon as electoral register is updated)
4) A few months after moving

As far as I can tell 4 would be the safest, but it would be very handy to have a card before then. With options 1 and 2 I worry about the mortgage showing up on the credit check despite applying from a different (rented) address - I'm guessing this might cause problems.

Any advice would be greatly appreciated! Cheers

Bill

I was told by my Mortgage Adviser not to take out any new Credit before completing or in the transitional period as if banks get wind it could effect the mortgage ruling out both 1 and 2. Straight after moving could be a possibility but I also did this and was refused Credit for a new Sofa I'm guessing due to the large mortagge i'd just undertaken and companies taking a while to change details.
I'm going to try option 4 tonight so can let you know how I get on.

Hazzinho

Once you know you have 100% got the house apply. If you apply after you have moved you'll need to wait a few months for all your info to move to the new address and also get on the electoral roll, your credit file will take a while to pick up. This may mean that you get rejected. If you do apply after you move check your £2 credit files a few months later and apply once all the data is accurate

[Deleted User]

last year we went from completing to moving in 72 hours certainly not a month

blueberrypie

Your mortgage provider can stop the funds for your mortgage at any time up until they are released - and lenders do sometimes re-check credit files right before releasing the funds - so it would be foolish to apply prior to that point.

Yes, a 0% credit card might be handy - but a mortgage will be handier still.

kimmi_uk

I'm in a similar situation - exchanging tomorrow due to complete by the end of the month and really could do we a 0% credit card. If people are suggesting this isn't an option what about a new bank account with a £1000 overdraft...if such a thing exists?

blueberrypie

Applying for any extra credit (cc, overdraft, loan) could be viewed in a negative light by the lender - so wisest not to do it until after the purchase is done and dusted.

kimmi_uk

I thought as much. If we applied once completed which means the lender must give the mortgage to us and we have the keys to the house etc, then do you think it is safe to apply for a credit card? The worst that can happen at that point is they refuse to give the credit card right? It's the tesco one I'm thinking of if that makes a difference...

sol198

I got a mortgage and got moved in last August, I got a credit card in January as it took ages for ER confirmation to come through. I'd wait until then when it's confirmed on credit reports