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Will an Aqua card compromise my profile for a better card later?
details
Posts: 10 Forumite
in Credit cards
Hi
Hope I'm posting this in the right thread.
I have quite a lot of credit at the moment, with the result that my credit ref. agency record doesn't look too good. I am hoping to knock down the amount of credit quite a lot by 4-6 months' time, hopefully enabling me to then shift what is left at the point on to a new 0% interest balance transfer card.
However, an unusual scenario has occurred and as a result, my cashflow is quite problematic right now. I see the Aqua card (which the MSE eligibility tool gives me a near-certain chance of getting) has no interest payments for the first 4 months, and Martin recommends it as a good means of paying bills for the short term, while you work on your overall credit position. It gives you a bit of room for manoeuvre.
My concern is that it may be useful for the short-term, but that it will make my position look worse to potential lenders in 4-6 months' time, than if I am able to move ahead *without* having such a card on my records. (I may be able to do the latter...)
It goes without saying that how you look to potential lenders depends on a lot of factors, however, would getting an Aqua card have this kind of impact?...
Advice from the experts very welcome!
many thanks
Details
Hope I'm posting this in the right thread.
I have quite a lot of credit at the moment, with the result that my credit ref. agency record doesn't look too good. I am hoping to knock down the amount of credit quite a lot by 4-6 months' time, hopefully enabling me to then shift what is left at the point on to a new 0% interest balance transfer card.
However, an unusual scenario has occurred and as a result, my cashflow is quite problematic right now. I see the Aqua card (which the MSE eligibility tool gives me a near-certain chance of getting) has no interest payments for the first 4 months, and Martin recommends it as a good means of paying bills for the short term, while you work on your overall credit position. It gives you a bit of room for manoeuvre.
My concern is that it may be useful for the short-term, but that it will make my position look worse to potential lenders in 4-6 months' time, than if I am able to move ahead *without* having such a card on my records. (I may be able to do the latter...)
It goes without saying that how you look to potential lenders depends on a lot of factors, however, would getting an Aqua card have this kind of impact?...
Advice from the experts very welcome!
many thanks
Details
0
Comments
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No. Lenders don't see the card that you have.0
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You're being straight ?! Lenders surely see all the cards you have (plus payment record in detail), so they may be influenced by the type of card and if Aqua is not the kind of card you'd have on your records before, it'd give them pause for thought? (How much pause?!)0
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Damn straight I'm being straight fella.
Lenders see balances, limits and payment history. Dey ain't seeing no names.0 -
How could they see a list of balances without the names of the cards they are attached to?!!0
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How could they not?
Type of credit: Card
Limit: 5k
Balance: 3k0 -
= he's messing around. The answer may not be what I want to hear; but if anyone has further input...0
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I'm not sure what answer you want to hear. Lenders don't see names.
Do you want me to tell you that they do?
OK. They do.*
*For clarity - they don't.0 -
being straight...never heard that before.0
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+ hard to imagine. Why would the name be excluded? cras get all the info. we can see what they have got. Sure, lenders may not have access to everything on there but it would be such an obvious thing to include. !0
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Sorry to but in, but looking at my credit report it does list the card company.
For example my Barclaycard is listed on my credit report along with the balance0
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