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Help me plan borrowing
thenewbee
Posts: 143 Forumite
in Credit cards
We are extending our home this spring and putting in a new kitchen and bathroom. Budget is max 30,000 - we have 8,500 saved (aiming to top this up to 10 by the time work begins)
Trying to work out most MSE way of borrowing the rest. Considering money transfer cards & one traditional cc to pay for the kitchen (4k). Currently have a mortgage and 1400 cc debt that's recently been transferred to a 0% balance transfer card. Think I have 3k left of the limit on there..
I'm completely new to the concept of money transfer cards. How could me and my partner work it so we get maximum money for minimum fees? Apply for one each? Any help or advice from those more familiar would be appreciated :beer:
Trying to work out most MSE way of borrowing the rest. Considering money transfer cards & one traditional cc to pay for the kitchen (4k). Currently have a mortgage and 1400 cc debt that's recently been transferred to a 0% balance transfer card. Think I have 3k left of the limit on there..
I'm completely new to the concept of money transfer cards. How could me and my partner work it so we get maximum money for minimum fees? Apply for one each? Any help or advice from those more familiar would be appreciated :beer:
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Comments
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Unless, and even if, you're both high earners I'd suggest each of you applying for two cards (MBNA and Virgin) in order to put you in the best position of securing £20K+. Make them immediately one after the other.0
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We're not high earners - he's on 30k employed and I'm self employed. Always thought applying for ccs close together was a bad idea for some reason? Thanks for the advice!
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It is yes, as it makes you appear desperate...which you are!We're not high earners - he's on 30k employed and I'm self employed. Always thought applying for ccs close together was a bad idea for some reason? Thanks for the advice!
But where else are you going to get £20K at 0.xx% APR over 3 years? 0 -
Exactly! Haha. Would looking desperate not increase likelihood of being rejected? Not worried about impact on credit score particularly as just re fixed mortgage for 5 yrs0
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That's the reason for making them so close together...ideally on 4 devices/browsers simultaneously. Its a technique which has previously served me well when creating significant stoozing debt.Exactly! Haha. Would looking desperate not increase likelihood of being rejected? Not worried about impact on credit score particularly as just re fixed mortgage for 5 yrs0 -
:T thanks!0
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How much are you planning to pay back each month? What happens if you get to the end of the 0% offer period and cannot get another? (You will end up on double digit interest rates.)loose does not rhyme with choose but lose does and is the word you meant to write.0
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Paying back not an issue it's just advice on the logistics and planning of securing the cards I'm looking for.0
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I will never understand how you can have 8.5k saved up, but have a 1.4k CC debt.0
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We've been saving for the extension rather than paying off cc... The cc is attracting 0% interest whereas our savings are earning 5-6%... HTH 0
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