Want to move balance to new 0% card - not working until next year (travelling)

eastonian

Hi, I'm new to this part of the forum but hopefully someone will be able to give me their opinion.

I'm in a slightly odd situation, whereby I want to move the c.£2,500 balance which I currently have on a 0% Santander CC - the 0% deal ends in July. I do not wish to pay off the balance straight away, so was hoping to transfer to another long 0% offer (Halifax / Post Office)

I am actually not working now; I left my job (salary c.£37k) last month, and am going away travelling with my partner from 1st July, returning after 6-9 months. As I currently do not have a monthly salary, I think I may have a problem in applying for a new credit card as I technically have no monthly income!

I would have no trouble in paying £50-100pcm off my balance (which I am currently doing), as we have very adequate savings for our travel + contingency as well as funds for use upon our return on 2017.

We own our house, and will be renting it out for the duration of our trip at c.£1,200 pcm - I suppose this will count as income for tax purposes, could it also be considered income for the purposes of a CC application?

Does anyone have any idea of a possible solution whereby I can move my balance to a new 0% provider, or otherwise avoid paying a hefty APR on my o/s balance from August onwards? Thanks in advance for your thoughts.

[Deleted User]

Without employment, no.

Whether your partner would have better luck and sufficient trust exists, may mean you could look at transferring to their card.

grumbler

Without income nobody will give you a new card, let alone 0%.
Rental income is income, but you have to prove it if asked. And if it counts as 'self-employed', AFAIK CC companies don't like this.

eastonian

Deleted_User wrote: »

Whether your partner would have better luck and sufficient trust exists, may mean you could look at transferring to their card.

Thanks for this - yes sufficient trust exists (all income/savings are shared, as well as debts!), and she would probably have no problem accommodating the balance. I wasn't aware that it was possible to transfer the balance to a 3rd party's card - is this common?

grumbler wrote: »

Without income nobody will give you a new card, let alone 0%.
Rental income is income, but you have to prove it if asked. And if it counts as 'self-employed', AFAIK CC companies don't like this.

Thanks for your input. I would obviously not be able to prove income until after 1st July when I start receiving rent, but after that date it would be easy to do so.

Interestingly, I used the MSE elgibility calculator for the Barclays 0% BT fee card, entering all my details accurately but assuming a gross salary of £14,400 (£1,200pcm x 12), and received a 95% likelihood approval rating. Given a monthly gross income of £1,200 would an application on this basis seem accurate / materially correct?

callum9999

eastonian wrote: »

Thanks for this - yes sufficient trust exists (all income/savings are shared, as well as debts!), and she would probably have no problem accommodating the balance. I wasn't aware that it was possible to transfer the balance to a 3rd party's card - is this common?





Thanks for your input. I would obviously not be able to prove income until after 1st July when I start receiving rent, but after that date it would be easy to do so.

Interestingly, I used the MSE elgibility calculator for the Barclays 0% BT fee card, entering all my details accurately but assuming a gross salary of £14,400 (£1,200pcm x 12), and received a 95% likelihood approval rating. Given a monthly gross income of £1,200 would an application on this basis seem accurate / materially correct?

Well depending on your credit history that seems achievable - whether it will actually be accepted or not is another matter which no-one can answer!

When I used a different one the checker didn't take account of the minimum household income required in that calculation though (it said I was likely to be accepted despite having an income below the minimum limit), so check that first.

chattychappy

In over 30 years of holding and applying for credit cards, I have never been asked to show or prove my income when applying. I suppose my credit history has been fine. Previously as an employer, only ONCE was I asked to verify a member of staff's details. In this case I was merely asked to confirm she had a full time job with me. Nothing about income was mentioned. That was over 10 years ago (though I stopped being a UK employer soon afterwards).

As it stands, your income is zero and it's unlikely you will be able to obtain credit in your own name. Sure, if you type in a fictitious income into the eligibility checker then this coupled with your good history you give you high acceptance chance of a good card. If you then lied about your income on an application form and what you say is consistent with any other applications you have made recently, then you'll probably get a card and "get away with it". It would be fraud, though. If you got caught then at best you will get a marker on the NHunter database and won't be able to get credit again for a long time.