Credit score help 🤔

[Deleted User]

I want to transfer my existing credit to the 0% 40 month credit cards to help clear to debt down. I'm worried this would seriously affect my credit score. I have checked my eligibility and I can get the up to 40 month via mbna. Which the time limit could change or I have a 95% chance at the 40 month with virgin money and the time limit won't change. I don't know what to do

grumbler

Hollielouise wrote: »

I want to transfer my existing credit to the 0% 40 month credit cards to help clear to debt down. I'm worried this would seriously affect my credit score.

Why?

I have checked my eligibility and I can get the up to 40 month via mbna. Which the time limit could change or I have a 95% chance at the 40 month with virgin money and the time limit won't change. I don't know what to do

Apply. If the limit you get is smaller than you need, transfer as much as you can.

DCFC79

Hollielouise wrote: »

I want to transfer my existing credit to the 0% 40 month credit cards to help clear to debt down. I'm worried this would seriously affect my credit score. I have checked my eligibility and I can get the up to 40 month via mbna. Which the time limit could change or I have a 95% chance at the 40 month with virgin money and the time limit won't change. I don't know what to do

Whether it will affect your is of no importance, only you can see it.

Why not apply.

Why not post on the debt free board, otherso will help you.

pcman1985

All together now....


You don't have a credit score. It's a useless randomly generated number. What is important is the payment history on your credit file, and how much available and used credit you have.

I also hope you are not paying a CRA for that number.

jamesd

Your situation looks fine and you've correctly judged that it's mostly a toss-up about which of the two deals to go for. MBNA often offers existing customer repeat deals that might be useful to you in the future. Virgin used to when they were operated by MBNA but I don't know if they do now.

The credit scores used by the firms you seek credit from will be reduced by both the application and the new credit but the application part is likely to cease to matter within six months or so. Your credit record is there to be used, so use it.

The somewhat lower scores could in the future result in worse interest rates if you apply to firms that set rates according to their estimate of risk based on their credit score but that effect is likely to be reduced by the record of on time payments that you're likely to build up.

Anthorn

Hollielouise wrote: »

I want to transfer my existing credit to the 0% 40 month credit cards to help clear to debt down. I'm worried this would seriously affect my credit score. I have checked my eligibility and I can get the up to 40 month via mbna. Which the time limit could change or I have a 95% chance at the 40 month with virgin money and the time limit won't change. I don't know what to do

Moving balances to a 0% card is unlikely to adversely affect your credit but keep at least one longer-running credit card account going. Any other cards which are cleared and closed will have their status changed to settled and that's good.

Note that with a 95% chance of being approved there's a 5% chance of a rejection.