is it OK to apply for credit card right after completion?

user1168934

I am thinking about applying for a credit card a day or two after completion on the flat I am buying. Can it have any effects on my mortgage? Is there any reasons why I should refrain from doing that????

Basically I am living in my current flat (rented) for about 2.5 years now and I have just given my landlord notice I will still have this place for about a month after completion. So I was thinking it would be better to use this address because as soon as I move I wont be able to apply for a couple of months at least due to it being a new address and all.

any suggestions are welcome.

sirmosh

Once you've completed the mortgage is already in place and unless you default then nothing is going to take it away.

princeofpounds

No effect on your mortgage but you won't be on the electoral roll yet so you run an increased risk of being turned down.

user1168934

princeofpounds wrote: »

No effect on your mortgage but you won't be on the electoral roll yet so you run an increased risk of being turned down.

But I am on the electrol for my current address. Like I mentioned I will use my current address (not the one I bought) because I will still have use of my current address during my notice period.

JimmyTheWig

You will be asked during the mortgage application process if there is anything that you are aware of in the near future that would affect your financial position.
Arguably if you know that you are about to apply for a credit card then it should be declared.

[I can't imagine anyone would, however...]

user1168934

JimmyTheWig wrote: »

You will be asked during the mortgage application process if there is anything that you are aware of in the near future that would affect your financial position.
Arguably if you know that you are about to apply for a credit card then it should be declared.

[I can't imagine anyone would, however...]

You Sir are the most honest person I know :D:D

princeofpounds

But I am on the electrol for my current address. Like I mentioned I will use my current address (not the one I bought) because I will still have use of my current address during my notice period.

Sorry, I didn't actually understand that properly on my first read.

No, if you are complete and the mortgage is done then it doesn't affect anything.

Flashmanchop

I must ask why you are having to apply for credit straight after potentially securing and completing on your biggest finical commitment.

please be careful.

Chyna81

Hi,

I applied for a loan straight after completion like yourself I used my current address as I had to give a month's notice.

I understand people's concern about borrowing money after such a big commitment, however if you know you can afford the monthly payments why not. Yes I could have saved however choose not to.

When I was going through my mortgage application I had no intention of getting a loan however once I received the keys, I realised how much work I wanted done. I was very honest though I explained to loan lender and they were fine.

I doubt you will have any problem with credit card however it will depend on affordability I guess.

user1168934

Thanks guys. I was not planning to get a credit card while I was applying for mortgage. I like to think that I am quite careful with money. I already have a couple of credit cards with good limits and my current balance is roughly around 1.6% of my limit as I regularly pay them off completely.
I was just thinking that if I can get a 0% on purchase card for several months then this way I can have an even better cushion should I need this money for anything. If all goes well then at the end of the 0% period I will pay the whole thing off.

So based on replies I am guessing it is OK to apply after completion even though I have not received direct debit statements etc from the lender and the first payment of mortgage has not been paid yet ??????