Is 0% card likely for me to get ?

House.buyer.sarah

Hi all
I've purchased house 4 weeks ago , new address currently not showing on eqafax although I have updated electrol roll.
House needs a lot more doing than first thought and we are making head way but has depleted our savings ( new boiler, electrics) .
I'm uneasy about taking out any form of credit as currently have capital one card £2300 balance ,

But just had mini brain wave in that if I took out a 0% card I could possibly balance transfer the existing card 39apr:mad: and have credit left over to get on with a few house jobs needed...

But I would need a 5k limit to reasonably achieve this and would want a 0% card ? Is this likely or even possible as yet with new address not showing ???

Pant advise please ( eqauifax) credit rating good only outstanding balance being my mortgage ( some reason capital one now showing ) ?

Many thanks sarah

giblet10

It's certainly possible yes, because I got two new 0% cards and £15k combined limits after being in my new house just five weeks.

Others on here will tell you that not being on the Electoral Roll can have life limiting impacts on you, it could even lead to premature death, but I'm living proof that it is possible.

For reference, the two providers I speak of are MBNA and Capital One.

eskbanker

House.buyer.sarah wrote: »

Pant advise please

Can't really offer any underwear-related advice but for the BT cards would suggest you try the MSE eligibility checker at http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#eligibility

grumbler

House.buyer.sarah wrote: »

But just had mini brain wave in that if I took out a 0% card I could possibly balance transfer the existing card 39apr:mad: and have credit left over to get on with a few house jobs needed...

Would it not be easier to get a card with 0% on purchases?

But I would need a 5k limit to reasonably achieve this and would want a 0% card ? Is this likely or even possible as yet with new address not showing ???

Pretty unlikely IMHO, but you can try MSE's Tool: Check your eligibility for best buys
that you can find in both Balance Transfer Credit Cards and Spending 0% Cards articles.

That said, IMO it's madness to borrow £5K@40% for 'a few house jobs'. Don't be deluded that you are doing this @0%.

House.buyer.sarah

eskbanker wrote: »

Can't really offer any underwear-related advice but for the BT cards would suggest you try the MSE eligibility checker at http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards#eligibility

Oops fat thumbs and an iPad haha

House.buyer.sarah

Oh god no wouldn't want an 40% card at all ... Sorry must of put that wrong I want to balance transfer the existing amount onto a new card . I chopped the capital one card up long time ago ... That has 4k balance available but would never use it again due to interest charges on it ..

grumbler

Sorry, I seem to have misunderstood you.
How were you going to use 'the credit left over' then if you cut your old card?
The most reasonable way would be to spend on the old card and keep transferring the balance to the new card with 0% on BTs.

House.buyer.sarah

I was thinking ( in my moment of wisdom )
I could open new card with preferably 0% ,hoping for 5k limit ( on new card) transfer the balance of capital one card closing capital one account to it leaving me with 3k to spend after transfer on new card .. Hope that makes more sense lol

grumbler

As I said above, in this case it would be wiser to spend on C1 instead of cancelling it and then to transfer the balance again.

lynz68

If you're looking for 0% on balance transfer and purchases you're unlikely to get a card that will give you both for the same timescale.


For example I got a Virgin credit card last year 0% on balance transfers for 29 months but purchases was for only 3 or 6 months can't really remember as I was only really interested in the balance transfer anyway. However the interest rate is considerably than what your Capital One card would be.

I also got a £5000 Credit limit.

House.buyer.sarah

Ah I get it now thanks grumbler, just finished nightshifts probably not best time to think credit cards ha