Getting a new credit card mid way through house purchase?

boltneck123

As you may see from my SIG below I have various lines of credit. I am looking to use a 'money transfer card' to clear up my car finance and phone loan so I can save on the interest. Not so fussed about the phone loan, almost cleared not updated SIG recently.

Anyway, I think my credit rating is plenty good enough to get the a 'money transfer card'. The only reason I have not applied yet, is because very soon I hope to be completing on my new home within the next few weeks. I am concerned that if I was to start applying for more credit, while my purchase is on going, that I may have rejections. Also is there anything I need to do once moved in, other than send out information updates to current credit providers; that can help contribute to my credit rating once in my new place.

I can mange the payments etc without problem and I am not struggling with my current budget. I put enough to one side each month as if I were living in my house to make sure mortgage and bills covered etc.

You may think well if you can manage at the moment etc, then just wait till you have moved and sort it, which is what I have/had planned to do. But I am sat around with all this spare time, something that will not be so widely available once I get my house keys. So I would like to start getting all credit lines in order now.

Thoughts?

**Edit**

Oh and any spare cash I can get from the card(s) I will look to be making my first small scale stooze, maybe. I shall see.

thegfb

Credit checks for mortgage applications are usually done when the DIP is issued, however I believe that some lenders will also check the applicant's credit file again before the funds are released. If this happened and your new commitments were visible, the worst case scenario is that they would say your mortgage was no longer affordable and not release the funds to complete.

If I were you I'd wait until you're in your new place AND have a budget set up before taking out any more credit, though I do understand that your plan should actually save you money in the long run.

boltneck123

That sounds like sound advice to me and makes perfect sense. I can get off the idea of starting to refinance now, and wait till I move in. I will find some other project to keep me occupied .

Thanks a lot.

thegfb

I know the sense of urgency that you get when you see a new way to save money and/or reduce debt, but as you can see you just need to be a bit more patient in this situation I've been a homeowner twice now (had to sell then rent for a couple of years before buying again) and you definitely need a few months in a new place with all the bills, outgoings etc set up to get a good feel for your budget

boltneck123

Oh dear I bet that was rather stressful indeed. I hope everything is running nice and smooth for you now.

It is unbearably frustrating not being able to make major moves, I have been pondering it for the past 6 weeks and then finally thought just ask on here and see what others think.

I cannot wait to get settled, the solicitors are dragging their feet. Hopefully I have over budgeted, I have purchased the house with my brother as kind of a start/escape the parents .

We are each putting £400 in the monthly pot, so this will give us £800 to work with for the mortgage payment, gas, elec, water, insurance, council tax, broadband. Not bothering with a land line since we both have independent mobile phone contracts, and not bother with a TV Licence we work so much its not worth having and a Netflix subscription and internet streaming should do the job nicely .

Like you say though, I do most certainly need to live it for a few months to get a feel for my budget. I lived with a friend, we rented, for roughly a year and we did ok. So fingers crossed. I hope that this nPower fix for 3-4 years offer will still be available once I get the keys, very tempted to do it and not have to worry unless something cheaper comes along. Decisions, decisions.