Virgin 24 month card

Katkins1982

I want to transfer about £900 from an M&S credit card onto the Virgin 24 month card, and also borrow £500 as it's 24 months at 0% on money transfers too (I intend to pay the £500 next year). How much would this affect my credit rating? I already have a mortgage (which I have had for 3 years) and this is due up for changing next April ish time. Will this affect my ability to renew my mortgage? Any help appreciated!

Voyager2002

If this is all that you are going to do with credit then the effect on your credit rating would be minimal. Obviously, lots of applications in a short space of time would not be good.

Also, be aware that as soon as you start using this you may notice a reduction in other lines of credit open to you. For instance, last year I opened zero per cent cards with both Virgin and Lloyds at about the same time. I used the Virgin one up to its credit limit while waiting until I had a balance to transfer to the Lloyds one, but they immediately wrote to me dramatically reducing my credit limit: perhaps they were worried about the amount of outstanding borrowing I had elsewhere.