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Credit Card Advice

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AndyLiverpoolFC
AndyLiverpoolFC Posts: 27 Forumite
edited 8 January 2014 at 1:55PM in Credit cards
I have a single HSBC credit card (limit just £500 as I reduced it recently) but am thinking of apply elsewhere to take advantage of 0% interest free offers and we're also considering buying a new TV which we'd pay off inside 4-6 months.


The John Lewis card would be preferred as that is where we would buy the new TV but I'm always wary of rejection. I've never missed payments but do have a lot of manageable debt (car, mortgage, £9K loan and HSBC credit card).


Would applying for another credit card and being rejected be harmful to future credit applications? Are John Lewis usually quite sympathetic?


(I sometimes feel I'm too wary of things like this. I only want £1,000 credit on this card, earn £35K and before my last mortgage three years ago, my credit score was 850)

Comments

  • bigadaj
    bigadaj Posts: 11,531 Forumite
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    A single application won't have much impact in isolation so assuming you haven't made any for a few months and aren't looking to remora then soon then there should be little to lose.

    If your car loan is more than say £10k then you would be above 50% of income which is sometimes an indication of limits of typical borrowing.

    Don't forgo get it will need to be paid off at some stage and things like redundancy, illness, relationship problems can come up so better to pay down debt when you can.
  • Stabilo_Boss
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    I have a single HSBC credit card (limit just £500 as I reduced it recently) but am thinking of apply elsewhere to take advantage of 0% interest free offers and we're also considering buying a new TV which we'd pay off inside 4-6 months.


    The John Lewis card would be preferred as that is where we would buy the new TV but I'm always wary of rejection. I've never missed payments but do have a lot of manageable debt (car, mortgage, £9K loan and HSBC credit card).


    Would applying for another credit card and being rejected be harmful to future credit applications? Are John Lewis usually quite sympathetic?


    (I sometimes feel I'm too wary of things like this. I only want £1,000 credit on this card, earn £35K and before my last mortgage three years ago, my credit score was 850)

    You could always try Nationwide - they do a 'soft search' before a full search and this doesn't impact your file. They will then give you an indication (only an indication) of what credit limit and APR you might get it you proceed with a full application. However I am not sure if they have 0% offers. Have a search for Nationwide soft search on here for more info

    Good luck
  • AndyLiverpoolFC
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    Thanks both.

    Would I be better getting the TV elsewhere on interest free credit rather than pursuing the credit card idea?

    Which is likely to be more 'harmful' to my credit score (or more likely to be rejected?)
  • eskbanker
    eskbanker Posts: 31,603 Forumite
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    Just a thought but if you're "considering buying a new TV which we'd pay off inside 4-6 months", why not save up for it and buy it outright in May-July?!
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