Is being a homeowner an advantage or disadvantage when applying for credit cards?

homeowner??_2

Hi! My husband pays the mortgage on our house and is on the deeds. When I apply for credit cards, should I say I'm a homeowner or will that go against me as I only work part time and the mortgage payments may seem too big for my salary (although I know I will be asked the combined income). Am I better off saying I'm not a homeowner? Do I then have to say I rent even though I don't? Any help on this would be great!!

grumbler

Normally it's a big advantage as it's a sign of stability.
However, when applying you have to give the correct answers, not what you think are better. I think 'homeowner' is the most correct choice, but it's possibly worth asking the CC company to make sure.

CLAPTON

homeowner?? wrote: »

Hi! My husband pays the mortgage on our house and is on the deeds. When I apply for credit cards, should I say I'm a homeowner or will that go against me as I only work part time and the mortgage payments may seem too big for my salary (although I know I will be asked the combined income). Am I better off saying I'm not a homeowner? Do I then have to say I rent even though I don't? Any help on this would be great!!

if you are not on the deeds, then you are not a home owner
if you are on the deeds, then you are a home owner

grumbler

IIRC, usually the only other options are 'tenant' and 'living with parents'. Which one is correct then?

Anthorn

Depends on the lender but most will regard those who are married or in a civil partnership as one. Certainly both will be financially linked to each other. That also has a bearing on occupancy since a spouse has an automatic right to live there and can only be removed with a court order.

So in the case of the OP home-owner is correct.

PeacefulWaters

grumbler wrote: »

IIRC, usually the only other options are 'tenant' and 'living with parents'. Which one is correct then?

"Other" is often an option.

System

Not good for an automated application unless absolutely necessary.
It may assume that the OP is homeless or similar.

IMHO Homeowner is appropriate unless paying rent.

PeacefulWaters wrote: »

"Other" is often an option.

homeowner??_2

Thank you for all your replies, I will go with the homeowner option!

InsideInsurance

To avoid risk then ask the lender in question. Generally a married couple will be considered to be joint owners irrespective of whats on the deeds etc but I wouldnt want to bet my bottom dollar that every provider thinks in the same way.

We are in an even more complex situation as we own multiple properties, mainly overseas, but rent the property we live in so are home owners just not our home

alexinnit

To avoid risk then ask the lender in question.

I disagree.

Pick whether you consider yourself, on the basis of your marriage, to be a homeowner or not. Then use that answer consistently across all applications thereafter.

To ask each individual lender their specific advice on how to answer the question runs the risk of answering differently on different applications - which could make lenders uneasy and also potential appear as a flag on National Hunter database.

adindas

Home owner especially with mortgage is a big advantage:
- Demonstrate stability on managing a huge loan
- If you are living there, it is dead easy to find you on your address or to send debt collector if there is a problem .

But as mentioned by other people, being a home owner is a fact and people can not make it up even they think it is good for them.

homeowner?? wrote: »

Hi! My husband pays the mortgage on our house and is on the deeds. When I apply for credit cards, should I say I'm a homeowner or will that go against me as I only work part time and the mortgage payments may seem too big for my salary (although I know I will be asked the combined income). Am I better off saying I'm not a homeowner? Do I then have to say I rent even though I don't? Any help on this would be great!!