We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
How many 0% cards?
nannoo1955
Posts: 65 Forumite
in Credit cards
Will it affect my credit rating/credit score if I take out three separate 0% credit cards to cover my Visa card, store card and a hugely expensive no-choice part-loan for a conservatory.
0
Comments
-
Surely any new credit does affect your credit rating - because of the credit search and increase in your (available credit)/(income) ratio.
Also, most loans and some store cards can't be paid off with ordinary 0% BT cards.
And, generally, the number of new 0% cards doesn't have to be the same as the number of debts you want to transfer.0 -
I already have one 0% card and am on track with this one. To cover the rest of the debt that has high interest, I would need two more cards to cover the amount. Surely if you are applying for a 0% card, it would be deemed a responsible move (you are being sensible about debt) and should not go against you, no?0
-
Surely that would depend on your available credit and income, yes?0
-
I have a good credit rating, have never defaulted on a mortgage, not been overdrawn for many years. I have a good income and modest investments, but rather than use my own money to eliminate credit card etc debts, I think 0% cards are sensible. But if this will adversely affect my credit score, I won't apply for them.0
-
You don't have a credit score. Just a credit history that lenders will interpret accordingly.
It's sensible to apply for a 0% card if if saves you interest. But be aware that you have the potential to spend on the card and not transfer any debt, and lenders will factor that in accordingly.
No lender want to be the one to give you the final bit of credit that sends you pushes you over the edge.0 -
Why two, not one or three?nannoo1955 wrote: »... To cover the rest of the debt that has high interest, I would need two more cards to cover the amount.
Surely?Surely if you are applying for a 0% card, it would be deemed a responsible move (you are being sensible about debt) and should not go against you, no?
How can they be sure that you close the old card and don't spend on it again after transferring the balance?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.7K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.2K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards