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Completion date 7th November, safe to get credit?

DilbertJones
DilbertJones Posts: 670 Forumite
in Mortgages & endowments
Looking at potentially getting an argos card for a couple of small white appliances (Dishwasher & Tumble Drier) to utilise buy now pay later.

Is it safe to do this prior to mortgage money hitting the solicitors or is it wise to hold off or maybe put it on an existing card?

Comments

  • kingstreet
    kingstreet Posts: 39,439 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    No. No new applications for credit until completion, or after.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • DilbertJones
    DilbertJones Posts: 670 Forumite
    Ok so I either decide to use existing credit card or hang on?

    Will probably hang on. Thanks for the advice :)
  • dgtazzman
    dgtazzman Posts: 1,140 Forumite
    Even using your existing credit cards before completion is a bad idea as your mortgage provider will most likely do a credit search on you just before releasing the funds and an increase of balance on your cards might trigger alarm bells concerning affordability calculations.

    Once completion is effected, you can apply for a new card or buy on your current cards, but because of the new mortgage and likely address change, getting a new card will become that much harder as lenders will want to see you settle into the new situation first.
  • ACG
    ACG Posts: 24,897 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I cant believe how many times this question comes up.

    Hold fire until completion. You might end up with a house without a washing machine for a week but thats better than a washing machine without a house.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Goldiegirl
    Goldiegirl Posts: 8,821 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Rampant Recycler
    When I worked for a lender we didn't routinely do a credit search before releasing the mortgage advance.

    However, from time to time a late amendment was needed to the offer, so a new search would sometimes need to be done - if there were changes to the applicants credit situation, if could create havoc at that late stage.

    Best to wait a week, before you buy.
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • ValHaller
    ValHaller Posts: 5,212 Forumite
    1,000 Posts Combo Breaker
    DilbertJones wrote: »
    Looking at potentially getting an argos card for a couple of small white appliances (Dishwasher & Tumble Drier) to utilise buy now pay later.

    Is it safe to do this prior to mortgage money hitting the solicitors or is it wise to hold off or maybe put it on an existing card?
    Other posters asked
    How close to the middle of the road can you drive and not have an accident
    You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'
  • DilbertJones
    DilbertJones Posts: 670 Forumite
    Ok, nothing before completion date... Understood.

    Thanks all :)
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    I will say though I used my cards all the way through, made no difference
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • DilbertJones
    DilbertJones Posts: 670 Forumite
    chanz4 wrote: »
    I will say though I used my cards all the way through, made no difference

    Probably true, but, knowing my luck....!!
  • chanz4
    chanz4 Posts: 11,057 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Xmas Saver!
    even paid the valuation with my Halifax clarity card
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
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