Credit Rating Question -Mortgages

kyleweb

I current am holding just under £4000 on my HSBC credit card and am looking to either transfer this to another card or get out a low interest loan to pay it all off.

I did see from the main site an article about the Marks and Sparks card with 4.9% on balance transfers for teh life of the balance and think this might be the best route for me.

However I have had some problems in the past with getting rejected for cards and just wondering as I have just been approved for a mortgage, will this help to boost my credit rating?

nickmack

kyleweb wrote: »

However I have had some problems in the past with getting rejected for cards and just wondering as I have just been approved for a mortgage, will this help to boost my credit rating?

Being a homeowner will help, but the additional debt and new address won't. It depends how the particular lender formulates your score.

Until you actually start repaying it won't be recorded on your credit report about whether you have paid on time, only that you have a monthly payment for xx months.

Make sure you get on the electoral roll at your new address ASAP.

WallyMan

New address is the main problem. Can be an immediate decline for some providers.

As previously stated get on the electoral roll ASAP. Even then you may have to wait up to 2 months for this info to feed to Experian & Equifax