Should i wait to buy on store card?

KatieBeth

Sorry if this is in the wrong place but it's my first ever post so i'm a bit lost...

Me and my other half are in the process of buying our first home. We have had our mortgage in principal accepted and are in the middle of the full application stage. We have been told it should be about 2-3 weeks for completion.

There are some good sales on at the minute and we would like to buy lots of stuff for our new home using a store card but I am worried this will affect our credit score.

Does anyone know if i should wait until after we're officially accepted or does it not make any difference?

Any help would be much appreciated, Thanks.

betmunch

This should not affect your credit score. However, if the lender runs another credit check before completion (and they regularly do this) and finds you have run up a load of credit they may fail your mortgage on affordability.

The simple answer is not to use the card until you have drawn down the mortgage.

And yes I realise how rare it is to have a sale on, but you will just have to hope there are bargains after you have bought your house

McKneff

Get a cash back card which you can spend on anywhere.

A store card and you are stuck with spending in one store.

Good luck

DVardysShadow

KatieBeth wrote: »

.... There are some good sales on at the minute and we would like to buy lots of stuff for our new home using a store card but I am worried this will affect our credit score.

Once you get a mortgage as a 1st timer, you do not [if you are sane] go out and buy lots of stuff. It is old fashioned, but you get by with second hand furniture until you know what you can afford and then you buy. If you get by until this time next year and then see what you can afford with the store card, that will be soon enough.

dimbo61

Cut the nice new store card UP
If you cant afford to buy out of savings DONT BUY
Look on ebay, adverts in local papers,freecycle, amazon, family and friends for stuff to fill the property.
Ask mum and dad to buy you a bed, borrow your brothers, sisters,grans old TV and save up for the things you need.
Buy value range at ASDA,tesco.sainsburys etc
DO NOT buy on interest free over 4 years for a crap sofa from any firms with 40 adverts a day on the telly.
Setting up a new home is very expensive take your time