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Experian file and M&S CC
Wail
Posts: 265 Forumite
I received my Experian file through the post today and have reviewed the file. One of the things I have noted is that despite having a 19month 0% deal on for new purchases, the promotional marker has not been ticked. As a result, I appear to have run up nearly £4k on a Credit Card for no good reason.
I am due to be applying for a mortgage soon. Should I get a marker put on my file explaining the 0% deal?
I am due to be applying for a mortgage soon. Should I get a marker put on my file explaining the 0% deal?
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Comments
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You've ran up £4k on a credit card regardless if the promotional marker had been applied or not and mortgage lenders will take that in to account when they do their affordability checks. A promotional marker won't change the fact you've still got a balance of nearly £4k.We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0
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It's below £2k now (and falling rapidly). Getting married (I used the a lot of the cash received to pay it down), moving house and losing a months salary for a month all contributed to the position but I don't know if that is relevant.0
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If your debt is less than 50% of your available credit, no missed payments and all other aspects of your credit history are fine then I don't think it will make any difference.0
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You've ran up £4k on a credit card regardless if the promotional marker had been applied or not and mortgage lenders will take that in to account when they do their affordability checks. A promotional marker won't change the fact you've still got a balance of nearly £4k.
No, he did a balance transfer of 4k - that's how I read it. He didn't run up 4k of new debt. We all do balance transfers to get good deals. This shouldn't be held against you.0 -
I should clarify that the debt was brand new (no balance transfer). I have two CCs (one paid off every month without fail). I've now dropped the M&S CC below 50% of its available credit (just waiting for the file to update) but don't see the point of paying it fully off with six months to go on the interest free period, the available 0% balance transfers and impending high costs of a house purchase.0
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No, he did a balance transfer of 4k - that's how I read it. He didn't run up 4k of new debt. We all do balance transfers to get good deals. This shouldn't be held against you.
The OP said 19 months 0% on purchases thus running up additional debt.We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0 -
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