credit cards

nodster

hi i need some advice .i have a yorkshire bank cc which i owe £200 on and a barclay cc on 0% interest that i owe 5000 on the 0 % finishes soon so dont know what to do .im thinking about getting a morgage soon so dont know what to do . do i get another card and transfer the credit to it and cancel the barclay cc .,get a loan to pay it of or just wait and put it on the morgage .? ...just dont know best thing to do .

eskbanker

A lot depends on the overall state of your finances - if your credit status is good enough then you should be able to secure another 0% BT card and shift the £5K from Barclaycard to it. However, any new CC provider will be looking at this as additional credit over and above what you already have (even though you intend to transfer the balance) so they'd be assessing if £10K+ of credit in total stacks up for you.

And that's before even starting to think about a mortgage - you should bear in mind that mortgage (as well as CC) lenders will be keen to see evidence that you're planning to pay back credit rather than just rolling it on, when they ask questions like this what will your answer be?

Not trying to be argumentative here but just putting myself in the position of one or more lenders based on what you've said (so far)....

yasmup

nodster wrote: »

hi i need some advice .i have a yorkshire bank cc which i owe £200 on and a barclay cc on 0% interest that i owe 5000 on the 0 % finishes soon so dont know what to do .im thinking about getting a morgage soon so dont know what to do . do i get another card and transfer the credit to it and cancel the barclay cc .,get a loan to pay it of or just wait and put it on the morgage .? ...just dont know best thing to do .

I'd suggest paying off your existing debts before borrowing any more via a mortgage.

If you can't afford to pay off £5200 without borrowing, you've a lot of saving to do before anyone will give you a mortgage.